There’s no denying that blockchain technology is here to stay. It’s revolutionizing industries as diverse as financial services, healthcare, and entertainment. But while some companies are making plans to fully embrace blockchain technology, others are still on the fence about how to handle it. One reason may be because there’s a lack of trust in blockchain technology and how it will affect companies moving forward—a problem that needs to be fixed if blockchain is going to reach its full potential. To help organizations trust in blockchain technology, here are five ways companies can build trust in the system today.
1) Establish Your Credibility
If you want people to trust your blockchain company, you need to establish your credibility first. Here are five ways to do that:
1. Get involved in the community. Show that you’re an expert by participating in forums and writing blog posts.
2. Be transparent about your team and your technology. Let people know who’s behind the project and how the blockchain works.
3. Get independent verification. Have a third party audit your code or hire a well-known advisor.
4. Use established platforms. If you’re building on top of Ethereum, for example, people will already have some trust in the underlying technology.
5. Never promise what you cannot or will not deliver. If you promise something like no downtime ever again! people won’t believe it if it doesn’t happen. Keep your promises instead of overpromising and underdelivering. Deliver on what you say you’re going to deliver. As long as what you’re delivering is good, then people will come back and use your service.
6. Share your story. If you have a particularly compelling origin story or battle you fought, share it with people who care about that type of thing.
7. Open-source your code.
8. Keep your technology simple and easy-to-use. If you’re working on an ambitious, complex idea, make sure you have a straightforward and easy way for users to interact with it.
9. Join a blockchain industry association. This is an important step because it connects you with other people working on similar technologies, so you can collaborate and share your knowledge.
2) Understand Challenges
In order for blockchain to proliferate, people need to trust the technology. Unfortunately, there are several challenges that stand in the way of building this trust. First, blockchain is often associated with cryptocurrency, which has been used for illegal activities and is thus considered untrustworthy by many. Second, blockchain is a new technology, and with any new technology there is always a learning curve and inherent risks. Third, because blockchain is decentralized, there is no one governing body that can be held accountable if something goes wrong. Finally, due to the nature of the technology, once data is entered into the blockchain it cannot be changed or deleted, which some people see as a risk. These are all valid concerns that must be addressed before blockchain can take off. However, these issues can be addressed by being honest about the current limitations of the technology and educating people on how to best utilize it. For example, users should never store cryptocurrencies on an exchange wallet; instead they should set up their own personal wallet for security purposes.
3) Make it Easy for People to Try the Technology
1. Educate yourself and others about how blockchain works.
2. Use a reputable platform or service provider.
3. Store your private keys securely.
4. Verify the identity of the other party before entering into a transaction.
5. Review the code before using a new wallet or service
6. Keep your software up to date
7. It’s a good rule of thumb to ignore something that seems unrealistic or too good to be true. If you get an email saying you won the lottery but have to pay taxes in advance (or something else), don’t take it seriously. There are no lotteries in cryptocurrency.
8. Whenever possible, make transactions with people face-to-face rather than online because this offers greater protection against fraud and scams.
4) Demonstrate Benefits
In order for blockchain to become widely accepted, those who are involved must take measures to build trust. Below are five ways to help build trust in blockchain:
1. Use Cases – When people see how blockchain is being used and benefiting others, they will be more likely to trust it themselves.
2. Improved Security – As security measures improve, people will be more trusting of the technology.
3. Privacy – Giving users the option to keep their information private will help increase trust.
4. Regulation – Having government regulation can help create an air of legitimacy around blockchain.
5. Education – If people understand how blockchain works and its potential implications, they will be more likely to trust it. Educating users on what blockchain is, how it works, and why it should be trusted will help build a relationship between company and customer.
Building trust with blockchain is essential to increasing its adoption. Companies should work hard to educate customers about blockchain and prove that the benefits outweigh any risks. It’s also important that companies show how blockchain is already helping others through use cases or improved security measures. Those who invest time into building this trust now will reap long-term benefits later as they start implementing this new form of payment technology across industries.
5) Provide Reassurance
1. Make sure the technology is well-vetted and reputable.
2. Be clear about what information is being shared and with whom.
3. Ensure that data is accurate and consistent.
4. Build a diverse network of users and partners.
5. Encourage transparency and collaboration among all stakeholders.
Remember that technology is only one part of your relationship with your customers. You also need to provide reassurance around who you are, how you handle their data, and why they should trust you with it. If people have any questions or doubts, work hard to address them directly so they don’t think twice before signing up for your service. And remember that building trust isn’t just about reassuring others; it’s also about assuring yourself. To grow any business, build trust first by knowing who you are, how you want to be perceived by others, and why people should do business with you. But remember that building trust starts with self-trust. It’s not enough to simply reassure others–you need to make sure you’re putting in the effort and making time for yourself too. The way you show up every day will ultimately determine whether someone decides to sign on board as a partner, customer, or advocate.