TRUST AND TRANSPERANCY IN BLOCKCHAIN

[Papri Ghosh]

Blockchain has been referred to as a "revolutionary technology" by IBM, and a "once in a generation opportunity" by PricewaterhouseCoopers. But the most accurate title came from The Economist when they honoured the technology with the title of "the trust machine".

It has been a revolution that  holds the promise of reducing the cost of establishing as well as  maintaining trust for both individuals and as well as for the  organizations to carry forward their transactions.
"Blockchain" is a  new term that refers to a specific type of computer database. Oxford defines the term blockchain as "a digital ledger in which transactions…are recorded chronologically and publicly". The source dates back to the year 2008 when the creator of the cryptocurrency "bitcoin" called its ledger a "blockchain", or a chain which consists of blocks of transactions.
Since then, there have been many upcoming competitive versions but most work on the same field:
   They are open-sourced
   Run 24x7
   Continuously update in real-time.
So the perfect reason that makes blockchain technology so unique and revolutionary is that it's not controlled by any single entity and  the ledgers are distributed among all parties who are involved in the transactions (also referred to as a "distributed ledger").
Distributed Ledger, means that no central party has ownership of the ledger, therefore no one can individually make changes or force any errors in the entries already on a blockchain.
This makes the blockchain an entrenched store of information.
Now coming to the question of how blockchain can actually build “TRUST”…….
Some distinguishing characteristics of blockchain:
1.Secure
2.Transparent
3.Peer to Peer Transfer
4. Encrypted and Pseudonymous
5. Instant Settlements
6. Easy accessible
7. Low cost

Blockchain and Customer Experience
So what pivotal role does Blockchain technology have with Customer Experiences?
The base or the foundations of customer experience are rooted in the trust that a customer places in a brand. An organisation should be true to its word, live up to its brand promises, provide the product or service as specified  in the schedule .
Study reveals the top four factors that negatively impact corporate reputation are:
•   Lying and misrepresenting facts about a product or service.
•   Illegal actions by corporate leaders
•   Data breaches
And so on….
As  the fundamental benefits of blockchain’s digital ledger technology are trust and transparency, logically this technique has enormous potential to transform customer experience.
 Here are some reasons why it is transformative for Customer Retention and their experiences.
PEER TO PEER TRANSACTIONS
•   Blockchain enables peer to peer transactions without the need of a trusted central third party or intermediary, meaning brands can interact directly with customers and have greater level of influence over the customer journey.

USING CRYPTOGRAPHY
•   Implementing the technology of Cryptography increases the security and protection of data and identity, meaning customers can own and monetise their own data leading which will lead to a re-imagination of customer loyalty programs.
PROVIDING DATA
•   Data cannot be changed thus reducing fraud, increasing transparency, showing the existence of an asset, a claim about a brand, or company performance is indisputable. This could include NPS scores, customer retention rates and product defect rates.
REAL-TIME SETTLEMENTS
•    Real-time settlement means friction or obstacle in a transaction is eliminated and risk reduced. As more customers interact with blockchain applications, the number of customer expectations for an effortless experience will be raised.
IN SHORT
Trust is the base for any company to retain the customers and thereby build a platform to build its image in corporate field.
 Organizations which have adopted and utilized blockchain technology would be transparent, not hiding behind any obscure contract terms and conditions, and build trust, by overhauling out-dated loyalty programs to build unique, traceable customer rewards. Blockchain is therefore a big deal for customer experience professionals enabling the organisations to build a hypothesis or a concept that create genuine value and would add long term loyalty for customers.

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[alisadoll]

I totally agree with you. Trust is the basis of a better crypto world. If everything gets more transparent, people will feel more secure.

[Fourgh]

I totally agree with you. Trust is the basis of a better crypto world. If everything gets more transparent, people will feel more secure.

Well said man. That's what makes bitcoin more discreet and incognito.

[bitterdog]

i agree with your opinion. Like we are already known blockchain is technology that emphasize the principle of transparency. And since blockchain can accessed by anyone, blockchain become a technology that is totally transparant.

[Hirameki]

I totally agree with you. Trust is the basis of a better crypto world. If everything gets more transparent, people will feel more secure.

Thus removing any third party like banks, middlemen and escrow which makes the transaction much cheaper for people who will ise it globally. No wonder why banks and other escrowing agency resist to adopt cryptocurrency.

[Crypto Mark]

Bitcoin is not only transparent but also live. To maintain validity, everyone in the world can see the ongoing Bitcoin transactions without being hidden.

[MartinAK]

Yes, indeed I totally affirm that blockchain has proven itself beyond all reasonable doubt that is very trustworthy and transparent. This technology is really giving hope and assurance with its secured model of functioning. It really making transaction fast, no middlemen, with open source and large capacity. Its really a blessing having blockchain within this era. And this is really pushing the crypto world higher because it always makes all parties at piece. Thanks to the brains behind blockchain.

[BITDV]

Totally agree with your opinion, blockchain becomes technologiy revolutioner, and in my opinion it also become economy revolutioner.

I totally agree with you. Trust is the basis of a better crypto world. If everything gets more transparent, people will feel more secure.

Thus removing any third party like banks, middlemen and escrow which makes the transaction much cheaper for people who will ise it globally. No wonder why banks and other escrowing agency resist to adopt cryptocurrency.

I guess bank dont want to adopt cryptocurrency because they of goverment reglation and they can not control them

[Mofazzal840]

I want to say about this. I totally agree with you. Trust is the basis of a better crypto world. If everything gets more transparent, people will feel more secure throw  blockchain.

[stayeduptolate]

Blockchain has been referred to as a "revolutionary technology" by IBM, and a "once in a generation opportunity" by PricewaterhouseCoopers. But the most accurate title came from The Economist when they honoured the technology with the title of "the trust machine".

It has been a revolution that  holds the promise of reducing the cost of establishing as well as  maintaining trust for both individuals and as well as for the  organizations to carry forward their transactions.
"Blockchain" is a  new term that refers to a specific type of computer database. Oxford defines the term blockchain as "a digital ledger in which transactions…are recorded chronologically and publicly". The source dates back to the year 2008 when the creator of the cryptocurrency "bitcoin" called its ledger a "blockchain", or a chain which consists of blocks of transactions.
Since then, there have been many upcoming competitive versions but most work on the same field:
   They are open-sourced
   Run 24x7
   Continuously update in real-time.
So the perfect reason that makes blockchain technology so unique and revolutionary is that it's not controlled by any single entity and  the ledgers are distributed among all parties who are involved in the transactions (also referred to as a "distributed ledger").
Distributed Ledger, means that no central party has ownership of the ledger, therefore no one can individually make changes or force any errors in the entries already on a blockchain.
This makes the blockchain an entrenched store of information.
Now coming to the question of how blockchain can actually build “TRUST”…….
Some distinguishing characteristics of blockchain:
1.Secure
2.Transparent
3.Peer to Peer Transfer
4. Encrypted and Pseudonymous
5. Instant Settlements
6. Easy accessible
7. Low cost

Blockchain and Customer Experience
So what pivotal role does Blockchain technology have with Customer Experiences?
The base or the foundations of customer experience are rooted in the trust that a customer places in a brand. An organisation should be true to its word, live up to its brand promises, provide the product or service as specified  in the schedule .
Study reveals the top four factors that negatively impact corporate reputation are:
•   Lying and misrepresenting facts about a product or service.
•   Illegal actions by corporate leaders
•   Data breaches
And so on….
As  the fundamental benefits of blockchain’s digital ledger technology are trust and transparency, logically this technique has enormous potential to transform customer experience.
 Here are some reasons why it is transformative for Customer Retention and their experiences.
PEER TO PEER TRANSACTIONS
•   Blockchain enables peer to peer transactions without the need of a trusted central third party or intermediary, meaning brands can interact directly with customers and have greater level of influence over the customer journey.

USING CRYPTOGRAPHY
•   Implementing the technology of Cryptography increases the security and protection of data and identity, meaning customers can own and monetise their own data leading which will lead to a re-imagination of customer loyalty programs.
PROVIDING DATA
•   Data cannot be changed thus reducing fraud, increasing transparency, showing the existence of an asset, a claim about a brand, or company performance is indisputable. This could include NPS scores, customer retention rates and product defect rates.
REAL-TIME SETTLEMENTS
•    Real-time settlement means friction or obstacle in a transaction is eliminated and risk reduced. As more customers interact with blockchain applications, the number of customer expectations for an effortless experience will be raised.
IN SHORT
Trust is the base for any company to retain the customers and thereby build a platform to build its image in corporate field.
 Organizations which have adopted and utilized blockchain technology would be transparent, not hiding behind any obscure contract terms and conditions, and build trust, by overhauling out-dated loyalty programs to build unique, traceable customer rewards. Blockchain is therefore a big deal for customer experience professionals enabling the organisations to build a hypothesis or a concept that create genuine value and would add long term loyalty for customers.

No matter how low is the transaction fee or how good deal it is providing, the key features that is must for any exchange and can make people convinced to invest into this is its reliability, security and transparency, all other factors like lost cost, easy availability, peer to peer transactions, instant settlements and user anonymity comes the secondary and that is why bitrex and bitfinance are two most trustable international exchanges in the world I guess.

[fatema]

The emphasis on transparency policy is the technology that has already received worldwide recognition of Blockchain Technology. The blockchain technology can be accessed by anyone. It has become completely transparant. To maintain validity, everyone can see Bitcoin transactions from not being hidden to anyone in the world.

[Dexion]

I totally agree with you. Trust is the basis of a better crypto world. If everything gets more transparent, people will feel more secure.

but if you just rely on trust without having basic knowledge of crypto, then you are like a walk with one leg. will not be perfect and you will easily get FOMO and panic when the bearish market comes.

so, we will feel safe if we believe, have good knowledge, good analysis, good strategy, and a transparent system.

[mackenzie5]

         With the entrance of computer and internet we have reached  a new world  of digitization now . The digital world changed everything constantly and we have digital assets like Bitcoin that enables to transfer money directly without  the help of a third party This transaction is done by the blockchain technology this has brought us to a better financial system. The blockchain database is distributed across a network of computers leaving no space for hackers . The allocation of fund has gained trust and transparent.that is the important fact.

[Jonsnowstark]

Yes indeed. I couldn't agree more. Blockchain technology has been the most talked about for big companies. They are willing to incorporate blockchain technology especially in the logistics becaise it provides easier and faster run arounds for big companies to track their ins and outs, ship ins and ship outs. This is very beneficial to us consumers as well because it allows for us to validate stocks availability to make sute there are no hoarding of supplies to increase the price.

[CaptainKrypto255]

Transparency is in my humble opinon why Bitcoin was truly invented. Why do we hate banks? Because we can't see what they do with our 💰💰💰


Blockchain allows us to 🔥🔥🔥 this system down by being able to see everybit of its inner workings.

As long as everything is transparent the market will continue to 🚀🚀🚀 


Just my take ;-)

[SportaICO]

Blockchain has been referred to as a "revolutionary technology" by IBM, and a "once in a generation opportunity" by PricewaterhouseCoopers. But the most accurate title came from The Economist when they honoured the technology with the title of "the trust machine".

It has been a revolution that  holds the promise of reducing the cost of establishing as well as  maintaining trust for both individuals and as well as for the  organizations to carry forward their transactions.
"Blockchain" is a  new term that refers to a specific type of computer database. Oxford defines the term blockchain as "a digital ledger in which transactions…are recorded chronologically and publicly". The source dates back to the year 2008 when the creator of the cryptocurrency "bitcoin" called its ledger a "blockchain", or a chain which consists of blocks of transactions.
Since then, there have been many upcoming competitive versions but most work on the same field:
   They are open-sourced
   Run 24x7
   Continuously update in real-time.
So the perfect reason that makes blockchain technology so unique and revolutionary is that it's not controlled by any single entity and  the ledgers are distributed among all parties who are involved in the transactions (also referred to as a "distributed ledger").
Distributed Ledger, means that no central party has ownership of the ledger, therefore no one can individually make changes or force any errors in the entries already on a blockchain.
This makes the blockchain an entrenched store of information.
Now coming to the question of how blockchain can actually build “TRUST”…….
Some distinguishing characteristics of blockchain:
1.Secure
2.Transparent
3.Peer to Peer Transfer
4. Encrypted and Pseudonymous
5. Instant Settlements
6. Easy accessible
7. Low cost

Blockchain and Customer Experience
So what pivotal role does Blockchain technology have with Customer Experiences?
The base or the foundations of customer experience are rooted in the trust that a customer places in a brand. An organisation should be true to its word, live up to its brand promises, provide the product or service as specified  in the schedule .
Study reveals the top four factors that negatively impact corporate reputation are:
•   Lying and misrepresenting facts about a product or service.
•   Illegal actions by corporate leaders
•   Data breaches
And so on….
As  the fundamental benefits of blockchain’s digital ledger technology are trust and transparency, logically this technique has enormous potential to transform customer experience.
 Here are some reasons why it is transformative for Customer Retention and their experiences.
PEER TO PEER TRANSACTIONS
•   Blockchain enables peer to peer transactions without the need of a trusted central third party or intermediary, meaning brands can interact directly with customers and have greater level of influence over the customer journey.

USING CRYPTOGRAPHY
•   Implementing the technology of Cryptography increases the security and protection of data and identity, meaning customers can own and monetise their own data leading which will lead to a re-imagination of customer loyalty programs.
PROVIDING DATA
•   Data cannot be changed thus reducing fraud, increasing transparency, showing the existence of an asset, a claim about a brand, or company performance is indisputable. This could include NPS scores, customer retention rates and product defect rates.
REAL-TIME SETTLEMENTS
•    Real-time settlement means friction or obstacle in a transaction is eliminated and risk reduced. As more customers interact with blockchain applications, the number of customer expectations for an effortless experience will be raised.
IN SHORT
Trust is the base for any company to retain the customers and thereby build a platform to build its image in corporate field.
 Organizations which have adopted and utilized blockchain technology would be transparent, not hiding behind any obscure contract terms and conditions, and build trust, by overhauling out-dated loyalty programs to build unique, traceable customer rewards. Blockchain is therefore a big deal for customer experience professionals enabling the organisations to build a hypothesis or a concept that create genuine value and would add long term loyalty for customers.

Transparency is what Blockchain is meant to provide, so the more data can you as a customer/investor can easily download/view, the more confidence you obtain in a certain ICO or crypto. 

[huntingbtc5]

You are absolutely right.  We can feel secure and trusted because of the transparency the bitcoin and blockchain technology have brought to us. Moreover in today's situation we need complete peer to peer action, we don't need any third party that causing hassle and delay of the process.

[coralwoods18]

Yes, I agree with you. Transparency is one of main reason I came to this world. I am studying this cryptocurrency currently and very fascinated to the technology it has. 

[SabrinaSwo]

I found a really curious project - HelloGold foundation. I really appreciate their philosophy. They are aiming to the creation of the full-fledged founding that will be able to provide grants for the upcoming startups in the sphere of further implementation of blockchain technology for financial operations.  The team is consists of ex-regulators, business experts. Moreover, if you join their channels HelloGold and Airdrops.io on Telegram and Twitter you will receive 150 HGT tokens  (~$2 USD).
Anyway, search for more information, check everything, and good luck with your investment. If you want, you can learn more #HelloGoldFoundation