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How blockchain will underpin the new trust economy

Over the next two years, enterprises are expected to ramp up their efforts to test blockchain technology as part of a new method of establishing trust in a digital economy.

New research from consultancy Deloitte LLP shows a “trust economy” is now developing around person-to-person (P2P) transactions enabled by blockchain technology and not dependent on more traditional methods such as credit ratings or guaranteed cashier’s checks.

“Rather, it relies on each transacting party’s reputation and digital identity – the elements of which may soon be stored and managed in a blockchain,” Deloitte analysts said in a report.

For individuals, the “trust” elements could include financial or professional histories, tax information, medical information, or consumer preferences. Companies could maintain reputational identities that establish their trustworthiness as a business partner or vendor.

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