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Trust Economics and Web 3.0

Posted by | 4:30pm on Wednesday, May 27, 2009

Trust is what makes relationships work in the real world, and this is also true on the web. 

Last week, the  Web 3.0 conference was held in New York City.  As we are still struggling with what to do with Web 2.0 in pharma marketing, now here comes Web 3.0 faster than we expected. Maybe this is the answer we in pharma have been looking for — the elusive payoff for social media, recognizing the value of trust online and bringing the human element into the picture along with the technology.

Web 3.0 technologies make the organization of information radically more fluid and allow for new types of analysis based on things like text semantics, machine learning, and what we call serendipity — the stumbling upon insights based on just having better organized and connected information.

Nowhere is the promise greater than for rare disorders. As we see over and over with patient stories from e-patients.net and stories in the New York Times, disparate information gathered together with motivated people can create surprising results.

A great example of where this is already happening is PatientsLikeMe, where people with ALS or Parkinson’s can upload and share their personal health information including how old they are, when they were diagnosed, what medications they are taking and how they are doing on them.  Where else could you get this kind of information — even the best doctors and hospitals are not yet organized for this kind of planned “serendipity” to be able to take place.

TRUST Economics

But for these communities, the technological advances mean nothing without the human element of trust. Trust is what makes relationships work in the real world, and this is also true on the web. As communities develop, we will see the economics of trust. As we follow the social rules of engagement, truth and transparency play a bigger and bigger role in how valuable your web resources become.

Judy Shapiro, senior VP at Paltalk, discusses:

“One can not have technological innovation without being able to trust. Nor can one develop the “smarter” web without introducing the Trusted Web. We must consider seriously how to transfer this trust infrastructure to the web world with new technologies around authentication, privacy, ID management and security (and OpenID ain’t the answer folks).”

— Judy Shapiro is senior VP at Paltalk and has held senior marketing positions at Comodo, Computer Associates, Lucent Technologies, AT&T and Bell Labs. Her blog, Trench Wars, provides insights on how to create business value on the internet.

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(Image courtesy of Schnittke via Flickr)

About Wendy White

Since founding Siren Interactive in 1999, Wendy has been recognized as a thought leader at the intersection of niche pharma brands, patient empowerment and online marketing. Her vision for how the internet can facilitate interactions and provide crucial information that patients, caregivers and their healthcare providers previously struggled to find has propelled Siren to the forefront of relationship marketing for rare disorder therapies.

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