In a market oversaturated with companies that compete with each other to win client recognition and trust, it becomes increasingly difficult to separate actual real-world value from inflated promises and empty words. Currently, the main method through which companies strive to differentiate themselves from the competition, and demonstrate trust in their product and brand is through elaborate PR stunts and marketing strategies. The problem is the SMEs have little to no chance to compete with giant multinationals. As such, trust becomes an issue of how much money a company has to invest in marketing or simply blind trust based on the recognition of the brand name.
By enabling a blockchain backend to existing software applications, Modex BCDB gives companies and enterprises, regardless of their annual turnover, the ability to demonstrate trust through technology. With blockchain’s distributed, immutable ledger of transactions, growing brand trust is no longer a process deeply rooted in PR and marketing manipulation, instead, the focus shifts on practical, and more importantly, viable use cases that can be demonstrated through technology. This is because blockchain technology can enable a transparent ecosystem, where each member of the network holds a single version of the information, that can be compared to verify it’s integrity and accuracy. A pertinent use case can be an app market place where each download is recorded and stored into the blockchain network, along with user feedback and reviews. The data accumulated in the blockchain will be readily available for parties interested to make an informed decision before purchasing the application in question. A marketplace powered by a blockchain backend can benefit both the developer who gets an accurate channel of feedback, as well as the potential customers who are no longer presented with artificially increased numbers. Through Modex BCDB it can be demonstrated that all the downloads and the information stored in the blockchain are true. Through this mechanism, companies can increase brand trust because all the information made available to the public is demonstrated to be true by the technology.