In today’s world, many daily routines are digitized. The digitalization can be found in every area of life and accompanies us through our daily lives. We trust the individual processes almost blindly. But how can a technology such as Blockchain technology additionally strengthen this trust and at the same time protect the user?

Whether shopping online, sending messages or making online bank transfers. In everyday life we all use different digital technologies, mostly unconsciously, and trust in their functionality and security.
There is an almost blind trust in the different applications that accompany us daily through our work and private life. But where does this trust come from and how can it be safely extended?

What is Blockchain?

The term blockchain has gained popularity in recent years and thus also reached people with less affinity for technology. Due to the currency Bitcoin, we’ve almost all heard of an application of the blockchain technology and have been confronted with it in the media or in our close environment. The possibilities of the technology go far beyond that and make it possible to digitize or create completely new processes, which would otherwise be very difficult.

Blockchain is a technology that creates trust.”

Menelaos Petrovas, Airport Hotel Basel AG

Creating trust

By the way the blockchain technology is constructed and ultimately works, it can create more trust between people and technology.

We trust when our experience shows that something works. This trust must be developed and earned. The system must prove that it has earned our trust. If this is the case, these kind of innovative technologies enable us to trust more easily and to use their function regularly.

4eyes’ motto “Co-Creating positive impact” can be perfectly transferred to the blockchain technology. This forward-looking technology is designed for a wide range of applications, especially when several parties want to achieve a goal together. Through the support of all users and developers, the technology is constantly evolving and optimized. Every contribution that is made to the technology is thus available to all users.

If you use block chaining and don’t want to risk the trust of market participants, you cannot avoid complying with current legislation.

Dr. iur. Eleonor Gyr, Advokation

You can only trust technology if you can view, analyze and use it easily. For this reason, open source continues to be the future of blockchain technologies. Because blockchain can only exist through many users and should be accessible to everyone, to create added value for all of us and to offer trust.

61% of CEOs put digital transformation in their top three priorities.”

PwC 2020

Many companies are already doing research in the field of blockchain technology and are trying to integrate it into their daily business. Blockchain technology could bring great advantages in the travel industry and simplify the daily routine for travelers and suppliers. Secure transactions or trustworthy ratings could create more trust in the products and make them accessible to the general public through linked data storage.

Serious activity around blockchain is cutting through every industry across the globe right now. It’s driven by an acute need to win trust in the digital world. Businesses are rethinking their operations and are discovering not only is blockchain technology key to delivering trust, but it’s an opportunity open to all.”

Steve Davies, Partner and Blockchain Leader, PwC UK

Blockchain technology also brings numerous confidence-building advantages to the pharmaceutical industry. For example, blockchain helps to make product information available without losing data and at the same time guarantees the privacy of patients.

Infinite possibilities

The application range of the blockchain technology is extensive and offers almost infinite possibilities. This makes it all the more important to understand the unique technology and to make use of its technological pioneering work.

For example, the team at Airport Hotel Basel AG is working on integrating blockchain technology into their business. As a result, online ratings could be made secure by the technology and at the same time exclude third party providers. In addition, the privacy of the reviewers would remain protected and any disclosure to third parties would be prevented. The aim of the invention is to upload confidential reviews based on the blockchain technology and thus create more trust while protecting the privacy of the authors.

“The system must prove that it deserves my trust. With the experience and the benefit, this is achieved over a long period of time”.

Marco Cuomo, Applied Technology Innovation Manager, Novartis

Novartis is also investing a lot of time and energy in creating the basis for numerous blockchain projects in the pharmaceutical industry within the framework of Pharmaledger. Patient safety is the highest priority. As a result, patients’ health data could be made available to patients and researchers through the blockchain technology without endangering patients’ privacy.

This building of trust takes time. Therefore, it takes weeks, months and years until the technology of the blockchain has arrived in the minds of the general public. If this is the case, the blockchain technology can support us in the most diverse areas of everyday life and strengthen the trust in the change between people and technology.

Would you like to see where your company can also benefit from the new opportunities? Then get in touch with us at 4eyes!