Building Trust in the Blockchain Industry

Since blockchain as a whole is still in its early stages, there are many people looking in from the outside who are oblivious to the concept of blockchain and its practical use to solve issues. In addition, some of these people are skeptical because of negative publicity, primarily with projects that eventually turned out to be scams, such as BitConnect and, most recently, Centra. The skepticism, combined with the volatility of the market in terms of trading, are a few areas where the industry needs to improve a bit to achieve wider adoption.

The first aspect that comes to mind for people unfamiliar with the market is hacking. This is evident also in Ecommerce. Whether it be a loss of cryptocurrency assets or fiat assets and personal information in Ecommerce, the general public, especially the older demographic, is apprehensive because of the substantial amounts of data breaches and cryptocurrency wallet hacks. Trust is one of the most important characteristics of a business in any industry, but especially in the blockchain space because of its reputation. There are several ways to achieve this:
*Improve security
*Properly educate new traders and consumers by warning them of the inherent risks of
trading and avoiding leaving their personal information vulnerable
*Focus on positive media coverage instead of always highlighting the minority of detrimental occurrences
*Create more successful technological advancements to combat cyber attacks

As innovative as the technology may be, it needs to be marketed properly and intelligently to eventually generate mass adoption.

In addition, and probably most importantly, is ethical decision-making and transparency. Consumers are much less likely to visit websites again after information is leaked about unethical behavior, whether it may be false advertising, selling data or personal information, tax evasion, or price gouging. Proper business practices go a long way with consumers and usually revenue statistics are reflective of this. A migration to this type of business atmosphere in the blockchain industry would improve credibility.

Trust In Ecommerce
A practical solution to improving trust in the Ecommerce industry involves the use of the blockchain. Statistically, thousands of data records are lost daily. There is an abundance of users for industry leaders that makes them a target for a security breach as well. Some consumers are apprehensive about giving their credit card or bank account numbers to websites in order to purchase tangible goods. What we know is that Ecommerce will not slow down. Its unprecedented convenience is lucrative, and we can expect it to continue at least at the current rate but most likely grow at a sustainable rate. Despite the trust aspect, consumers continue to transact online in a manner which may not currently be the most optimal. The blockchain is a great way to facilitate these transactions, including the use of smart contracts to verify transactions. These methods contribute to an improved level of trust between businesses and consumers. Elysian is a great example of a decentralized Ecommerce platform that operates on the blockchain to provide upgraded security to help build trust in both Ecommerce and the cryptocurrency market. Ecommerce businesses are able to build websites on the Elysian platform with secure data storage.

Though the level of trust isn't where it needs to be in the blockchain industry, it is heading in the right direction. Both corporations and consumers are slowly starting to understand its uses and how it can improve various industries. Innovative platforms and technologies that can enhance security in Ecommerce and the cryptocurrency market can drastically revolutionize the way businesses and consumers connect and transact. In addition, if we combine this with proper, ethical business practices, there will be no reason for consumers to be skeptical about trading or shopping online. The ultimate goal is a utopian industry that operates at maximum efficiency and optimal trust. It is a long journey to get close to that point, but if we can take steps in the right direction as a society, it will become easier along the way, and consequently the reputation of the web will become more credible.