Characteristics of Blockchain and its Relationship with Trust

Trust is the concept that lies amidst the rhetoric on empowering users with blockchain. Bitcoin's eminence hyped as “trust-free,” poignantly made trust an indispensable central element associated with the complexities and uncertainties of online transactions abound in the use and development of blockchain - leaving many users unacquainted with the use of it. Studies focusing on assessing the trustworthiness of the trustee using various characteristics are scant in this context. Mapping the characteristics which constitute the basis of the formation of trust from the viewpoint of the trustor, this study explores the characteristics of blockchain. Semi-structured interviews were conducted with 14 individuals (aged 20–40 years, from the technical and/or business prospect), using blockchain. Three overlapping procedures; data reduction; data display; and conclusion drawing and verification, were used to identify categories and themes. The findings show that the characteristics of blockchain which influence trust were Reliability, Integrity, Tamper-proofing & Immutability, Versatility, Transparency and Privacy. The blockchain is a functionally versatile, tamper-proof, immutable, asset database on a decentralised network. Its reliable technical features that ensure data integrity, and provide a transparent privacy protected environment, have meant that users are willing to trust it, to generate value.