The most important currency in the future of our economy is trust. Trust creates brand loyalty. It’s how companies like Walmart, CVS, Nike, Google, Apple and Fidelity, have created trillions of dollars in value. Before the internet, people trusted these brands to get them the best price, protect them and their family, keep them healthy, make them more productive, and guard their investments.
Today it is a very different story. People don’t trust brands. A recent McCann study found that 42% of Americans find brands and companies less truthful today than 20 years ago(1). With the blatant violations of trust from companies like Facebook and Target, people are seriously questioning how much data they are willing to share and what will happen to it if they do.
The answer? Value exchange and the blockchain.
Sixty-two percent of American consumers believe that sharing data and personal information online is part of the modern economy and 84% would also like more control over the information captured and used by enterprises(2). So why not create a win-win for the enterprise and consumer alike?
Enter blockchain and the ability for consumers to selectively and proactively share their data in exchange for goods, services and convenience. Each industry is trying to leverage blockchain in its own way and several, like hospitality, have begun in earnest to make the type of investments in platforms that will most definitely establish the type of credibility and trust needed to ensure high levels of consumer confidence. These systems connect data across the entire chain, which makes every part of hotel management more accessible and more effective.
This secret handshake between the consumer and the enterprise doesn’t have to be so secret. Consumers don’t have to feel violated and brands don’t have to worry about adverse publicity, public opinion or, in the worst case, lawsuits resulting from privacy data violations. With platforms leveraging blockchain and the resulting transparency of the workflow, consumers can decide what, when and how much of their personal information they would like to share and brands can instantly reward them with special offers, discounts and enhanced loyalty programs.
We may never return to the age of the trusted brand but leveraging the blockchain, the development of these innovative new blockchain platforms, and the ability for consumers and brands to work together to successfully use personal data, transparency and trust can be restored and the secrets of consumer trust no longer have to be violated.
Chuck Goldman
Chuck Goldman is currently a senior advisor at AQUA Intelligence, a data company on the blockchain. He has 25 years of senior executive leadership experience in building high-growth technology companies such as VUI, the world’s most advanced enterprise Voice +AI platform and Apperian, first B2B and B2C mobile platforms for Apple. Prior to Apperian, Chuck was a Senior Director at Apple for 9 years, where he formed an enterprise division at the request of Tim Cook that became one of the fastest growing revenue generating divisions at Apple.
