The Trust Economy is broken.
Never before has there been lower trust in institutions; big business, politicians, media and the financial services industry.
At Blockstars.io we believe ‘blockchains’ can rebuild the Trust Economy. Here is why...
We all love the wonders that recent technology has brought us. In our pockets we carry devices that give us access to all of the world’s information in seconds. We can now share our lives with anyone, anywhere, in real time through social media. All this has had a very real and positive impact on our world.
It has empowered groups of people to challenge closed systems that exclude us. Wikileaks, Edward Snowden, and Anonymous have all lifted the veil.
This is how the Web, the ‘Social Web’ has empowered us. But we believe there are still things to fix.
Technology, as it stands today, is not enough. In fact there is a parallel truth to its liberation. Technology has in some cases led to increased intrusions into our personal data, and violations of privacy by the most popular service providers like Facebook & Google. There is the slow realisation that new things done the old way means WE end up being the product.
All this in a world which seems to almost daily reveal the most revered people and organisations are as fallible and vulnerable to corruption as any other.
The recent collapse of the global economy and subsequent flow of scandals in the Financial Services industry from Lehman Brothers, Freddie Mac, to today’s Barclays and HSBC Libor Scandal undermine our faith in markets and those who regulate them.
We live in a world where companies set aside budgets to pay for next years fines as a cost of doing business, a cost which can then be offset against tax. These same taxes are often avoided by the hidden movement of money which sees some of the world’s biggest and most profitable companies; such as Microsoft, Starbucks or Amazon not give back to the societies they profit from. A company like Apple with more cash than the US Government which chooses to stockpile money offshore rather than pay their dues to the economies that made them.
Even the star students of our economies who do pay their taxes have, like Tesco Plc, shown they too are vulnerable to immoral behaviour in their management of suppliers and supply chains. Worse yet they have been found to practice fraudulent accounting to mislead markets and shareholders as to their financial health.
If we can’t trust these organisations, who can we trust?
At Blockstars.io we believe this is because the systems, processes and procedures on which these insitutions operate are incapable of delivering openness and transparency. Worse still, in many cases they directly reward and incentivise bad behaviour.
Sometimes, when the gains are so high, the thought that no one is watching can be too much for some people to resist.
We believe we need to rebuild these systems to remove human error and temptation for corruption as much as is possible. To make them more open and transparent.
Our mission is to rebuild the Trust Economy business by business. Startup by startup. Until we restore the trust we all want to have in others so we can stop wasting time and energy on fear, paranoia or punishment. It’s the thing that motivates us and is the unifying purpose in everything we do.
The problem of trust isn’t just ‘touchy feely’ either. As a society we have spent millennia building shortcuts to establish trust; fraternities, brands and celebrity endorsements. Why? Because lack of trust in an economy is a major barrier to trade and growth. So, restoring trust in a broken trust economy or building trust in new emerging markets should be the primary focus for everyone around the world in a period of low or slowing economic growth.
We are building a world based on the next wave of web technologies. The ‘Trust Web’ that allows users to significantly limit the need to trust central companies to facilitate interactions with one another. This includes removing the need to trust even us.
We believe that blockchain technologies are part of the solution to make businesses more trustworthy, accountable and open. They serve as an open ledger between parties, governed not by people, but by incorruptible rules inbuilt at their design. These rules can be changed by people through consensus, not at will by those in power.
This might sound like a distant future, but the building blocks are already here today.
By using blockchain technologies we allow users to connect peer-to-peer directly with one another to collaborate, sell, buy, share and discuss with a limited requirement to trust any single central party. Facebook without Facebook. eBay without eBay. Perhaps even a bank without a bank.
Business agreements become transparent, verifiable agreements called ‘smart contracts’. Business ethics become incorruptible hard-coded rules, instead of just promises that can be changed at the convenience of a company.
Our products are built with privacy by default. Principally our users own, control and store their data, and make that data available to the service or to others selectively, at their own discretion.
We’re rebuilding the Trust Economy
At Blockstars.io we are rebuilding the Trust Economy business by business. It’s a unifying purpose in everything we do.
We are building a world that allows users to significantly limit the need to trust any central companies to facilitate interactions with one another. This includes us.
Trust isn’t just touchy feely. Lack of trust in an economy is a major barrier to trade and therefore growth. Restoring trust in a broken trust economy or building trust in emerging markets should be the primary focus of every Govt around the world in a period of low or slowing economic growth.
Every large Enterprise will face an increasing wave of attacks from external disruptors. The only thing that can buy them time to respond is trust, because it’s the one thing that takes startups time to earn.
We believe that blockchain technologies are part of the solution to make businesses more trustworthy, accountable and open. By using blockchain technologies we allow users to connect peer-to-peer to collaborate, sell, buy, share and discuss with a limited requirement to trust any single central party.
Business agreements become transparent, verifiable smart contracts. Business ethics become incorruptible rules in the form of computer code, instead of just written terms and conditions that can be changed at the convenience of the company.
Our products are built with privacy by default. Principally our users own and control their data, and make that data available to the service or to others selectively, at their own discretion.
If we or our sister companies must be involved in a process beyond the design and build of blockchains and their applications, it will only ever be to connect our online communities to the real world’s legal, regulatory and financial systems as a bridge; to ensure we and the communities we serve are as accountable ethically, legally and financially as we expect from others.
We will always seek to find a healthy balance between what must be centralised and what should be distributed through an ongoing and open dialogue with our communities.
It’s our ambition to build the most trusted brands in the world. All our startups will carry the Blockstars.io mother brand and tag line ‘Building Trust’.