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?
While 90 percent of business and IT executives believe ecosystem success depends on organizational technology, less than a quarter consider ecosystem alignment and governance to be their strong suit.
Solely applying single-entity models to an ecosystem or merely using blockchain technology to digitize existing processes will limit realized value, growth, and ROI. Instead, companies must embrace an entirely new multiparty system approach to secure customer relationships. At the same time, it’s not a rip-and-replace
A new data model is needed to realign and rebuild trust
Digital Trust is a discipline that combines cybersecurity and digital ethics in a human-centric way that works to strengthen the bond between individuals and organizations. In doing so, it minimizes outsized risk within organizations and societies, in other words, everyone wins.
It’s time for businesses to shift to a mutually beneficial data model that gives people more control, allowing them to grant direct access to high-quality data in exchange for improved, hyper-personalized services with enhanced security and privacy. Multiparty systems help multiple individuals, businesses, governments, and non-profits form digital trust.
If you’re new to this concept of multiparty systems, you can think of it as a shared data infrastructure between several organizations. It allows granted access to data in near real-time—not a copy of the data, but the actual data itself, including its activity history. This single source of truth means data validation can be as simple as, “I see what you see.”
A better way to share data
In multiparty systems, competitors can trust each other and co-innovate without compromising IP thanks to privacy and security measures like revocation and collective accountability.
Spending less time on reconciliation means companies can improve their value delivery and productivity by focusing on key business objectives like building resilience.
What’s more, the shared data infrastructure allows new and existing partners to rapidly onboard and integrate, so the ecosystem can more easily identify possible new revenue streams. The possible use cases are endless and span across industries.
In my latest paper, “How to build trust in the new digital era,” I’ll share with you my perspective on how digital businesses can transform the way they share data within their ecosystem to earn trust and create more meaningful relationships with both customers and partners in multiparty systems that benefit all.
You’ll come away with an understanding of the following:
- the imperative trust in today’s digital era
- benefits of adopting multiparty systems
- how this new business model uses data in revolutionary ways
- use cases in production that will help you relate how this can be applied to your business ecosystem
- a roadmap for how to get started.
Want to discuss #digitaltrust and how we can help your business ecosystem along your transformation journey? Please don’t hesitate to reach out for a conversation.
How to build trust in a new digital world
Data sharing with blockchain and multiparty systems
read the report
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