Building a Digital Trust Ecosystem with Blockchain
Although we are connected through the digital world now more than ever, the term digital trust isn’t new. Digital trust refers to online security and data protection, usually in terms of how companies are collecting and using our personal data.
Customers are increasingly more aware and more interested in privacy policies and how their data is being used on the Internet. We all want to avoid having our personal data stolen or used in a way that we haven’t consented to. The number of incidents where data is mishandled is alarming, and this fosters mistrust among customers, which isn’t good for business.
It’s important to build digital trust within your company and assure customers that their data is safe and secure. In this article, you’ll learn more about what digital trust and a Digital Trust Ecosystem (DTE) is. We will also give you some examples of companies implementing digital trust at its core, and how blockchain technology fits into all of this.
What Is Digital Trust?
Digital trust is the “ability of an organization to inspire confidence within their digital ecosystem about their intent and capability to deliver the promised services.” Your business needs to be trusted by customers in order to succeed in the long run. Without trust, customers will run to another company with more secure offerings.
One example of how digital trust is implemented can be seen in Subex, a company devoted to digital trust that provides solutions to the world’s top 50 telephone companies. As you can see in their model, digital trust is a multi-layer matrix that works across various processes and systems. Digital trust looks different depending on the industry and technology used.
What About a Digital Trust Ecosystem (DTE)?
The technology research company Gartner defines a digital ecosystem as “an interdependent group of actors (enterprises, people, things) sharing standardized digital platforms to achieve a mutually beneficial purpose.” These various entities that are working together are independent, yet collaborating together through digital platforms and solutions.
A Digital Trust Ecosystem (DTE) uses standardized digital solutions that are working together within a trusted network. You can think of it as an intricate web, connecting various companies, people and organizations.
PharmaLedger: A Case Example of Implementing a Digital Trust Ecosystem (DTE)
One of our clients, the PharmaLedger Association (PLA), has built a DTE in healthcare to investigate, develop, and deploy blockchain-enabled solutions. Their philosophy is built on trust, where network participants are encouraged to collaborate and push innovation forward. The DTE is the external framework through which PLA operates.
PLA’s DTE is made up of regulatory authorities, healthcare providers, services providers, distributors and wholesalers, research and academia, insurers and NGO Payers, Biopharma manufacturers, and most importantly, patients.
What does blockchain have to do with a Digital Trust Ecosystem (DTE)?
Some of the key features of blockchain technology are the security provided, the immutability of data (everything stored cannot be changed or tampered with), and the traceability of data. Adding these and many other features of blockchain solutions to your company’s network creates the trust that customers need to do business with you.
Watch the short PharmaLedger Project explainer below to learn more about blockchain technology.
Tell Us About Your Blockchain Project
Are you interested in creating trust in your business with the use of blockchain solutions? If so, our specialized GoViral Blockchain Team can help. We are experts when it comes to inbound marketing, community management, and creating funnels for online sales – but we especially know how to write and create content around blockchain that gets others talking. Tell us about your blockchain idea.
Web3: What Is It and Why Should You Care?
You may or may not have heard the terms Web1, Web2 or Web3. Don’t worry if you haven’t. With so much technological change underway, it’s hard to keep up. In this article, we will cover the basic history of the World Wide Web and how Web3 will affect how marketers do business.
What is Web3?
Web3, or Web 3.0, is the third generation of the World Wide Web that is built, operated and owned by its users. New technologies are used to make a decentralized infrastructure of the internet, all while protecting personal privacy. Our GoViral Managing Director also talked a little about Web3 in the Takeaways from a Blockchain Convention blog. But before we dive deeper into Web3, here’s a little background information about how we got here.
Web1: 2001 to 2004
Web1 was the first iteration of the internet where you could view “read-only” content on static pages. Most of the users were consumers who didn’t produce any of the content. In this era the internet was decentralized, and there weren’t many protocols to govern what was posted.
Web2: 2004 to Today
In the Web2 era, the internet became a platform where you could create content, publish to forums, post on social media, create blogs, or buy and sell in marketplaces. This is the “read-write” second iteration of the net, where we currently stand today. Websites and social channels are centralized and governed by a few large tech companies.
Large companies use the internet to market to target audiences by collecting data from individuals. In a few short years, our personal data has become a valuable commodity and a debatable topic in terms of privacy concerns.
Web3: Progressing Toward the Future
In 2014, co-founder of the cryptocurrency Ethereum Gavin Wood was the first to term Web3 as a “decentralized online ecosystem based on blockchain.” Web3 uses blockchain and decentralized technologies to create a more democratic and fair online environment. The idea is that users would own the material they post and create, and even get compensated for it. The use of personal data would be transparent, both in how it is used and by whom.
Web3 would be the “read-write-own” internet where large tech companies don’t own pools of data in centralized points. Instead, data would be stored across multiple servers and not owned by one entity or group.
Gavin Wood also founded the Web3 Foundation, which is building the blockchain infrastructure of this next era. The Web3 Foundation believes in an internet where:
- Users own their own data, not corporations
- Global digital transactions are secure
- Online exchanges of information and value are decentralized
There are many other companies that are also working on similar projects to make Web3 a reality.
Why should you care about Web3?
We all get unwanted ads online. With Web3 and increased personal privacy regulations, marketers will have more difficulty accessing third-party data that is collected to run targeted campaigns. Marketers will have to find new ways to get customers to grant access to their personal data.
Web3 is still developing, but it’s good to stay informed and ahead to understand how these changes can affect your business. Here are some marketing tips that will help you grow your brand and customer loyalty in the next era of the internet:
- Community and Relationship Building – this might seem obvious, but brands will have to genuinely build trust with their customers in order to access them and their data and to stay connected.
- Better Products and Service Quality – over baseless ads and promises. Brands and businesses will have to live up to their promises to gain customer trust.
- Non-Fungible Token (NFT) Limited-Items – brands have already been starting to play around with using NFTs to reach their customers, like Nike selling 600 NFT sneakers. You can read more in our Intro to NFTs for Marketing article to find out how you can apply this to your business.
- New Loyalty Reward Systems – we all love loyalty reward systems and customers will want to be rewarded for sharing their personal information with other businesses. Digital tokens or other forms of reward systems will appeal to customers in the new Web3 era.
The Future of Web3: Is it Certain?
As we said before, Web3 is still in progress and there isn’t a complete Web3 infrastructure created as of yet. Some even are speculating that it’s a fad that won’t be developed, and questions of sustainability and scalability are at play.
What is certain is that as Web3 continues to develop, it’s best to stay informed and to prepare yourself for the possible changes in your marketing strategy. Need some help growing your blockchain business? Make sure to contact us below and we will be sure to reply!