Digital Trust Technologies such as Blockchain have potential to disrupt business models by reducing the role of intermediaries in our online interactions.
Blockchain can boost economic growth by £4Billion
[through] adoption and improvements in supply chains, healthcare systems and financial systems
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Digital Trust Industry Playbook
How Digital Trust streamlines business and improved society
Digital Trust
Improved Digital Trust can drive a 2% impact on a country’s GDP. So why don’t we know more about it?
According to Scottish Enterprise benefits to Scotland’s industry could drive a £4B economic impact by 2030. So why don’t people working in Finance, Healthcare, Manufacturing, Energy and Government understand its relevance?
- Digital Trust is the confidence in security privacy and re.
- Digital Trust technologies are one sentence definition
This site aims to simplify the concept of Digital Trust, demonstrate the potential of digital trust technologies in business life and industry, and showcase international examples of how it can be adopted
The trust problem
50 years into the internet age, we can’t trust our digital interactions
Business still rely on paper, wet signatures and intermediaries in agreements and trusted interactions.
Information is exchanged on the internet, but our data assets can be changed and misused.
Often these are explained as issues with “cybersecurity” and online safety.
- Personal attributes or PII are stolen in Identity thefts
- payments are intercepted and misdirected in frauds
- Business supply chain documentation is inaccurate and unreliable
- KYC and AML checks cost more than the fraud they prevent
- Reporting and regulation of environmental impacts are untrustworthy and difficult to attribute.
Digital Trust technologies impact all of these scenarios by improving the safety, privacy, security and transparency
What is Digital Trust?
Digital trust is about creating a secure digital world.
Digital trust is the foundation that supports confidence in our every interaction with people, technology and processes online. Digital trust is given to organisations who provide safety, privacy, security, reliability in their online interactions.
But 50 years into the Internet age we still see growing threats of misinformation, cybercrime, surveillance, and unreliable data used in decision making and AIs.
These threaten privacy, productivity and quality benefits that digital systems and technologies can bring – which is not good for business or society.
Building on digital trust
Being trustworthy is good for business.
Building on Digital trust gives Users confidence that online transactions are secure – so they know we are connecting to a legitimate banking site, that a digital document has been signed by the right person, or that they are not installing malware onto their mobile phone.
But digital trust for organisations is even more impactful. Adoption of digital trust platforms can dramatically reduce risks and eliminate frictions at an industry ecosystem, national and international level.
According to Scottish Government, Trust tech can “reduce transaction costs, increase accountability, and enable markets for these valuable assets and data”.
Which industries benefit?
Digital Trust “Blockchain”, first celebrated as the enabler for Bitcoin and cryptoassets, is now more broadly known for its powers of provenance – the talent for transparent and trustable transaction tracking.
The report noted applications across Scotland’s key industries including financial services, the clusters of blockchain R&D in Scotland’s universities, and the breadth of innovative blockchain-centric startups in the region.
Digital Trust Technology
Digital Trust tech is those innovations which enhance trust in digital interactions, by enabling peers to verify secure the exchange of data assets and agreements cryptographically.
We use Cryptography for secure digital comms and transactions every day, but some conventional methods have proven fragile and vulnerable, and have not kept pace with thre exponentially growing networks of people and businesses in modern online economies.
The Digital trust technologies encompass models of decentralised trust such as blockchain and web3 technologies. Such deventralised technologies can be disruptive innovations with potential for the removal of intermediaries in industry transactions – e.g. In 2024 the global cryptocurrency market capitalisation hovers around the $2T mark with around 500M crypto owners, who generally transact peer to peer without the need for intermediary banks.
This tech also encompasses tamper resistant distributed ledger tech (DLT),
secure multiparty computation or MPC, eg analyzing gender wage gap stats without sharing salary data,
zero knowledge technologies or zkP where we can prove we are able to vote without revealing our identity