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Strengthening trust between consumers and traders essay

August 10, 2017 The Fate of Online Trust in the Next Decade Many experts say lack of trust will not be a barrier to increased public reliance on the internet. Those who have doubts about progress say people are inured to risk, addicted to convenience and will not be offered alternatives to online interaction.

Some expect the very nature of trust will change.

  • A privacy officer considered a peer to the chief marketing officer, chief information officer, and general counsel is more likely to be able to effectively carry out those responsibilities, which may include weighing the trade-offs between business needs e;
  • Seventy-three percent of our surveyed consumers agreed that easy-to-understand privacy policies would increase their trust in consumer products companies with regard to the protection of their personal information;
  • On the one hand, I believe we are just at the beginning of development of good online tools and I expect significant improvement — even over the next 10 years — that will draw more users to these better tools;
  • Networks cut across these domains and make them increasingly inefficient;
  • In particular, the link between purchase decisions and perceived data security is stronger than many executives believe.

Trust is the lifeblood of friendship and caregiving. When trust is absent, all kinds of societal woes unfold — including violencesocial chaos and paralyzing risk-aversion. For starters, the internet was not designed with security protections or trust problems in mind. As Vinton Cerf, one of the creators of internet protocols, put it: If that were not challenging enough, the emergence of trust-jarring digital interactions has also coincided with a sharp decline in trust for major institutions, such as government and Congress and the presidencythe news mediapublic schoolsthe church and banks.

The question arises, then: What will happen to online trust in the coming decade?

  • The blockchain may shift trust considerably, away from traditional institutions and out to the open ledger;
  • Breaches may continue and even proliferate, but the technologies will be so embedded in our lives that they will be considered a mere inconvenient side effect of progress.

Billions of people use cellphones and the internet now and hundreds of millions more are expected to come online in the next decade.

At the same time, more than half of those who use the internet and cellphones still do not use that connectivity for shopping, banking, other important transactions and key social interactions. As more people move online globally, both opportunities and threats grow.

  1. This is when trust will break down.
  2. If we have excess data that could be harmful to consumers if breached, what do we do about it?
  3. Those who have doubts about progress say people are inured to risk, addicted to convenience and will not be offered alternatives to online interaction.
  4. Proponents have high hopes for the spread of blockchains. For many consumer product companies, having a privacy officer in the C-suite rather than within the information technology department would likely be a change.

Some 1,233 responded to this nonscientific canvassing: Participants were asked to explain their answers and were offered the following prompt to consider: Which areas of life might experience the greatest impact? Political and civic life? Will the impacts be mostly positive or negative? What role might the spread of blockchain systems play? Many of these respondents made references to changes now being implemented or being considered to enhance the online trust environment.

Blockchain is an encryption-protected digital ledger that is designed to facilitate transactions and interactions that are validated in a way that cannot be edited. Proponents have high hopes for the spread of blockchains. In essence it is a shared, trusted, public ledger that everyone can inspect, but which no one single user controls. The majority of participants in this canvassing wrote detailed elaborations explaining their strengthening trust between consumers and traders essay.

Some chose to have their names connected to their answers; others opted to respond anonymously. These findings do not represent all possible points of view, but they do reveal a wide range of striking observations.

Respondents collectively articulated six major themes that are introduced and explained below and are expanded upon in sections that begin later in this report. The following introductory section presents an overview of the themes found among the written responses, including a small selection of representative quotes supporting each point. Some comments are lightly edited for style or due to length. Trust will strengthen because systems will improve and people will adapt to them and more broadly embrace them About half the respondents to this canvassing believe that trust online will be strengthened in the next decade.

Their reasoning generally flows in two streams: They argue that improvements in identifying and authenticating users will build trust.

They also maintain that the corporations depending on online activity have all the incentive they need to solve problems tied to trust.

They think this will be led by younger users who are fully immersed in online life.

We experience many reasons to distrust our interactions. And traditional media are reporting numerous cases where they should be distrusted, so we think rising distrust is the norm. And yet, on a personal basis, as time goes by, we are more and more trusting.

The Fate of Online Trust in the Next Decade

People who did not even know people in other countries, much less trust them, now travel halfway around the world to participate in conferences, rent and live in their homes, meet on a date, participate in events and more.

Sure, things like catfishing are problems. But the exception is a problem only in the light of the trust that is the rule Wittgenstein: A rule is shown by its exceptions. People who did not trust online banking a decade ago now find it a much more convenient and inexpensive way to pay their bills. They also like the idea that their credit cards are now protected.

People who were sceptical of online learning a decade ago now live in an era when, in some programs, some online learning is required, and where there is no real distinction and no way to distinguish between an online or offline degree and meanwhile, millions of people flood in to take MOOCs. We can see where this trend is heading by looking at a few edge cases. What would we say of a pilot who never trained in a simulator?

What would we say of a lawyer who did not rely on data search, indexing and retrieval services? We trust them more in the future because they are taking advantage of advanced technology to support their work. Your specific question of trust is a complicated one.

  • Points to cover include;
  • Fifty-one percent of the executive survey respondents worked at food products or beverage companies, 34 percent worked at apparel or footwear companies, and the remaining executive respondents worked at household goods or personal care companies.

On the one hand, I believe we are just at the beginning of development of good online tools and I expect significant improvement — even over the next 10 years — that will draw more users to these better tools. On the flip side, I at least hope that people will become generally more educated about the risks and limitations of online interactions, which may lead to a certain healthy distrust even as usage becomes more widespread.

From an S curve perspective, we are hardly at the steep lower-left end. The rise of an entrepreneurial culture among developers has accelerated the diffusion of these systems but there is far to go. Because of the tangible benefits in convenience, quality, quantity, etc. Strengthening trust between consumers and traders essay they are in a race with darker forces who continue to become more effective in breaching security measures.

We need to get serious about creating a truly secure internet if it is to realize the potential for empowering a big portion of the world. These areas of impact are tightly interconnected, although some analytical assessments can determine differential influences for different population segments.

What I have seen of late leads me to see the balance between benefits and harms in the political area to be largely negative, and worsening. The younger generation and people whose lives rely on technology the most are the vanguard of those who most actively use it, and these groups will grow larger Some respondents observed that familiarity breeds acceptance, thus those who are younger and have spent most of their lifetimes immersed in implementing online are those least likely to see trust issues as a reason to deny themselves the affordances of online life.

Bad some days, good others, but not something we consciously interrogate anymore. The expectation of Millennials and others is that they can and should be able to trust online transactions. That expectation will provide fuel to efforts improving trust. A number of respondents added that throughout human history the highest levels of trust are often found within personal networks, rather than via organizational actors. Actually, trust will be both strengthened and diminished [in the coming decade], depending on context.

It will no longer be invested so much in systems and institutions as in individuals.

  1. How does the company use the data? With so much infrastructure moving online and a lack of focus on re-engineering our systems with security and privacy at their heart, a string of high-profile failures will taint these new technologies for years to come.
  2. As more people move online globally, both opportunities and threats grow.
  3. I am dressed or undressed a certain way ….

On the negative side, much behaviour will be defined by allegiance, which will allow some actors to motivate significant numbers to act against their own interests at times. We will place small amounts of trust in people and organizations and exit or voice more quickly when we sense it has been violated.

Increasingly, large swaths of the population in environments where tech is pervasive have no other model.

Building consumer trust

Just strengthening trust between consumers and traders essay people used to prefer an oral agreement over a signature in the past, people grow to accept what they can or are willing to trust. People are also likely to believe what they want to believe because confirmation bias is inherently human nature. It does make critical thinking more difficult, and education must play a big role in making sure people look at people, facts, data, etc. Trust is not binary.

This is where algorithms can help — as with credit card companies seeing patterns — but it cuts both ways. Trust is a quality of a relationship between two entities. Trust is also both a conscious and unconscious attribute of a relationship. For example, many people state that they do not trust Facebook, yet the behavior of those same people demonstrates that they entrust Facebook with many details of their lives.

Rather than speak of trust as an absolute or binary situation trusted or untrustedtrust must be viewed as a spectrum or continuum with multiple levels. Trust is a subtle, dynamic attribute of social relationships between entities.

A significant share of participants think it is the latter. They argued that the level strengthening trust between consumers and traders essay online activity by 2026 might make it appear as if the level of trust is fairly high, but the more appropriate way to interpret it will be that people are resigned to operating in an environment that does not allow them to be selective about whom they trust.

Trust will be strengthened, but it will be blind trust enforced by the ceaseless demands of The System, hell-bent to drive everyone online.

Resistance to the interests of the corporate state will be futile if one wants to participate in the commonplace activities of household management and personal finances, or seek diagnosis and treatment from medical practitioners, or pass a bricks-and-mortar course in high school or university. As more and more activities migrate online, and as ever larger numbers of people simply grow up with the internet, it seems inevitable that its use will expand, both in terms of overall numbers of people using it [and] the types and scopes of activities available.

Thus, it will stay the same: Breaches may continue and even proliferate, but the technologies will be so embedded in our lives that they will be considered a mere inconvenient side effect of progress. Our systems are today extremely insecure and we trust them, and those who are not using them are not staying away because of [a lack of] trust.

Also, I think billions more will come online, not hundreds of millions. Biggest impacts will be in economic activity and cultural life. They will just run in the background. But distrust in the underlying institutions continues to grow, and I am not particularly optimistic that it will change. People often become attached to convenience and inured to risk Convenience is one of the most-recognized features of all new technologies, including the internet.


A number of respondents made the case that it is the convenience of using popular internet applications that makes the internet most appealing and addictive. Further, they noted that it is convenience that creates the most challenges for internet users when it comes to trust. In making trust decisions, people weigh risk and reward and generally choose reward. Give me convenience or give me death. Anonymous respondent An anonymous respondent adapted a classic line from U.

Convenience will drive adoption. For example, motor vehicle deaths in the U. People accept the life-or-death consequences of driving for the convenience it provides.