Characteristics of Blockchain and Its Relationship With Trust

Abstract

Trust is a concept that lies amidst the rhetoric of empowering users by using blockchain. Bitcoin’s eminence hyped as “trust-free,” poignantly made trust an indispensable central element associated with the complexities and uncertainties of online transactions abound in the use and development of blockchain– leaving many users unacquainted with its use. Studies that focus on assessing the trustworthiness of trustees using various characteristics are scarce. By mapping the characteristics that constitute the basis of the formation of trust from the viewpoint of the trustor, this study explored the characteristics of blockchain. Semi-structured interviews were conducted with 14 individuals (aged 20–40 years, from technical and/or business prospects), using the blockchain. Three overlapping procedures; data reduction, data display, and conclusion drawing and verification, were used to identify categories and themes. The findings show that the characteristics of blockchain that influence trust are Reliability, Integrity, Tamper-proofing and Immutability, Versatility, Transparency, and Privacy. The Blockchain is a functionally versatile, tamper-proof, immutable, asset database on a decentralized network. Its reliable technical features, which ensure data integrity, and provide a transparent privacy protected environment, have meant that users are willing to trust it to generate value.

Keywords

• Trust
• blockchain
• characteristics of trust