Digital Trust Decoded : What
Digital trust is a relatively newer concept which has been gaining importance over the past decade. But there has been a lack of clarity when it comes to “what it exactly means”. The phrase is made up of two words “Digital” and “Trust”.
The textbook definition of “Digital” is a electronic technology that generates, stores, and processes data in terms of 0’s and 1’s. But generally the word digital is used as synonym for smart technology i.e. computer, internet etc. For example- digitalization, digital marketing, digital media so on.
In an individual’s perspective, “Trust” is a sentiment of believing or having confidence in someone or something. Similarly “Trust” in digital world; is the confidence one has in the systems and processes carried out digitally. To achieve such confidence in digital world, all systems, processes and transactions need to be backed up by legal framework, contingencies etc.
Today as the world is moving towards digitization, most of the information and transactions are being carried through electronic devices which expose them to higher levels of threats. This is where digital trust comes into play.
For instance, Economies are fundamentally based on trust: Buyers and sellers have an expectation of a trusted transaction and confidence; since most of these economies are becoming digital having that element of trust has become mandatory.
According to Gartner, Digital trust underpins every digital interaction by measuring and quantifying the expectation that an entity is who or what it claims to be and that it will behave in an expected manner.
Let’s break the definition down, Digital trust lays a foundation which helps secure every digital transaction between entities by making sure they are who or what they say they are and also by ensuring they only do what they are supposed to do.
In simple words, Digital trust is the confidence users have in the ability of people, technology and processes to provide safety, privacy, security, reliability, verifiability and accountability with legal coverage in the digital world.