According to the Principal Leader of Deloitte's global Enterprise Trust Practice Michael Bondar, businesses are facing an unprecedented erosion of trust when it comes to their stakeholders (customers, employees, stockholders, etc.). The problem, according to Bondar, exists across the board and impacted businesses of all sizes in all industries. During this interview with Blockchain Journal editor-in-chief David Berlind, Bondar said that in healthcare, only 23 percent of clinicians trust their leadership and it's even worse for nurses (15 percent). In the technology space, only 40 percent of consumers trust tech companies to maintain and safeguard their data.

Whereas trust was once a basic cost of entry into any market, trust has reached such record lows that, for those organizations that figure out how to engender it, it could actually turn into a competitive advantage. Bondar emphasized the importance of taking proactive action before trust issues turn into crisis situations for organizations.

What does any of this have to do with blockchain? Referring to the centralized nature of the finance and banking industries and how often the organizations "in charge" have violated the trust of their stakeholders, Bondar noted that blockchain was literally born out of a lack of trust and that distributed ledger technology is a "trust machine." However, recent events have proven that the blockchain industry itself is not immune to the same trust issues that confront other industries. Similar to his recommendations for all industries, he notes that it's time for some new approaches to blockchain industry leadership and structure.

To watch the video version of this podcast or read its full-text transcript, go to:

https://blockchainjournal.com/interview/overall-trust-businesses-is-record-lows-can-blockchain-help-bring-it-back/