As entreprenuers continue to uphold their interests in blockchain technology across the global startup ecosystem, ‘trust’ seems to be the most critical point as of now. In a suvey conducted by PricewaterhouseCoopers (PwC), concern about trust among respondents in the survey was highest in Singapore (37%). Despite these challenges, companies have been moving forward with the tech and harnessing its power for good.
Analyze the Applicability of Technology
Singapore-based LALA World chief executive officer and founder, Sankalp Shangari, feels blockchain technology is not just bringing in a difference at the consumer level instead it is posing a threat to the established system of governance, which is obtrusive of financial freedom. He believes there are a lot of myths are floating around the technology. Although the reality is far from it; the technology is secure and reliable than any of the other techniques available. But at the same time, it is complex and in a nascent stage just like the web was in the early 90’s and that is what helps the naysayers in spreading heresy about it. The need is to understand its applicability to a particular problem and the impact it has in solving it.
Mapping Unequal Data Sources
Founded by Mike Davie, Quadrant Protocol leverages blockchain and smart contracts to track the data’s journey along the data chain–from the originating device to the data scientists that add value to the data–and provide automatic compensation every time the data is purchased. This helps create a more sustainable data economy. The startup serves as the blueprint that provides an organized system for the utilization of decentralized data. Data quality is vital to the success of Artificial Intelligence. Using poor quality data can result in unintended consequences. Data consumers, therefore, need to know where the data is coming from and be able to trust the source. All the compensations are fair and just and are also recorded on the blockchain.
Building Trust In Technology
There may still be a trust deficit with the general public due to the newness of the tech. Blockchain related technologies will spur new ways for the global economy to work. BridgeX Network uses blockchain technologies to create a platform to allow lenders and borrowers to transact directly, in a secure, trusted, and protected environment. The terms are specified in the blockchain and will be executed automatically without bias. There is no longer a need for centralized entities to stand in between the borrowers and lenders.