Engineering:Trust Technology

From HandWiki

Trust Technology also known as TrustTech is any type of tech that enhances and propagates trust in personal, social, and business settings.[1] It is the creation, facilitation, stabilization, and quantification of trust between people.[2]

TrustTech facilitates dynamic systems of inter-personal relationships. It maintains the balance of community systems, as well as commercial and social relationships between people.[3]

Overview

TrustTech involves companies, platforms, and services that are made possible by trusting relationships between people.[4] The term TrustTech was coined by Javelyn Technologies, and it encompasses the mission of all its companies, particularly "Ognio" which is a hyperlocal PropTech platform.[5]

TrustTech is the result of technological advancements which make more people participate in trust relations in a new way.[6] Previously, face-to-face contact, letters, and storytelling were the primary means of transferring knowledge. Because technology is evolving, the relationships of person-to-person and between users and technology changes, people are now hyper-connected.[7] Furthermore,the geospatial context where relationships take place is urbanising, as the UN predicts that 50% of the global population will live in urban environments by 2050.[8] People have moved from interaction in the physical world to the virtual one, and they, therefore, need a way to create confidence in truth and trustworthiness in an online environment.[9]

The utility of TrustTech is based upon the need for trust in human relationships and businesses which remains despite an increase in anonymity, driven by the increasing urbanisation and digitization of daily life. TrustTech responds to the desire to verify the reliability of individuals, groups of people, businesses and services. New systems, technologies, and business models are built around this new requirement for trust distribution.[10]

Benefits

TrustTech helps to build more trust in personal and business situations through allowing people to make more relationships. It also enables people to maintain dynamic relationships based on trust.[11] TrustTech is about the evolution of human interaction in densely populated places and in relation to new technology and the role of trust in that context.[12]

Wider view

TrustTech is part of a broader sphere of systems of trust. For example, some systems focus on mitigating trust and reducing perceived risk. Contract law is an example of such a system. The checks and balances in politics and government are an example of other systems of mitigating trust.[13]

TrustTech is about technological systems of trust. There are technologies that focus on mitigating trust or increasing trust. Ognio falls into the latter subcategory because it’s about building rapport between people in hyperlocal spaces.[14] Apps like Trustpilot and Yelp could also be considered types of TrustTech that gather and disseminate information among large groups of people in a reliable manner.[15]

TrustTech also works differently in different industries. Fintech, Insurtech and Regtech are closely related and highly regulated industries. They function efficiently because of trust created by heavy regulation.[16]

Blockchain, a new kind of TrustTech, posed a radical disruption to these established industries. Blockchain is anonymous and fully transparent, posing a potentially more trustworthy alternative to traditional finance. TrustTech can dramatically alter the course of industries.[17]

TrustTech companies

There are companies that could be described as TrustTech.[18][19][20] Listed in the following categories are some of them:

Travel and accommodation

Property (PropTech)

  • Ognio

Ridesharing, carsharing and transport

Reviews and advice

Other specialist goods and services

  • DogVacay
  • Lyfeline
  • Pidge
  • TaskRabbit
  • Zaarly
  • Provenance

Online marketplaces and delivery services

  • Instacart
  • Postmates
  • Sharetribe

Future of TrustTech

The future of TrustTech touches on areas such as Artificial Intelligence, Cybernetics, Machine learning, Transhumanism, and the ethics of trust in relation to these immanent technologies.[21]

See also

References

  1. ↑ Ebony Bowden,"America's trust in technology companies is plummeting: study". nypost.com. 30 July 2019. https://nypost.com/2019/07/30/americas-trust-in-technology-companies-is-plummeting-study/. 
  2. ↑ Michael Ford McLean,"Trust in Tech: Why Can't We Trust Technology?". medium.com. 27 July 2018. https://medium.com/small-business-big-world/cid-medium-kid-trust-in-tech-1c16c250a76. 
  3. ↑ Sanjay Nair,"Trust in Tech is wavering and companies-must act". edelman.com. 8 April 2019. https://www.edelman.com/research/2019-trust-tech-wavering-companies-must-act. 
  4. ↑ Nitin Saxena,"Can we trust Technology? A Good, Bad, Ugly reality!". thriveglobal.com. https://thriveglobal.com/stories/can-we-trust-technology-a-good-bad-ugly-reality/. 
  5. ↑ "Javelin Technologies, experts in 3D design, engineering data management, and additive manufacturing, named one of Canada's Top Small & Medium Employers". globenewswire.com. https://www.globenewswire.com/news-release/2019/04/12/1803418/0/en/Javelin-Technologies-experts-in-3D-design-engineering-data-management-and-additive-manufacturing-named-one-of-Canada-s-Top-Small-Medium-Employers.html. 
  6. ↑ "Trust in digital technology will be the internet's next frontier, for 2018 and beyond". theconversation.com. 4 January 2018. http://theconversation.com/trust-in-digital-technology-will-be-the-internets-next-frontier-for-2018-and-beyond-87566. 
  7. ↑ "Trust Economy — The 21st Century Main Market". medium.com. 8 February 2018. https://medium.com/@Chaineum/trust-economy-the-21st-century-main-market-21afdb69bb4e. 
  8. ↑ "68% of the world population projected to live in urban areas by 2050, says UN". un.org. 16 May 2018. https://www.un.org/development/desa/en/news/population/2018-revision-of-world-urbanization-prospects.html. 
  9. ↑ "Openness And Transparency Help Drive The 'Trust Economy'". nielsen.com. 10 April 2019. https://www.nielsen.com/us/en/insights/article/2019/openness-and-transparency-help-drive-the-trust-economy/. 
  10. ↑ "Trust, the Sharing Economy and Behavioral Economics". behavioraleconomics.com. https://www.behavioraleconomics.com/trust-the-sharing-economy-and-behavioral-economics/. 
  11. ↑ Dan Lohrmann"How Can We Improve Trust in Technology?". behavioraleconomics.com. 3 February 2019. https://www.govtech.com/blogs/lohrmann-on-cybersecurity/how-can-we-improve-trust-in-technology.html. 
  12. ↑ David DeSteno"The Truth About Trust - Can You Trust Technology?". behavioraleconomics.com. 29 January 2014. https://www.huffpost.com/entry/can-you-trust-technology_b_4683614. 
  13. ↑ "How Has Technology Changed The Way We Trust". fastcompany.com. https://www.fastcompany.com/3068057/how-has-technology-changed-the-way-we-trust. 
  14. ↑ Alison Kay,"How important is it that we trust the companies pulling the strings behind the platforms we use?". ey.com. 29 March 2018. https://www.ey.com/en_gl/trust/why-trust-in-tech-giants-is-eroding--and-how-it-can-be-rebuilt. 
  15. ↑ Leo Kelion,"Trustpilot tackles business review cheats". bbc.com. 7 February 2019. https://www.bbc.com/news/technology-47132072. 
  16. ↑ Patricia L.Hardré,"Chapter 5 - When, How, and Why Do We Trust Technology Too Much?". sciencedirect.com. https://www.sciencedirect.com/science/article/pii/B9780128018736000054. 
  17. ↑ "The Trust Technology – How Blockchain is changing your world". mueller-eberstein.com. https://www.mueller-eberstein.com/trusttech/. 
  18. ↑ "The economy of trust". ted.com. https://www.ted.com/playlists/366/the_economy_of_trust. 
  19. ↑ "Which Tech Companies Do You Trust?". pcmag.com. 23 April 2018. https://www.pcmag.com/news/360535/which-tech-companies-do-you-trust. 
  20. ↑ Karsten Strauss,"The 100 Most Trustworthy Companies In America, 2017". forbes.com. 7 April 2017. https://www.forbes.com/sites/karstenstrauss/2017/04/07/the-100-most-trustworthy-companies-in-america-2017/#40d3a9ef4b17. 
  21. ↑ Adriana Stan,"The future is the trust economy". techcrunch.com. 24 April 2016. https://techcrunch.com/2016/04/24/the-future-is-the-trust-economy/. 




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