Will Tokenisation of the Economy Change the Foundations of Trust in Transactions? Selected Issues in the Context of Decentralised Public Blockchain Networks
Will Tokenisation of the Economy Change the Foundations of Trust in Transactions? Selected Issues in the Context of Decentralised Public Blockchain Networks

Summary/Abstract: This paper establishes that the use of emerging decentralised public blockchain networks results in a shift in the approach to trust in transactions, with the following factors shaping trust in blockchain transactions identified and analysed: (a) technological, (b) economic, (c) political, (d) legal, and (e) socio-psychological. It was determined that the sources of trust in blockchain transactions have transformed, with new elements emerging: trust in technology, social trust, self-trust, and trust in ‘hidden’ intermediaries. These non-technological factors, analysed in more detail, can be both catalysts for trust in blockchain transactions, as well as barriers. The final conclusions include a catalogue of political, legal and social actions that should be taken to increase trust in decentralised blockchain transactions.

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