digital trust

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.

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.

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.

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.

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.

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.