Blockchain Technology A Trust or Control Machine? Theory and Experimental Evidence

Abstract

Blockchaintechnologyhasattractedconsiderableinterestinthelast15years.It is arguedthatBlockchaincansustainanytransactionofvalue,beitmonetaryorinformation, in amannerthatissecureandindependentofinterpersonaltrust.Yet,thereremainslittle understanding onwhetherandhowthistechnologyenablestrust-freetransactions.Thispaper providesanoveltheoreticalaccountontherelationshipbetweentrustandBlockchaintechnology. Furthermore,ittestsasetofhypotheses,associatedwiththeconceptionofBlockchainasatrust- free environment,throughanonlineexperimentinwhichthepropertiesofBlockchain-based smart contactsareexploited.TheresultsindicatethatthepresenceofBlockchaintechnology doesnoteliminatetrustingandtrustworthybehaviorfromhumaninteractions.Onthecontrary, in comparisontothebaselinegroup,thebehavioroftheparticipantsintheBlockchaintreatment exhibited moretrustingandtrustworthybehavior,indicatingsupportfortheclaimthatthis technologymightindeedbeunderstoodasa“trust-buildingmachine”.