Changes in the way businesses/people TRUST each other
November 1, 2017 | Saravanan Parisutham
Trust is the basis of most transactions, either personal or business. Currently in most business scenarios trust is managed by a central authority- such as banks in financial transactions, certification agencies in product quality matters, universities in the educational system, etc.,
What if the TRUST factor can be made inherent to the business transaction; what if peers trust each other in any transaction without the need for a third party. This could lead to improved efficiency of the transactions, open-up new business models; bring-in new players who are willing to adapt and make the people who are not willing to adapt redundant.
Solutions that will enable peers to trust to each other in any transaction without the need for a central agency, could disrupt existing business across different industries. Which industries do you think would be the most disrupted with such a solution?
We at TrusTrace believe Fashion, Food & Beverages, high value collectibles, medical devices market can become more reliable and expand using such a technolgy. Your thoughts?