A mandate for blockchain businesses is to rebuild global trust

Trust is the cornerstone of socioeconomic success and geopolitical balance. Our current world is exhibiting a massive trust deficit. Distrust is resulting in socioeconomic failures and geopolitical angst. Blockchain’s superpower is trust. It is time to mandate blockchain businesses to rebuild trust, success and balance across global systems.

Geopolitical agitations, the war in Ukraine and elsewhere, famine, climate crisis, inflation, supply chain problems, and financial market turmoil are a few of humanity’s many challenges today.

Let’s talk about trust

The world is in need of and must trust again. Blockchain is a technology built upon integrated trust. Where there is trust, there can be progress. Given these tumultuous times, blockchain must be treated not as an alternative but as an incumbent — a catalyst technology that enables confidence and builds trust.

The recent World Economic Forum theme “Working Together and Restoring Trust” showcased that the world has lost trust in institutions. Global leaders must urgently encompass blockchain businesses’ solutions already in motion to solve the deficits in trust and rebuild a better future. In turn, blockchain businesses must rightly demand their mandate as global reformers and builders of trust.

The WEF takes place annually in Davos, Switzerland, the country that is home to the world’s most mature blockchain hub — Crypto Valley. Concurrently, during the forum, the blockchain business community convened from all over the world, not inside the formal forum walls but in the adjacent Davos Promenade. Here was found precisely what the world needs: security, transparency and trust. Blockchain and cryptocurrency businesses descend on Davos each year to share their superpower and demonstrate that it is in humanity’s best interest to begin mutual interaction and trust. It is time that blockchain tech’s superpower is given a mandate.

The new human mindset seeks trust

According to the Edelman Trust Barometer, business has emerged as the most trusted institution in the past three years. Business’s most significant advantage is competence. This ability to get things done has led to an increased reliance on businesses to step in where the government has failed. At a time when the world has been challenged, the stakes for firms failing to take a stand and engage on economic, societal and geopolitical issues have never been higher.

Humanity is recovering from the aftershocks of a global pandemic, enduring many geopolitical terrors, and trying to prevent its climate and ecology from failing. People trust less and seek meaning and a fairer way of interacting and transacting. Structures such as governments, financial institutions and media are under distrust and scrutiny. The new human mindset insists on transparency and accountability regarding how things are done, governed and regulated. Entities, whether commercial, societal or state, must reach out and react to satisfy the new mindset of the global population.

Over 1,000 companies exiting the Russian market in the months since the Ukraine invasion is evidence of the new value standard humanity has placed on business — and not forgetting what the global blockchain community has done to help this particular conflict.

Blockchain businesses have a superpower: providing trust to enable humanity’s new mindset to come to fruition.

Blockchain’s superpower is trust

Blockchain businesses are competent, built by experienced pioneers, tech wizards and big thinkers. We must take pride as a global industry that we are creating new economies and rebuilding trust by enabling new ways to interact and transact in a transparent manner — as demanded by the new human mindset.

We are creating a transformation through our technology’s capacity to build trust, but we must begin to reach out to the…