Enhancing Trust in Business Ecosystems With Blockchain Technology

Abstract

Trust is the foundation of business and it plays an increasingly important role in complex business ecosystems. Establishing and maintaining trust is time-consuming, expensive, and fraught with risk. Examining trust from the perspectives of people, process, and technology helps in understanding the characteristics of business ecosystems. Using the global private capital markets as an example, we describe the process of designing a blockchain architecture that enhances trust in a specific domain. Based on the process and results of implementation, we share lessons learned, pitfalls to avoid, and best practices. This helps practitioners reduce technology risk and employ blockchain to enhance trust in complex business ecosystems.