Blockchain and Trust
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How do we create or manufacture trust?
If two or more parties don't know, or don't really trust each other, how can trust be developed or created? Trust is not something that naturally happens overnight. It's earned. Over time. Like respect. Therefore, in order to develop trust between two or more parties something has to happen or someone has to intervene. Who would be a trusted intermediary that both parties would accept?
In an organization, how do we create a level of trust to implement the technology? Or, more specifically, how is trust manufactured or created to people outside the organization. In an era where our most sensitive data is being hacked, accessed or sold without our knowledge, trust is a rare commodity.
If we can't trust the organizations that are asking for our data to provide services to us, how can we trust them with Identity Management? Likewise, if those same organizations are selling our data to other companies or governments, how can we trust them? Realistically, it's getting harder and harder to say we will. Why, in that case, would we trust these same entities with Identity Authentication Management?
Critically we need buy-in at various levels, not just organizationally, but societally.
Once again, the question becomes, where do we start?
This must be a multi-pronged approach to buy in. Since, doing a top down or bottom up buy in, will bring results, but it will take longer. A multi-pronged approach would allow for faster acceptance and or awareness of the opportunity that blockchain and IAM present. The good news, for Canada, we are taking the lead in this area and are quickly becoming a true hub for Machine Learning, AI and Blockchain.
Problems and Barriers
Currently the issue becomes that we have a hard time trusting organizations with our personal data. Why? Simply put, it's our personal data, but these organizations treat it as a commodity to be traded, in many instances without your knowledge (yes, EULA's exist, but, as has been demonstrated regularly, many people don't read them, they simply click OK or Accept). As a result, there is no trusted middle man / intermediary. And the issue becomes that we lose trust in these institutions. We lose trust in these institutions because we are nothing more than information online. Which means that everything online is nothing more than information. There is, in one sense, no intrinsic value on line. In other words, we don't see or feel that there is value to what we get online. How can we change that?
What is value online?
Value, online, is anything that can be exchanged between individuals, it can be stored safely, it can be managed, all of it by the individual, not the organization. What does this ultimately mean to you? It allows for a greater level of individual control of your information online. It allows for true ownership of your identity. It allows for a greater level of individuals control over identity, especially online. But, more importantly, it can help in terms of accessing your personal information when it comes to health services, passports, drivers licences etc., which means that many of the ID requirements asked for by banks or other institutions would be minimized by the adaptation of blockchain technology. Are there potential drawbacks? Yes. But, in many instances, those drawbacks have solutions.
There are a variety of spaces that are ripe for disruption via blockchain, the financial sector is the primary one. However, many other sectors are about to be overrun with blockchain disruption: manufacturing, transportation, travel etc. all of these sectors will be experiencing an influx of blockchain disruptors.
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