As trust continues to evolve, businesses need new mechanisms to ensure confidence and drive growth
From companies serving their customers to simple agreements between individuals, transactions of all kinds depend on parties trusting each other. Throughout history, trust has been fostered in different ways, including legal protections, business practices, and technological innovations. These trust mechanisms brought stability to households and workplaces, ultimately helping the economy.
As companies and communities around the world have become more connected, trust is being challenged in new ways. Businesses often involve more stakeholders than ever, and breakdowns in trust can have a bigger impact. Increased trade and emerging technology bring new risks to maintaining trust – and highlight the need for new trust mechanisms to prevent significant losses and promote growth and prosperity.