Blockchain Development – An Ecosystem of Trust and Transparency
Brands and marketers, today, have a leverage of insights derived from integrating diversely ranged information from the individuals – passive data collection and survey information. At the same time, they must establish a system of trust, credibility and transparency for collecting, managing and using the consumer data in an ethical way.
However, in today’s online world, it seems nearly impossible to protect user data. You cannot expect people to turn their personal information over to anyone unless they are assured that this information will be kept private and secure.
Consumer Data Protection:
Consumer surveys are vital for businesses and so does creating an environment of trust and confidence with the consumers.
Data demand is on the high rise since it helps brands with their decision-making processes. Marketers need this data in as many forms as possible and people are becoming more aware about the value of data they share and demand its protection from potential breaches.
How to build this trust to benefit both brands and consumers?
Here comes blockchain as a crucial technology that benefits all the parties involved, by delivering an ecosystem of trust based on unparalleled accountability and transparency.
Well, the bottom line is how much personal data consumers allow you to access and use. They show great concerns about privacy while giving away their personal information, especially passive behavioral data – internet browsers, device behaviors, web browsing, and location data, etc.
Blockchain development is the solution to bridge this gap.
Consumer willingness is mandatory to get their passive behavioral data. If you provide them a trustworthy platform like a blockchain-based software solution, they are more likely to share this valuable information.
Data once stored in a blockchain ledger cannot be altered and significantly resilient to vulnerabilities.
As you provide your target audience an ecosystem of trust through blockchain, the majority of them will certainly show an unprecedented willingness to perform data jobs like to participate in consumer surveys, completing profile requests and allowing you to access their passive data sources such as location data, sales information and purchase history, etc.
What factors can make this difference?
It is an open fact that when people believe that a product or service is transparent and reliable, they are more likely to connect with that brand with the high level of trust and willingness to share personal information. Positive and predictable user experience is the first and foremost thing to build consumer trust in your brand.
A pretty good example in this regard is Amazon that successfully built the world’s largest eCommerce marketplace by fostering user experience with reliability and consistency. Now, imagine how powerful user experience a blockchain empowered system can deliver that ultimately builds an environment of trust.
The second in the order of building trust is data control. People sense the increasing vulnerability of their private data in any digital ecosystem. Even famous mobile applications like Face-Aging App came up with controversies like accessing user data from their phones without their obvious permission. The airwaves are more packed with such warnings, now. This makes people more speculative about how their personal information could be accessed and used without their consent and how they can protect themselves.
Businesses, today, must communicate clearly to users how and what type of data will be collected without compromising on user privacy. Blockchain provides that environment for data protection.
People, today, are more aware how valuable their personal data is and therefore, they are less likely to share passive behavioral information with brands and marketers without a fair compensation. Businesses should offer some rewards before asking people to perform data jobs. They tend to share more information when you clearly communicate upfront that they will be fairly compensated.
You will see a rise in the participation ratio since more and more people tends to respond to your data jobs and provide all required information. They will be more encouraged to share personal data when they know they are performing a data job in a blockchain-powered environment and they will get a reward too.
Brands based on consumer trust grow exponentially. While, consumers are quite responsive to the brands and marketers that ensure transparency and accountability when it comes to data protection and user privacy. A blockchain-based system intrinsically creates an ecosystem of trust that demonstrates positive user experience with a high level of consumer interests in connecting with that brand and sharing personal data.