Today’s disrupted world continually brings incredible challenges—and enormous opportunities. As we all navigate the uncertainties and complex circumstances of the pandemic, trust hangs in the balance.
How do you instill confidence in your customer base? How do you restore business resilience? How do you deepen partner collaboration to operate with greater agility?
Organizations must embrace change and look ahead with urgency and optimism. For tomorrow’s winning digital business will transform the way they share data to earn trust. By collaborating in a way that benefits all, it’s possible to build more meaningful relationships with both customers and partners.
In this new model, businesses will work together using what we call a multiparty system—a privacy-preserving shared data infrastructure between individuals and organizations to enhance collaboration, build resilience and, ultimately, create new revenue streams.
Intrigued? To start shifting your business model mindset, the first step is to understand the imperative of trust.
76%
of CEOs say citizen trust is critical to business competitiveness.
$12.8M
per year is the average cost of poor data quality for organization.
60%
of organizations highlight that 'not being able to find relevant data that delivers value' is their biggest challenge in data management.
30%
of pharmaceutical products sold in emerging markets prior to COVID-19 were estimated to be counterfeit. Consumable supply chains need end-to-end data transparency now more than ever.
"Customer data—it belongs to them. If you use their data in a way that really adds value to their lives they will build trust."
— Stephanie Linnartz, CEO – Marriot International
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Nearly 3/4 of customers will share more personal information if brands are transparent about how its used. Businesses must shift to a mutually beneficial data model that gives people more control and allows them to grant direct access to high-quality data in exchange for improved, hyper-personalized services with enhanced security and privacy.
In a multiparty system, data isn't just "information" anymore. Each unique piece of data can act as instructions, authentication and even enforcement of usage rules. This new business model can help to realign and rebuild trust, providing a more transparent, instantaneous and verifiable way to share data.
"It’s more than just a buzzword. Those companies that can demonstrate trust are going to be able to develop better services, better experiences, get better information to then tailor things for consumers."
— Paul Daugherty, Chief Technology Officer – Accenture
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The possible use cases for multiparty systems are endless and span across industries. In this paper, we cover key use cases and select projects we have under way that are helping our clients build newfound trust with their expanding ecosystem partners and customers.
Frictionless travel with digital identity
Imagine sharing your credentials ahead of travel for a seamless experience that extends from home, to airport, to rental car, to your hotel abroad.
Revolutionizing money with CBDC
Central banks are exploring ways to modernize money to meet new demands and create new possibilities for instantaneous access to funds.
Mobilizing the auto industry with digital thread
We're helping the auto industry make transportation greener, more efficient and affordable, while increasing profitability of mobility services.
Safer pharmaceutical supply chains
By transforming supply chains into supply networks, we're helping clients enhance the traceability of medication throughout its lifecycle.
"How to build trust in a new digital world" introduces the benefits of multiparty systems, the benefits of this new business model, key production use cases and an actionable roadmap for getting started with your organization today.
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