“What better way to ensure the validity of data than using the blockchain?” TrueWorld project manager Steve Smid asks.
In his interview with CoinGeek Backstage, Smid talked about how TrueWorld is leveraging blockchain technology as it shifts from being a consultancy to offering tools.
At the London Blockchain Conference, Smid was a member of a panel that talked about the trust economy and how brands can leverage blockchain to maintain their customers. CoinGeek Backstage reporter Becky Liggero caught up with Smid on the sidelines of the event to talk about TrueWorld’s blockchain-powered evolution.
“We’re moving from the consulting model to a model of tools. A lot of these tools are incorporating blockchain. We have a smart monitoring dashboard that shows live data from sensors,” he stated.
One of the areas TrueWorld has focused on is climate change. The company’s dashboard displays data from IoT devices, satellite information, and other sources underpinned by the BSV blockchain.
“The blockchain gives us that added value and security, [verifying] that this information is true,” he stated.
We live in a time when more consumers are becoming more interested in the history of the products they consume. A NielsenIQ study found that 77% of consumers are likely to stop buying a brand if they are found guilty of greenwashing, with 60% saying they are willing to pay more for sustainably sourced products. With blockchain technology, brands can “show the movement of their products through the lifecycle,” ultimately building consumer trust.
Blockchain will also usher in a new era of sovereign digital identity. With this identity securely stored on the blockchain, users will have the option of partially sharing some of this data with brands and enterprises, adding to the trust in the ecosystem.
Watch: The Trust Economy and Blockchain – How Trust Maintains Customers and Increases Their Affinity for Your Brand
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