User Choice & Control
Trust is a two-way street. For the longest time, a centralized approach placed much power on companies particularly on what they can do with user data. And, most services today require broad rights over customer information and user generated content and this could be disadvantageous to users. Now that data has become a valuable resource, companies are making money from user data.
Trustworthy systems should be able to factor in what users allow companies to do with their data. Datum is among a select number of start-ups that seek to do this. It uses blockchain to provide secure and anonymous storage of structured data. Users can then choose to selectively share their anonymized data to trusted entities for compensation. In this way users can decide how their data can be used and monetized.
Blockchain has also given rise to decentralized autonomous organizations or DAOs for short. DAOs are entities that are run using rules encoded in blockchain smart contracts. Decisions in DAOs are voted upon by token holders, giving users the power to drive directions.
But regardless of a centralized or decentralized approach, what is critical is for users have a voice in agreements. It is this power of choice that inspires trust.
Building Trust.
Building trust between users and online services takes work as well as time. As a technology, blockchain offers inherent features such as decentralization that promotes trust and transparency. However, depending on the implementation, decentralization may not be enough to guarantee a fair and equitable relationship among stakeholders.
Developers must continue to address the gaps between ideal and real-world scenarios as seen in the case of cryptocurrency exchanges. Users must also be given a clear voice in agreements and transactions.
By knowing that users have the power of choice, they can place more trust in the system.