Trusted Data Exchange
Trust as a foundation of the digital age
With the dawn of IoT in the digital age, more and more aspects of life are being digitalized. This creates enormous opportunities to broadly better living standards. All of this is based on the collection, processing and evaluation of data to broaden insights and come closer to a full picture of reality which some may call truth. To reap the benefits the data collected and processed have to be vetted to an extend that negates the immense risks implied. The risk of having data that has been for nefarious or other reasons tampered with. The following paper will explore the underlying necessity of trusted data exchange in the context of digitalization illustrated by different economic use cases.
Trust in Transactions
At the heart of every transaction – be it business or not – lies the exchange of values. For that to happen two or more parties must agree on the exchange. With physical goods, it’s easy to make sure that everything is as agreed. A trusted data exchange means that exchanging parties have a mechanism to create trust in the integrity of the other party and their contribution to the exchange so that uncertainty related risk is negated and thus business accelerated. But how would you be able to create the same certainty with a non-tangible – digital – asset? Who or what can make sure that the exchange can be trusted? What could facilitate such a trusted exchange of data? Such questions are increasingly important to organizations and businesses across the globe as all industries are trending towards digitalization.
- Exchange of values
- Mechanism to create trust between parties
- Negate uncertainty related risks
- Increase transaction/business velocity
Increasing Importance of Data
“We’ve moved from digital products and infrastructure to digital distribution and Web strategy to now into more holistic transformations that clearly are based on mobile, social media, digitization and the power of analytics and we think it’s really a new era requiring new strategies.”
Saul Berman | IBM
Saul Berman exemplifies, that with rising digitalization the amount of data is exploding, which has severe effects on business. Processing, storage, management and analytics have become integral parts for most organizations and are still increasing in importance. Data is being used to: predict future development and influence strategical decision making, be traded as a valuable good to gain insight into specific consumer behavior, as the basis to settle legal disputes and underlying process of most financial transactions in the world.
Well managed data reduces risks of regulatory ramifications
Gain insights for business decision
Sell it to other parties
Buy data to gain insight for decisions
Read the entire whitepaper “Trusted Data Exchange – Business acceleration in the digital age” here.