APAC CIOOutlook

Advertise

with us

  • Technologies
      • Artificial Intelligence
      • Big Data
      • Blockchain
      • Cloud
      • Digital Transformation
      • Internet of Things
      • Low Code No Code
      • MarTech
      • Mobile Application
      • Security
      • Software Testing
      • Wireless
  • Industries
      • E-Commerce
      • Education
      • Logistics
      • Retail
      • Supply Chain
      • Travel and Hospitality
  • Platforms
      • Microsoft
      • Salesforce
      • SAP
  • Solutions
      • Business Intelligence
      • Cognitive
      • Contact Center
      • CRM
      • Cyber Security
      • Data Center
      • Gamification
      • Procurement
      • Smart City
      • Workflow
  • Home
  • CXO Insights
  • CIO Views
  • Vendors
  • News
  • Conferences
  • Whitepapers
  • Newsletter
  • Awards
Apac
  • Artificial Intelligence

    Big Data

    Blockchain

    Cloud

    Digital Transformation

    Internet of Things

    Low Code No Code

    MarTech

    Mobile Application

    Security

    Software Testing

    Wireless

  • E-Commerce

    Education

    Logistics

    Retail

    Supply Chain

    Travel and Hospitality

  • Microsoft

    Salesforce

    SAP

  • Business Intelligence

    Cognitive

    Contact Center

    CRM

    Cyber Security

    Data Center

    Gamification

    Procurement

    Smart City

    Workflow

Menu
    • Banking
    • Cyber Security
    • Hotel Management
    • Workflow
    • E-Commerce
    • Business Intelligence
    • MORE
    #

    Apac CIOOutlook Weekly Brief

    ×

    Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from Apac CIOOutlook

    Subscribe

    loading

    THANK YOU FOR SUBSCRIBING

    • Home
    Editor's Pick (1 - 4 of 8)
    left
    Will Finance Automation Prove to be the Merger of the COO & CFO Roles?

    Amit Agrawal, Delivery Manager, NTT Data

    Asian Development Bank: Using Emerging Digital Technologies for the Common Good

    Shirin Hamid, CIO, & CTO, Asian Development Bank

    An In-depth Sight on Banking Technology

    Sandeep Khera, Chief Information Officer, XAC Bank

    Where was the Cloud when I was Younger?

    John Ferlito, Chief Technical Officer, Bulletproof

    Synergistic Opportunities for Banks and Fintech Companies

    Patrick Maes, CTO,

    Data Analytics: Bringing In A New Level Of Detail And Visibility

    David H. Robinson, SVP & Chief Information Officer, Lockton

    Demonstrating Business Value is Key To Success

    Mark Schlesinger, SVP & CIO, Broadridge

    Why Your Payments Strategy is the Key to Your Digital Future

    Tina Giorgio, President and CEO, ICBA Bancard

    right

    Would you take a Trust Leap in 'Distributed Trust'?

    Dr. Mark Staples, Senior Principal Researcher, Csiro's Data61 and Liming Zhu, Research Director, Software and Computational Systems, Csiro's Data61

    Tweet
    content-image

    Dr. Mark Staples, Senior Principal Researcher, Csiro's Data61

    The concept of trust is evolving, fuelled by two profound changes happening in society. The first is a shift in the value of data, driven by advanced data analytics such as machine learning. The value of data grows by combining data sources and by performing joint analytics across departments or organizations.

    However, when organizations combine their data, they are trusting something they do not have full control of. This underpins the second societal change – the shift from institutional trust to “distributed trust”.

    Various surveys show that trust in institutions— like government, media, businesses and NGOs — are at an all-time low, while new platforms are enabling individuals to trust and transact with strangers across sectors including transport (Uber), accommodation (Airbnb) and money (cryptocurrency). Bitcoin and the blockchain technology behind it support a form of distributed trust, invented precisely because the erosion of centralized trust in financial institutions immediately after the 2008 GFC.

    Blockchain, or distributed ledger technology, is a key area of research for CSIRO’s Data61 and a report released last year examines how blockchain systems can support new markets and businesses models. These distributed trust technologies (like blockchain) enable strangers and firms to work together reliably, despite limited trust in each other in increasingly complex, globalized supply and value chains. Industry boundaries are blurring as some firms leverage the insights gained from their customers to enter and reconfigure adjacent industry structures. This often requires a firm to form new value chain relationships rapidly with unfamiliar suppliers, which can benefit from distributed trust technologies.

    But why have blockchain and distributed ledger technologies not yet taken off in the enterprise space? I think there are three reasons.

    Firstly, history shows that general-purpose technologies, such as electricity, telecommunication, and computers, often take a surprisingly long time to be widely adopted because they also need to be instantiated and integrated with each of their various applications. For distributed trust technologies, what is really important is the mega-trend of the growing capacity for organizations to share data, perform joint analytics and transact.

    Distributed trust technologies enable strangers and firms to work together reliably, despite limited trust in each other in increasingly complex and globalised supply and value chains

    Enterprise adoption of distributed trust technologies will happen. It’s just a matter of how fast.

    The second reason is that there are still technical challenges being tackled by research organizations and industry. For example, sharing information on-chain (even it is encrypted, de-identified or only meta-data) can still leak private or commercially-sensitive information. Provable privacy, and its broad use for sensitive information, is an active field of research. On the other hand, IT leaders also need to take a risk-based approach in managing trade-offs between data sharing risk and benefits gained. Advancements in zero-knowledge proof, homomorphic encryption and secure multi-party computation are making secure joint analytics a feasible reality. An example of this is N1 Analytics, a startup from Data61 that allows organizations to collaborate on data analytics safely by keeping their commercial information confidential and their customer information private. This maturing set of new technology is often referred as “Confidential Computing”.

    Liming Zhu, Research Director, Software and Computational Systems, Csiro's Data61

    Another technical challenge is in regard to inevitable “bugs” in blockchain applications, not necessarily in the blockchain technology itself. These bugs are particularly tricky in the case of “smart contracts”, which are small programs that are replicated and executed on the blockchain. Due to the nature of distributed trust and consensus, smart contracts cannot be easily terminated and re-deployed if something goes wrong. Nonetheless, these small programs are amenable to “formal verification”, another area of active research where the correctness of programs is mathematically proven. This can provide much greater confidence than testing, which can never give 100 percent guarantees.

    The third and final reason is that humans and organizations sometimes need a “trust leap” when adopting new technologies and new ways of doing business. It is important that our IT leaders have a mindset of experimentation and sometimes take that trust leap. It can help when we use the “strangely familiar” principle when introducing new technologies. For new technology, the question is often not what it can or cannot do “functionally”, but instead whether it has radically improved non-functional properties (performance, interoperability, integrity, security). Objectively comparing blockchain with traditional database technologies along the lines of these non-functional properties can help to build a solid business case for appropriate adoption.

    So, would you take a trust leap into this strangely familiar but new world of distributed trust?
    tag

    Financial

    Machine Learning

    Weekly Brief

    loading
    Top 10 Banking Technology Companies - 2020
    ON THE DECK

    Banking 2020

    I agree We use cookies on this website to enhance your user experience. By clicking any link on this page you are giving your consent for us to set cookies. More info

    Read Also

    From Friction to Function: How Winc Turned Customer Feedback into Business Growth

    From Friction to Function: How Winc Turned Customer Feedback into Business Growth

    Cara Pring, Digital & Cx Director, Winc Australia
    Why Contact Centres are Becoming Strategic Hubs for Social Insight

    Why Contact Centres are Becoming Strategic Hubs for Social Insight

    Cindy Chaimowitz, GM Wholesale & Customer Service and Karen Smith, Head of Customer Service, Foodstuffs North Island
    Why Compliance Needs a Seat at the Strategy Table

    Why Compliance Needs a Seat at the Strategy Table

    David Koh, Head, Legal & Compliance (Singapore) and Operational Risk Management Country Lead, Perpetual Limited
    Streamlining Operations and Empowering Teams in Facilities Management

    Streamlining Operations and Empowering Teams in Facilities Management

    Shaye Rogers, Workflow Support Manager, Cushman & Wakefield
    Technocreativity: The Synergy Of Technology And Creativity

    Technocreativity: The Synergy Of Technology And Creativity

    Tran Nguyen Phi Long, Group Head Of Retail Marketing, Pnj Group
    Leading It And Digital Transformation At Ikea: Insights From An Industry Veteran

    Leading It And Digital Transformation At Ikea: Insights From An Industry Veteran

    Sigit Triwibowo, Head Of It And Digital, Chief Technology And Digital, Ikea
    Executive Leadership And Digital Transformation In The Global Fashion Industry

    Executive Leadership And Digital Transformation In The Global Fashion Industry

    Eiko Ando, E-Commerce And Digital Director, Pvh Corporation
    Digital Transformation in Fashion Retail - From Efficiency to Experience

    Digital Transformation in Fashion Retail - From Efficiency to Experience

    Le Van, CTO, YODY Fashion
    Loading...
    Copyright © 2025 APAC CIOOutlook. All rights reserved. Registration on or use of this site constitutes acceptance of our Terms of Use and Privacy and Anti Spam Policy 

    Home |  CXO Insights |   Whitepapers |   Subscribe |   Conferences |   Sitemaps |   About us |   Advertise with us |   Editorial Policy |   Feedback Policy |  

    follow on linkedinfollow on twitter follow on rss
    This content is copyright protected

    However, if you would like to share the information in this article, you may use the link below:

    https://banking.apacciooutlook.com/cxoinsights/would-you-take-a-trust-leap-in-distributed-trust-nwid-5128.html