The connection between human beings is often the first thing that comes to mind when we think about trust. Trust allows us to do things that would be almost impossible if we had to verify everything for ourselves. Imagine if you had to inspect the kitchen of every restaurant you ever visited. The long and short of it is that most of us operate under a system of “if we trust, we don’t need to verify” in our personal lives as well as in business.
In the early days of the web, you had no way of knowing if your browser really was talking to the company that you thought it was. So, ecommerce and online banking struggled to take off. But the advent of the browser padlock — literally creating trust that you are connected to whom you think you are — unleashed trillions of dollars of opportunity.
Until recently, firms doing business with each other had no way of knowing if they had the same records. And so, they wasted staggering amounts of money reconciling with each other. Technologies like blockchain are solving this problem. Read More