An Empirical Examination of Formation of Trust in Blockchain

Abstract

The blockchain’s subversive potential challenges the traditional paradigm by centering around a complex equation that embodies the fundamental principle of trust. In this study, a model known as the Chain of Trust is proposed to uncover the embedded trust within this equation. Through a web-based self-administered survey involving 258 users, the research examines users’ willingness to trust and the factors contributing to trust formation in blockchain, thereby establishing a theoretical foundation for understanding the role of blockchain features and characteristics in shaping trust. The Chain of Trust Model serves as a comprehensive framework dedicated to enhancing trust in the disruptive realm of blockchain technology. It sheds light on the intricate relationship between trust and blockchain, offering valuable insights for the development of more dependable and efficient blockchain systems. This study introduces the innovative Chain of Trust model, by adeptly demonstrating the intricate connections between various dimensions of blockchain and the establishment of trust. It emphasizes the criticality of comprehending these dimensions and characteristics to elucidate the phenomenon of trust formation within the blockchain ecosystem. Additionally, this research provides organizations with practical implications that underscore the importance of considering identified limitations and caveats, ultimately urging further investigation in this domain.

Keywords

• Trust
• blockchain
• features of blockchain
• characteristics of trust