Can trust be generated digitally?
The blockchain hype relies on processes and data management to run safely and more effectively. Does this also make the content more credible? Can trust be generated digitally? Kai Stinchcombe, head of a financial services company, says no:
“Blockchain systems do not magically make the data in them accurate or the people entering the data trustworthy, they merely enable you to audit whether it has been tampered with. A person who sprayed pesticides on a mango can still enter onto a blockchain system that the mangoes were organic. A corrupt government can create a blockchain system to count the votes and just allocate an extra million addresses to their cronies. An investment fund whose charter is written in software can still misallocate funds.”
The real problem is still the prerequisites and the trustworthiness of the data at the beginning of the process chain.