Blockchain Technology A Trust or Control Machine? Theory and Experimental Evidence
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Date
2022-03
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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”.
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Keywords
Blockchaintechnology, Trust, Reciprocity, Control, Experiments