Over the last couple of weeks I’ve been thinking quite a lot about the concept of the Trust Economy. What is it? And why should we care about it?
My interest was first piqued when I came across two videos on YouTube from Rachel Botsman and Philipp Kristian Diekhöner.
Trust has always been at the centre of society overall and commerce in particular. There’s a reason why during the first industrial revolution banks always built the most impressive, secure looking buildings in town – so you trusted them to deposit you money there!
Now with the 4th industrial (digital) revolution the old vertical, siloed trust models are breaking down and we are moving to a more horizontal, distributed environment. The decline in trust in the media (fake news) and the lack of trust we are all now feeling with the way big tech is monetising our personal data is creating ever increasing demands from people to significantly improve trust models for the future.
I have a strong sense that Aotearoa New Zealand has always projected a reasonably trusted persona globally; good people, good morals, good global citizens etc… and now our Covid-19 response would appear to have bolstered the level of trust people have in us across the planet.
An example of this is the Global Soft Power Index which for its 2021 ranking had Aotearoa New Zealand as the fastest improving nation in the Index, claiming 16th place in the ranking (up from 22 last year), citing “perceptions of New Zealand have no doubt been bolstered as nations such as the UK and the US cede their usual place as leaders in public health, with both battling repeated waves of the COVID-19 virus.
There would now appear to be a real opportunity for us to focus on really enhancing our trust position globally. 100% Pure New Zealand was a really strong brand position. Might something like 100% Trusted New Zealand be a branding idea for our future?
And in the context of the digital economy, digital identity and trust go hand in hand as cornerstones of the Trust Economy.
Ngā Mihi,
Michael Murphy
Executive Director
Digital Identity NZ
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