Abstract

Purpose: This paper explores whether blockchain and cryptocurrencies serve as a new trusted intermediary or pose risks to users. By examining their fundamental characteristics, it assesses how these technologies impact trust in economic and financial systems. Method: A qualitative analysis is conducted, combining a literature review with case studies of blockchain applications across different industries. The study also draws on theoretical perspectives on trust and digital transformation to evaluate the implications of blockchain adoption. Results: Findings highlight blockchain’s potential to enhance trust through decentralization, transparency, and security. However, they also reveal significant risks, including regulatory challenges, cybersecurity threats, and the speculative nature of cryptocurrencies. The study emphasizes the dual nature of blockchain: as a tool for trust-building but also a source of uncertainty and disruption. Originality: While existing research often focuses on either the technological aspects of blockchain or its financial applications, this paper provides a comprehensive perspective by analyzing its role as a trust mechanism. By framing blockchain within the broader concept of trustnomics, the study offers insights into its long-term implications for business models, governance, and society.

References

1. Chaum, D. (1983). Blind signatures for untraceable payments. In Springer eBooks (pp. 199–203). https://doi.org/10.1007/978-1-4757-0602-4_18 DOI: https://doi.org/10.1007/978-1-4757-0602-4_18
2. Chaum, D. (1983). Blind signatures for untraceable payments. In Advances in Cryptology – Crypto '82 (pp. 199–203). Springer-Verlag. DOI: https://doi.org/10.1007/978-1-4757-0602-4_18
3. Chaum, D., Fiat, A., & Naor, M. (1990). Untraceable electronic cash. Lecture Notes in Computer Science, 319–327. https://doi.org/10.1007/0-387-34799-2_25 DOI: https://doi.org/10.1007/0-387-34799-2_25
4. Cypherpunks. (n.d.). An informal group of individuals promoting privacy through cryptography.
5. Buterin, V. (2013). Ethereum white paper. GitHub Repository, 1(22–23), 5–7.
6. Tsukerman, M. (2015). The block is hot: A survey of the state of Bitcoin regulation and suggestions for the future. Berkeley Technology Law Journal, 30(4), 1127–1170.
7. Wright, C. S. (2008b). Bitcoin: A peer-to-peer electronic cash system. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3440802 DOI: https://doi.org/10.2139/ssrn.3440802
8. Ducrée, J. (2022). Satoshi Nakamoto and the origins of Bitcoin — The profile of a 1-in-a-billion genius. arXiv, 1–152. https://doi.org/10.48550/arXiv.2206.10257
9. Niel, X., & Roux, D. (2012). Les 100 mots de l’internet (3rd ed.). Presses Universitaires de France. https://doi.org/10.3917/puf.niel.2012.01 DOI: https://doi.org/10.3917/puf.niel.2012.01
10. Altcoins. (n.d.). Definition: Any cryptocurrency other than Bitcoin or Ethereum.
11. Wright, C. S. (2008). Bitcoin: A peer-to-peer electronic cash system. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3440802 DOI: https://doi.org/10.2139/ssrn.3440802
12. Zohar, A. (2015). Bitcoin. Communications of the ACM, 58(9), 104–113. https://doi.org/10.1145/2701411 DOI: https://doi.org/10.1145/2701411
13. Catalini, C., & Gans, J. (2016). Some simple economics of the blockchain. https://doi.org/10.3386/w22952Yermack, D. (2016). Corporate governance and blockchains. Review of Finance, rfw074. https://doi.org/10.1093/rof/rfw074 DOI: https://doi.org/10.3386/w22952
14. Li, X., Jiang, P., Chen, T., Luo, X., & Wen, Q. (2017). A survey on the security of blockchain systems. Future Generation Computer Systems, 107, 841–853. https://doi.org/10.1016/j.future.2017.08.020 DOI: https://doi.org/10.1016/j.future.2017.08.020
15. Tasca, P., & Tessone, C. J. (2019). A taxonomy of blockchain technologies: Principles of identification and classification. Ledger, 4. https://doi.org/10.5195/ledger.2019.140 DOI: https://doi.org/10.5195/ledger.2019.140
16. Regulation Review. (2010). Douglass North: Neo-institutional heterodoxy versus neoliberalism? https://journals.openedition.org/regulation/7719