Blockchain and its ability to “embed trust” can help elevate trust, which right now, is low, according to Sally Eaves, a chief technology officer and strategic advisor to the Forbes Technology Council, speaking at The Linux Foundation’s Open FinTech Forum in New York City.
People’s trust in business, media, government and non-government organizations (NGOs) is at a 17-year low, and businesses are suffering as a result, Eaves said.
Additionally, Eaves said, 87 percent of millennials believe business success should be measured in more than just financial performance. People want jobs with real meaning and purpose, she added.
To provide further context, Eaves noted the following urgent global challenges:
- 1.5 billion people cannot prove their identity (which has massive implications in not just banking but education as well)
- 2 billion people worldwide do not have a bank account or access to a financial institution
- Identity fraud is estimated to cost the UK millions of euros annually.
Read more at The Linux Foundation