We are living in the most revolutionary period of time where digital technologies such as artificial intelligence, cloud technologies and blockchain are changing our way of doing things. Blockchain technology, which is the latest innovation might permanently change the way we conduct business. This technology has brought digital currencies with it, and the good thing is that peer-to-peer currency exchanges are now possible.

The invention of cryptocurrencies could potentially eliminate the need for regulation from a third party such as governments or banks. Payments can already be made quicker and easier as people no longer have to wait a few days to receive international payments. More so, hefty fees charged by third parties have been eliminated since transferring money attracts zero or insignificant charges.

But these advances have brought new susceptibilities. For example, as safe as blockchain technology is, the lucrativeness of cryptocurrency trading has attracted a new breed of cybercriminals. All of a sudden, hackers have shifted their focus from other digital platforms to cryptocurrency platforms. This has led to the loss of millions of crypto investments to scammers. Some users have been tricked into uploading their wallets and passwords to phishing websites.

Trust Issues in the Digital Era

Based on all these discussions, it seems that the greatest problem in this digital era is trust. As the digital world enlarges and as people increasingly use various internet technologies, trust issues will continue. This explains why trustworthy companies are the most competitive and well-performing companies today.

For example, tech companies such as Apple, Amazon, Google and Microsoft have built their success on trust. Among these, Apple has amassed so much trust from its customer that its customer loyalty seems fanatical. No matter the price Apple charges for its products, its customers will buy them without questioning their value.

According to the Oxford dictionary, trust is a strong belief in the truth, ability and reliability of something or someone. This means that trust is not just based on one factor, but trust in a company or product may be developed from various factors such as product quality, relationship with others, reliability and how a company handles customer data.

In a recently conducted questionnaire, Apple performed better than certain companies when comparing customer trust for personal information. This rank is well deserved as Apple has always vowed to protect its users’ privacy. The company’s products are designed in such a way that collection of customers’ data is minimised.

Apple is also trusted by other small business brands. In a recent report by Alignable, small sized businesses professed their trust in Apple and other tech companies such as Amazon and Google.

These are not the only areas that Apple performs well since there is a high the number of people who trust Apple based on the perceived value of the company’s benefits. In fact, this is the reason why certain companies have won the customer’s loyalty.

Apple’s customers are emotionally attached to the brand, and the company has gained a fanatical customer following based on customers’ adoration of its style and innovations. This is a process based trust as the company has managed to capitalize on innovation and consistency to create its brand loyalty.

Apple has managed to generate this loyalty since its conception, and today Apple brand is strategically placed in the minds of consumers the most innovative, imaginative and reliable brand.

Trust in CINDX

The Use of Blockchain Technology to Establish Trust

Blockchain technology has not come to minimise trust. Instead, the technology redefines trust in an unreliable digital space. CINDX platform revolves around this and aims at using this technology to create a trusted platform. In blockchain, transactions are recorded in the digital ledger and duplicated across the network of computers maintaining openness, since number of people can track any transactions conducted in the system. Blockchain technology is therefore safe, secure, fast and convenient as transactions are conducted in minutes if not seconds.

KYC Procedures

As mentioned before, online fraud cases are typical, and people have lost millions from phishing scammers. To protect its token holders, CINDX has introduced extra protection mechanisms, which will help in minimizing the risk of fraud and scams.

These anti-money laundering procedures will be used to prevent illegal profit generation. Know Your Customer process will also be used to identify and verify users of the CINDX platform.

These procedures are used by both traditional and digital banks to regulate money laundering activities in this platform. In this case, the procedures will help in preventing the platform from being accessed by criminals. The process will also involve vigorous monitoring of transactions and behaviours within the platform.

CINDX platform allows participants to achieve ratings based on some parameters. Such as successful trading histories, risk profile, revenues.

So that is left under personal decision — who deserves trust and who doesn’t. But there are a few features that help to understand this and avoid fraud. The only way of doing things is to be attentive to these features.

Sincerely yours,

CINDX Team