What is Trust Technology—and why you should care
“With digital trust emerging as a paramount concern for organizations and consumers, business leaders and technology suppliers must expand their understanding of trust and its importance to success in the new digital economy. Customers want to know that the companies they do business with are authentic and trustworthy. Businesses, in turn, need to demonstrate their authenticity and trustworthiness through their technology solutions.” Source: IDC
2021 is a point of inflection in regulated markets.
Digital currencies, tokenization and DeFi are continuing to gain momentum, while risk management and data privacy are a growing priority, especially for regulated entities. Conversely as the world ‘goes digital’ and becomes even more connected, the traditional means of fostering trust in technology, and one another, have become increasingly inadequate and fraught with risk.
Fortunately, a new classification of technologies has entered the market that can bridge this gap and drive greater cross-institutional collaboration than ever before. Known as trust technology, this term refers to any technology that enhances and propagates trust in personal, social and business settings. In other words, trust technology enables networks of mutually distrusting peers to independently verify the secure exchange of data, assets, transactions, and agreements cryptographically.
Digital trust, delivered.
At R3, we’re driving the new business model of “Digital trust, delivered.” that is built around the premise that when trust is backed by technical assurances, it opens up numerous opportunities to improve existing processes and drive innovation. Digital trust is only achieved when companies have shown that their solutions can deliver privacy and security. R3’s Corda is an application development platform powered by production-grade distributed ledger technology (blockchain) that injects irrefutable trust between parties. In doing so, solutions built on Corda de-risk innovation for builders and participants, creating a more secure digital world.
In short: R3 recognizes that trust is critical for businesses to go from fragmented and inefficient value chains to direct digital collaboration.
Many companies are talking about digital trust solutions and privacy-enhancing technologies, so why choose R3’s trust technology?
While digital trust is transitioning to the mainstream, what it actually means—particularly in regulated markets—is still being defined by many companies. Moving from “talk to action” is challenging, but R3 is in a unique position to help regulated markets move from talking about digital trust to actually implementing it. This is because only R3 delivers the following 3 requirements needed for direct digital collaboration:
- Trust technology: R3’s trust technology is underpinned by a production-grade distributed ledger platform, Corda, for building direct multi-party applications. By delivering technical assurances that customer data will be used only as agreed, Corda opens up new possibilities to collaborate digitally.
- Connected networks: With our roots as a bank consortium, being able to connect mutually distrusting parties is in our DNA. We lead one of the largest permissioned blockchain ecosystems in the world composed of diverse participants—from ISVs and SIs to the leading financial institutions. We are seen as a global convening force and connect network participants with our network services.
- Regulated markets expertise: We have been engaged with the regulators since day 1, and we have the only permissioned enterprise blockchain platform being deployed at scale in highly regulated industries where trust is critical. Our team has deep institutional expertise and financial services know-how to help businesses get up and running quickly.
When trust is there, you can collaborate in ways that you never thought possible, to achieve things that you never thought possible. And with R3, you can actually realize the potential of multi-party applications and digital trust at work by seizing the “Power of 3”. Whether you’re an application builder, a financial institution or a partner looking to collaborate, R3 has the know-how and trust technology to help you succeed.
It’s digital trust, delivered.
Contact us today to find out more.