Characteristics of Blockchain and Its Relationship With Trust

Trust is a concept that lies amidst the rhetoric of empowering users by using 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 its use. Studies that focus on assessing the trustworthiness of trustees using various characteristics are scarce. By mapping the characteristics that constitute the basis of the formation of trust from the viewpoint of the trustor, this study explored the characteristics of blockchain. Semi-structured interviews were conducted with 14 individuals (aged 20–40 years, from technical and/or business prospects), using the 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 that influence trust are Reliability, Integrity, Tamper-proofing and Immutability, Versatility, Transparency, and Privacy. The Blockchain is a functionally versatile, tamper-proof, immutable, asset database on a decentralized network. Its reliable technical features, which ensure data integrity, and provide a transparent privacy protected environment, have meant that users are willing to trust it to generate value.


I. INTRODUCTION
Blockchain redefines our daily life by altering the perspective of how we connect, interact, transact, and communicate.At the heart of these voluntary reciprocal interactions, we bestow trust, which in turn is influenced by more subtle characteristics.Blockchain's prominence emanates from the genesis of Bitcoin in 2009 [1, see] and as technological optimism presumes that blockchain being decentralized, anonymized, with no central authority or behemoths of the state to control it, is hyped as ''trust-free''.The allegedly The associate editor coordinating the review of this manuscript and approving it for publication was Fu Lee Wang .
This paradigm shift invites us to consider its characteristicsbased complex trust mechanism that drives online transactions, as the key aspect of a blockchain.Thus, this study explores the characteristics of blockchain that relate to trust, which facilitates users' willingness to use it.
The discussion above paved the way to Section II: Literature on Blockchain and Trust to summarize and analyze previous research to highlight the gap in the literature.Section III: Research Strategy, Design and Methodology details the approach used to address the objective of the study.The outcomes of this study are presented in Section IV: Findings and Discussion.This leads to its conclusions in the final section of this paper.Specifically, Section V: presents the conclusions and implications for further research.

II. LITERATURE ON BLOCKCHAIN AND TRUST
''Blockchain is defined as a trusted decentralized immutable ledger with a secure foundational digital platform that records transactions between two parties in a verifiable and permanent way: eliminating the need for a trusted third party'' [13].This entails shifting the locus of control over products and services from third parties to individuals to generate value [13].The concept of blockchain is the notion of a ''chain of blocks'', in which a ''block'' is added to a previous block, linked by a cryptographic hash, thus creating a ''chain'' to architect a digital cash called the bitcoin.The nouns ''block'' and ''chain'' that were used separately in Nakamoto's [1] white paper, are now often coined as the term ''blockchain'' and has attracted much attention.
Despite the acceleration reflected in the number of recent studies, research on blockchain and trust has paid little attention to this crucial topic [14].Until recently, there has been little research on trust in blockchain in high-ranking IS journals and conferences [15], and it is still in its infancy [14], [16].
This paper adheres to one of the most commonly used definitions of trust in Information Systems (IS); ''trust [. . . ] is the willingness of a party [trustor] to be vulnerable to the actions of another party [trustee] based on the expectation that the other will perform a particular action important to the trustor, irrespective of the ability to monitor or control that other party.''[17, p.712].Analysing sixty-three peerreviewed papers on trust and blockchain in IS, this study found that researchers in IS have ostensibly neglected the notion of trust, in evaluating this technology.The selected papers were limited to the year 2020, and they were confined to high-ranking journals and conference publications (VHB A+, A and B).A frequency table of the concept matrix for the 15 most frequently mentioned attributes of the blockchain is presented in Table 1.
Few studies have shown how trust emanates from blockchain characteristics.Among the few studies, Seebachar and Schuritz [28], based entirely on thirtytwo peer-reviewed pieces of literature, summarized that this innovative technology creates a reliable and versatile setting with privacy protection through decentralization; evoking a trustworthy environment that is transparent in nature, where transactions are shared and publicly viewable throughout the network, while assuring the integrity and immutability of data.Using a qualitative approach, Sas and Khairuddin [21] showed that decentralization, lack of regulation, pseudo-anonymity, embedded expertise and reputation, transparency, low cost, and insecure transactions can pose significant trust challenges to bitcoin users.Based on an empirical study Wallbach et al. [14] examined how immutability, traceability and anonymity affect users trust in technology.They revealed that immutability and traceability were blockchain specific trust-building features, whereas anonymity interacts with immutability, the trustbuilding effect of immutability is no longer supported by their analysis.
Despite its peculiarities, none of these researchers has taken a holistic approach to understanding the willingness to trust blockchain.The willingness to trust represents the traits that lead to trust, or in other words, the propensity to trust [17].The willingness can be evaluated by initially assessing the trustworthiness of the trustee using various characteristics [29], [30].Characteristics are not trust per se but form the basis for the development of trust [17].By mapping this stance, this study explores the characteristics of blockchain from the perspective of trustors.

III. RESEARCH DESIGN AND METHOD A. DESIGN
This qualitative study adopted a semi-structured interview strategy following the guidelines of Myers and Newman [31].The process involved 14 participants aged between 20-40 years, who were engaged in performing blockchain-based activities, including technicians, marketers, developers, traders, and educators.Most participants performed more than one tasks.This study was approved by the University of Malaya Research Ethics Committee.

B. DATA COLLECTION
A semi-structured interview protocol was developed and reviewed by academic and industrial experts.Interview participants were selected using a mixed sampling strategy comprising both purposive sampling and snowball sampling; to identify information-rich (blockchain users with experience) cases (See Table 2 ).During the interviews, the participants were asked why they used blockchain, what its characteristics were useful, and why they thought it was important.Basic demographic data collection and interviews were conducted between August 2020 and December 2020, which took place face-to-face or online (using a video meeting platform; Zoom software application); and lasted 30 to 90 minutes.As recommended by Myers and Newman [31] and Recker [32], the interview script was kept open and flexible to probe and improvise during the interviews.Interviews were audiorecorded (with consent) and transcribed verbatim, with any identifying details removed.The dataset also comprised of observations, memos, and secondary data, such as electronic sources and documents that were recommended by the interviewees.Interview recruitment for the interviews continued until thematic saturation was reached, as indicated by data redundancy [33].

C. DATA ANALYSIS
All Datasets were analyzed using a phenomenological methodology for qualitative data analysis, suggested by Miles and Huberman [34], [35], to: examine and interpret data, elicit meaning, understand the perspectives of participants, and develop empirical knowledge [36], [37].Miles and Huberman's [34], [35] suggestion comprises three overlapping procedures: data reduction; data display; and conclusion drawing and verification [37], [38].Using QSR's NVivo 12 software: open, axial, and selective coding was employed to analyse each interview and documentation.The initial interview codes as well as the latter; were extended with additional datasets and literature by assigning labels, structuring the codes, forming potential categories, and identifying common themes to construct a deeper theoretical meaning; to capture the subtle differences and to understand informants' ''thoughts, perspectives, and reactions'' as explained by Williams and Moser [38,p.46].Consequentially, rigor was addressed by maintaining documentation, writing memos, processing notes, writing personal notes, and preliminary developmental information.Furthermore, an iterative, overlapping, and interactive process involving a continuous interplay between data collection and analysis; was undertaken, as described by Eisenhardt [39].Henceforth, this exercise resulted in a more substantive and coherent theory, as is discussed in the findings.

IV. FINDINGS
Analysis of our data showed that the three themes were exemplified by six categories.As tabulated below (in Table 3), these themes represent the trust dimensions, where each dimension comprises the relational characteristics of blockchain (categories), which reflects an amalgamation of the open codes.More specifically, the study seeded how trust corresponds to the Technical, Functional, and Valuableness of the technology (see Author [34]), that embodies implicit elements: Reliability, Integrity, Tamper-proofing & Immutability, Versatility, Transparency and Privacy generated from the terminologies (open codes) as shown in Table 3.
As mentioned earlier, this study focuses only on the implicit elements (categories): the characteristics of blockchain that reflects the willingness to trust the technology.Thus, this section systematizes the findings of the interviewees, in compliance with the two principles -abstraction and generalization described by Klein and Myers [40], to form a coherent body of knowledge.In other words, the description in this section relates theoretical concepts and abstractions to specific findings from the data using sample quotations extensively to facilitate readers' understanding of the theoretical insights of this research to tease out the big picture of these characteristics in the light of existing research.

A. RELIABILITY
Blockchains are reminiscent of active databases, which are reliable because they perform an automated process in which data are continuously replicated on all active nodes in the ledger, whereby every node is treated as redundant, eliminating a single point of failure.
Automation is one of the salient features of blockchain which is poised to automate several processes without third party intervention; empowering users to exchange value and creating a new basis of trust.A blockchain certified expert explains: ''Blockchain can be used to verify and remove trust.

It becomes trustless because with the blockchain we can trust the other party we are dealing with. With the blockchain technology, because its automation of verification, because it's a verification platform, it helps to verify, it disrupts the incumbent verification process'' (Interviewee #13).
Potentially the use of automation (potential use of automation) would benefit economies and societies at large.Blockchain is: ''not just only a database management system or infrastructure, but it is a General-Purpose Technology (GPT).GPTs are technologies that shape, impact, and build economies.Some examples of past GPTs are steam engine, the electricity, the Internet. . .'' (Interviewee #13).
Henceforth, the net effect of the automation: ''will indirectly cause products and services to be far cheaper because blockchain automates the verification system'' (Interviewee #06).It exemplarily helps the execution speed, given that: ''. . .you don't want to sit there and wait for transaction to go through, . . .everything is about time, and time is money'' (Interviewee #03).
Although the automated process of transactions in the blockchain empowers users, its built-in information redundancy mechanism (redundancy of data) eliminates its dependence on a single user or authority, making it more trustworthy.As one of the interviewees expressed: ''That's why, when it is controlled by a pool of people, you cannot, its very difficult, very difficult la, it's very difficult to actually manipulate'' (Interviewee #03).
Furthermore, resilience due to built-in redundancy, incentivizes people to use the blockchain technology.They trust that the blockchain is safe.For example, an interviewee advises using e-wallet blockchain applications not tied to any exchange, as one of the reliable ways to keep their money safe.''They are quite safe, if the platform shuts down you can still retrieve your wallet address your bitcoin is still there'' (Interviewee #1).
The user is confident that their assets are not disclosed to unauthorized individuals or entities (confidentiality) and will not be able to process them without their consent.He trusts the use of blockchain as a technical means of protecting his assets from external attacks.
This property of blockchain as an asset for eliminating third-party intervention also paves the way for the auto-execution of transactions that employ computational logic.This means that rules can be programmed to trigger transactions on a peer-to-peer basis based on set conditions with tamper-resistant and predetermined privileges.
Consequently, smart contracts and tokenizations have emerged not only to provide a secure confidentiality protected network with no single point of failure but also with authenticity and non-repudiation.In addition to cryptocurrencies, this new spectrum of digital asset classes allows you to trade nearly everything you own (discussed further in terms of versatility).In this regard, one of the interviewees expressed the following: ''different types of platforms that are offering different types of smart contracts.just a trend and everyone is getting into it''(Interviewee #01).Thus, many of the interviewees hold similar beliefs as the CEO of a blockchain service provider: ''I believe the technology is still very new and there are many other areas that we are able to scale'' (interviewee #06).

B. INTEGRITY
Blockchain by design not only decreases the chance of data being stolen or being compromised by its immutable ledger, but also eliminates the risk of relying on third parties; preventing fraudulent activities.Blockchain also provides the ability to protect data from malicious activities such as hacking and double spending.
Unlike the traditional data-management infrastructure, where the integrity of the data largely depends on the trust placed in the third parties, blockchain limits the privileges to peer-to peer (peer verification of transactions); minimizing the number of trusted actors on which the system depends on.As one of the interviewees expounded: ''So now we don't need to trust a central body we just need to trust science'' (Interviewee #14).Another interviewee explains why: ''Why do people trust, because blockchain is not controlled by any individuals ok.And transactions verification is by a pool of miners'' (Interviewee#3).
This compelling substitute for third-party risk also protects the data from malicious attackers by reducing the chances of the data being stolen or compromised.The robustness of the blockchain depends on the complexity of the Consensus mechanism.Reflecting on bitcoin, one of the interviewees specified: ''In terms of blockchain you cannot hack it unless you have the ownership of 51% of the, at least 51% of the blockchain'' (Interviewee #09).
The immense attacking cost to perform a 51% attack given its decentralized storage of data, makes it difficult for attackers to harvest complete data sets.A blockchain expert explains: ''the data that is being tracked in its ledger is not stored in one location, but it's decentralised to multiple nodes.So it not having a central point, it means it is not vulnerable to attacks, manipulation, even it being immutable. . . . .We can trust the blockchain as a verification database handling system and because we trust the blockchain since it is decentralised'' (Interviewee#13).
Technically, each of the transactions is stored in a block, where every block stores data in the form of a tree called the Merkle tree (a data structure).The Merkle tree uses cryptographic hash functions (Hashing -Merkle Tree) which are essential for maintaining data integrity.The hash of each child nodes is iteratively paired until the final, or root node is reached.The root node acts as a digital fingerprint of the entire set of transactions.This allows users to verify if a transaction can be included in a block.This architecture provides a secure and verifiable infrastructure for data.Any user in the blockchain can see whether a transaction has been included.The transactions are verified without disclosing the off-chain identification.The transaction user has the right to remain anonymous (user authenticity (pseudonymity)).As one of the interviewees noted: ''anyone can monitor la, but at the same time if you are an individual, . . . .you can be anonymous'' (Interviewee #05).
Although the transactions are verified independently of the identity, only the owner of the transaction has the right to control it.The content is verified using the individuals encrypted public keys and digitally signed by the individuals' encrypted private key (Cryptography (Public key/Private key encryption)).Whenever an individual accesses their data, their signature is verified by crosschecking its identical match when the signature is applied.Data integrity was maintained because a slight difference resulted in rejection.
This technically sound infrastructure architecture also provides an answer to double spending, a persistent problem in gaming.One of the interviewees who is well versed with gaming and who admitted that he had double spent on gaming explains: ''The number one problem that any gaming company faces is double spending. . . .blockchain is perfectly designed or bullet proof on double spending'' (Interviewee #01).

C. TAMPER-PROOFING AND IMMUTABILITY
Blockchain guarantees immutability by creating a trackable system, which means that the data are exceptionally difficult to change without data collusion, and any attempt could leave an indicative digital data trace given an append-only data structure.These trustworthy features, designed using cryptographic techniques, distinguishes them from other conventional computer solutions and addressing concerns related to tamper-proofing and data protection.
Techniques such as cryptographic hashing or cryptographic signatures (Hashing and cryptographic architecture) help to create content addressable storage systems, curtailing fraudster behaviours such as video tampering attacks.One of the interviewees described such behaviours as characterized in movies: ''Do you remember those spy movies, James bond and something like that, what they will do is, someone will hack into their security system CCTV, and they will capture a footage, let's say where there is nobody walking on the corridor and they replay over and over again.In a centralized system people are able to hack into it, because it is in a centralized server, and you just replace the footage or just put the footage there'' (Interviewee #14).
The tamper proof security camera images are trustworthy, given that they guarantee authenticity.Hence, these can be used in court, because the camera signs only what it captures, and any interference becomes readily apparent [41] (credibility).Referring to this feature, the interviewee wisecracked: '' 'James Bond I am so sorry you cannot do that anymore' '' (Interviewee #14).
In tandem with tamper-proofing, immutability leads to improved data management.As one of the interviewees endorsed: ''one of the key things is immutability'' (Interviewee #12).
A blockchain structure prevents any entity from arbitrarily rewriting anything written on it.In technical terms, appending only semantics allows, write-once, read-many [42], where no one can edit, delete, or update it (Consistent data storage).In the cases of large file storage systems, such as publicly shared applications, it is imperative to have a significant degree of confidence in relation to the availability of the data they communicate -the sender/recipient data can be entrusted.One of the interviewees engaged in providing a blockchain database to multiple clients expressed his concern: ''. . .need to access the database for updating and retrieving data and in this process if we use traditional database chances are there for them to tamper our data.Hence if have those important data on a blockchain we can assure that the data will not be tampered . . .when multiple party access the data, the chances of the data being manipulated or being interfered or tampered is less'' (Interviewee #11).
It is common wisdom that people tend to view technology as an artificial substitute for trust.Henceforth, some hold that with algorithmic trust, blockchain is supplemental: ''

D. VERSATILITY
There has been a common prejudice regarding blockchain, that it is designated to the financial industry; subjected to its staggering implication, with its pioneering invention of bitcoin.Blockchain is a mathematically and systematically designed data structure that guarantees both the integrity and non-repudiation of data, instead of trust.Therefore, the potential of this technology is very versatile and practically limitless.Fortunately, at this juncture, the adoption of this technology is growing at a fast pace, circumventing its pitfalls and making it more efficient and scalable.
One could argue that blockchain is the least efficient (efficiency/competence) technology.However, its inefficiencies, speed, and performance trades-off, along with the benefits of redundancy, security, and fault tolerance, to make it a versatile technology.
Blockchain empowers individuals through, peer participation in development.The functioning of a blockchain depends on the collaboration between many individuals.Its development is based on distributed (among individuals) computing power and individuals having the rights to their data as their property.It is peer-to-peer network, where; ''Peer-to-peer is mostly on trust. . . . .you can transact without even knowing them, so, that's the power of the blockchain'' (Interviewee #09).
This interviewee also affirmed that the perceived risk is low in blockchain; ''They also trust it.Because you cannot lie if they are using the blockchain'' (Interviewee #09).
Therefore, traceability is gaining its momentum in the supply chain industry as a potentially valuable technology.As one of the interviewee, highlighted: ''customers can trust their food, they can trace end-to-end, they can trace the origin of their chicken, what it was fed, and the antibiotics given to it'' (Interviewee #10).
For most interviewees, blockchain technology stands as a gatekeeper (Dependability) that has the potential to upend malicious activities in various sectors.''It's a very very good technology to control.To control.To control, I would say genuine transactions'' (Interviewee #07).Some of the interviewees, see blockchain as a catalyst to enhance existing technologies (Leverage on other technologies).For instance, one of the interviewees referring to IoT remarked that: ''Both can leverage on each other's strength'' (Interviewee #11).
Many of the interviewees perceived that the technology in practice could be used in various sectors.One of the interviewees connoted: ''Every sector actually can use blockchain.Every sector, ok.Because its just, its just a system'' (Interviewee #03).
In practice, with the development of blockchain with cryptocurrencies, the new rising digital market asset class is allowing one to fractionalize everything you own, like your car, your artwork, and so on, to include traditional assets like bonds, and venture capital funds and to empower one with the ability to shape one's own financials (Applicable to different industries).Some examples are provided below: One of interviewees explained how a company was using blockchain to sell power: ''they make it easier to buy and sell their ss power from their solar panel.So in the normal, normal power market its hard to do.But, when they are joining the blockchain they are easy to sell their ss power and buy ss power for their usage'' (Interviewee #09).Other interviewees explained how they are integrating blockchain into their business: ''there is a IPO which is initial public offering so now we are combining blockchain into businesses, how we comply ya IPO plus ICO, ICO initial coin offering, so currently we got IPO and plus ICO so comply out our terms its called IPCO.So, how we do IPCO, lets say example.

Lets say this company. Say [X ] own this company, lets say the company name [X], la, lets say [X], so you want to partner with us, you have to IPCO it. How we do to IPCO it, you can sell about 30-40% shares to us, to us, so we are happy to blockchainise. How we blockchainise, actually we convert the 20-30% shares into tokens .. . . . economics token .., if your company already come out tokens so around the world, everybody in the world can buy your tokens, so you can grow your business much more further''
(Interviewee #08).

As one of the interviewees stated: ''I think trust should play a communication in transparency that I mean everybody is able to see what is happening'' (Interviewee #12).
Blockchain technology, as a built-in technological underscoring of trust, creates a transparent profile for every user and their actions are viewable, believing that every node in the system has a copy of the digital ledger (shared public interaction).Interviewees believed that the technology was designed contrary to the motive of existing centralized services, leading to malfeasance or fraudulent activities (designers' benevolence).One of the interviewees who holds Austrian school of thought described: ''I read the white paper. .

. . .it is so interesting, because now you can have open inaccessible and immutable ledger. I mean like before this, all this accounts everything it depends on the bank you know, suddenly its public and open, everyone can join and the important part is that you cannot sensor it. I use to work with [X ] with [X ] bank, anti-money laundering so, ya I can really appreciate the technology. Because I don't see how they can stop it. Ya that's why invested in it a lot'' (Interviewee #05).
Transparency is one of the underlying reasons behind for innovation.This supports the provision to analyze the life cycle of events and the associated evidence of assets.As an interviewee concisely explains: ''Transparency is important because we are allowing multiple parties to track the data and when multiple party access the data, the chances of the data being manipulated or being interfered or tampered is less'' (Interviewee #11).
The distributed ledger also serves as an audit trail that undermines fraudulent activities, especially when dealing with finances (Accountability).Blockchain technology allows one to capture the actions of participants in the data environment and disincentivize criminal activities, as opinionated by one of the interviewees: ''it's more transparent.
When you think about it ok, if you are a criminal, it is worst decision to use bitcoin.Because it will leave a digital mark for eternity on the blockchain.If you want to use bitcoin and do bad things, I don't think it's a good thing'' (Interviewee #05).
The significance of blockchain lies in its practical use in the case of logistics or supply chains; in which trust is associated with preserving provenance.As one of the interviewees who is engaged in working on an anticounterfeiting project highlights: ''one of the major issues that the client is facing is addressing the fake products'' (Interviewee #11).
Systems of supply chains using blockchain leads to low friction and speed in accessing information (low friction in providing information) and near real-time insights into data when and where required (Increased transaction speed) lowers the costs (low cost) in many aspects.Hence: ''Companies can track and trace every single item within the supply chain, which helps dramatically to reduced food waste and increasing consumer trust both in the product itself and in the brand, creating new drivers of value'' (Interviewee #10).
Thus, one of the interviewees expressed his view of blockchain as: ''it's secure, it's traceable.It stays with me, there is no any middleman for the blockchain, I don't need any middleman between me.Whatever I need to send to someone, I can directly deal with them.It saves my time, it saves my cost, I have my own thing'' (Interviewee #02).

F. PRIVACY
Blockchain technology provides the ability for an individual or group to have the right to seclude themselves selectively, or discerningly divulge their actions or transactional data amongst the participants of the network (authorized data usage).
One alarming issue that blockchain addresses is the existence of privacy concerns and threats when dealing with a trusted third parties.As one of the interviewees who is well versed with the banking system, based on his experience as a banker and investor declares: ''why I think people trust it because you see what happens in the traditional finance.Because I am an investor myself, so I know all the stories about how the banks, . . . . . .they are fraud by the authorities, the banks we supposed to be safe heaven they are the ones who makes illegal shady things'' (Interviewee #05).
Thus, by eliminating the need to trust an intermediary or middleman to manage transactions between peers, blockchain allegedly regarded as a ''Trust-free system'' [2], has paved the way to address this issue.Peer-to-peer networks designed to safeguard the privacy of users have also become a prime reason why people trust them.One of interviewees, well versed with the technical know-how of the technology, reasons out why people trust it (User empowerment): ''the control is on them, not on the like, with the middleman, for example bank or other, other people, other organizations, so, the power to transactions is purely on them'' (Interviewee #09).
Asymmetric cryptography secures the peer-to-peer transactions in which each user is assigned both, a private key and a public key.The person is identified by a public key which acts as a pseudonymous identity.Thus, users must know/secure their private keys to safeguard/access their personal funds on the blockchain (a new form of governance).An interviewee advises to stick to the ''motto'': ''know your keys know your bitcoin'' (Interviewee #05).
This control mechanism not only provides a privilege to the user by protecting the information of the user while the transaction is being managed by the user, but also provides the right to lend specific information to trustworthy prospective borrowers for purposeful use, such as monetization and analysis (Reduction of Information asymmetry).As one of the interviewees who is developing a blockchain healthcare system explains: ''even though it's your personal data that belongs to you and privacy and everything is basically your right, now the responsibility is given to institutions. . .

. .right now in hospitals you don't know who gets to view your data, who accesses that data and we don't know whether it's safe in the internal environment either'' (Interviewee #12).
Further, the interviewee explains how the data are protected technically and noted: ''blockchain brings here is mainly the assurance that you know what happens to your data'' (Interviewee #12).
As is apparent from this example, blockchain offers new forms of automation, with transparency and privacy protection.Thus, ''trust aspect comes from the usefulness of it .. . .people's trust will come where they are getting a benefit'' (Interviewee #12).

V. DISCUSSION
The outcome of our study is an explanatory theory which comprising six characteristics that shape trust in blockchain technology tapering to three themes.The duality of the theoretical interpretation of our study results emerged mainly from the interpretive method facilitating the dynamic interplay of the content, as a source of value.This reflects the genuine complexity of the concept of trust and its conceptual affinity to the inner logic of the blockchain.It shows how trust corresponds to Technical, Functional, and Valuableness of the technology, which embodies the implicit elements of Reliability, Integrity, Tamper-proofing & Immutability, Versatility, Transparency and Privacy.As mentioned earlier, this study focuses on these implicit elements: the characteristics of blockchain that reflects the willingness to trust the technology.This section consolidates the interviewees to tease out the big picture of these characteristics in the light of existing research, acknowledging the mutual and symbiotic links between and among these beliefs and characteristics.

A. RELIABILITY
Interviewees unanimously expressed their optimism in placing trust in the automated process of the decentralized network instead of in the central authorities.The net effect of automation also results in a resilient system that maintains data confidentiality.Traditionally, we needed to find a reliable intermediary such as a bank or a clearing house to validate transactions [43].By contrast, blockchain offers an automated process to validate transactions based on an algorithm to perform the validation process, thereby building confidence in its reliability.Furthermore, the user can employ computational logic on the blockchain to trigger self-executing transactions; or in other words, to create decentralized autonomous entities such as smart contracts and tokenizations.In this context, Das [25] showed that the autonomous implementation of smart contracts strengthens the reliability of inter-firm cooperation.Blockchain is a tool that underscores trust and foster's reliability.

B. INTEGRITY
Integrity leads to trust; and the integrity of the data is vested in every technical aspect of the blockchain.Our findings evidently pinpoint the implications of trust in the three concepts encoded in the blockchain that warrant integrity.The distributed consensus mechanism requires the peer verification of transactions that are cryptographically encrypted and stored in blocks.The Merkle tree contains information about every single transaction in the block, that is managed by using an encrypted public key and a private key of users to maintain integrity that leads to trust.Henceforth, blockchain addresses the existing issue of double spending which is crucial to the integrity of digital currencies.This study is in accord with the extensive literature on trust addressing the trustworthiness of technology linked to integrity [10], [21], [28], [45], and supports its validity.Blockchain is a vehicle that upholds data integrity to the highest standards.

C. TAMPER-PROOFING AND IMMUTABILITY
For many users, blockchain is viewed as a credible, consistent data storage system that uses hashing and cryptographic architectures to combat malicious attacks, is trustworthy.These characteristics: Tamper-proofing & Immutability functions are at the core of blockchain to guarantee the authenticity of the data and services, cf.[46], [47], [48].This is an indispensable means of substantiating a single source of truth [49] for trust.

D. VERSATILITY
The massive benefits of this dependable technology provide a fertile environment for numerous functions and activities that depend on trust, outweighing its drawbacks of efficiency, speed, and performance by design.This dependable versatile technology engaging peer participation in development, not only facilitates a traceable system applicable to different industries to achieve trust but could also be used as a valuable tool to leverage on other technologies to warrant trust.Previous literature supports trust as a significant enabler for reducing perceived risk and ensuring certainty [49], [50].Blockchain enables control mechanisms (e.g., smart contracts) with trust which can overcome the perceived risk in using a system [25].This implies that, if we can create, and implement detailed contracts or mechanisms that encompasses all situations, trust could be redundant.However, such purely technical systems are rare in the real world [9].Thus, the Versatility of the blockchain paves the way for strengthening trust.

E. TRANSPARENCY
From a philosophical perspective, blockchain is often considered as libertarian [51].Our findings were synergistic to this view.Blockchain ushers a fully auditable and valid ledger of transactions that are indelible with no single entity to control but can be viewed by individuals, taking trust at a new height.The level of transparency drives value and is a sine qua non for trust.Blockchain can be applied to any context to optimize goods and services, to leverage new drivers of value, and to develop a new level of trust.This mechanism has been applied to optimize goods and services in areas such as Electrical Vehicle battery refueling operations [52], registration certificates [47], personal data and identity management systems [53] and supply chains [26].Blockchain based data-sharing platforms allow visibility and connectivity across supply chains with shared public interaction, providing data provenance and enabling greater speed, cost-efficient delivery of goods, and accountability with low friction in providing information.Transparency reinforces responsibility and responsiveness as a lever for revealing a single source of truth that transforms trust.

F. PRIVACY
Privacy is based on trust.Blockchain offers the user the choice, autonomy, and seclusion.Blockchain empower users with the freedom to perform peer-to-peer transactions to fulfil their expectations, without revealing their identity, using a pseudonymous identity in the absence of a third party.Blockchain reduces the information asymmetry by allowing users the right to disseminate information about themselves and the data they have created with security.Researchers have shown how blockchain can be utilized to mitigate user's privacy concerns cf.[47], [54], [55].Consequently, blockchain warrants new forms of automation, and new forms of governance, to earn user trust by protecting their privacy and generating value that would serve us all.

VI. CONCLUSION AND IMPLICATIONS FOR FURTHER RESEARCH
The willingness to trust blockchain depends on six characteristics of the blockchain: Reliability, Integrity, Tamperproofing & Immutability, Versatility, Transparency and Privacy.Blockchain is a tool that strengthens trust and fosters reliability and integrity, leading to trust.A blockchain can be used as a reliable vehicle to maintain data integrity within the highest standards.Tamper-proofing & Immutability is an indispensable means to substantiate a single version of the truth to trust in the blockchain, which provides a versatile environment to pave the way to potentially strengthen trust.Blockchain transparency offers a means of reinforcing responsibility and responsiveness as a lever to reveal a single source of truth that transforms trust.Blockchain ignites a new trustworthy privacy-protected trend in automation and governance, that upholds the value-creation aspect for the benefit of the society at large.These characteristics are distinct but closely connected and interrelated to each other.Blockchain provides a functionally tamper-proof and immutable environment based on a reliable technical infrastructure, which ensures the integrity of creating a transparent, valuable privacy-protected environment that users can trust.These characteristics are inextricably entwined in practice.
A simple unstructured network that makes transactions computationally impractical to reverse, that is made public by allowing the implementation of mechanisms that would protect both buyers and sellers [1], has made users trust it, to generate value.Our research has shown that this simple unstructured network coined as blockchain is a functionally versatile, tamper-proof, immutable, trustworthy asset; data are stored on a decentralized network, that has reliable technical features that ensures the data integrity and provides a transparent, privacy-protected environment; to allow users to create value.
The key limitation of this research is that it is typically limited to depending only on interview data and the datasets referred/provided by the interviewees.Thus, all the characteristics discussed herein may not be applicable to different types of blockchains.However, the results are contextually strong; being addressed by a range of peer-reviewed, theoretical, and research-based literature.This interpretive theory emerging from the interpretation of the human subjective perception of technology (blockchain) must be understood as a key to reality or visibility within the same context.Thus, the findings of our study need to be further analysed and strengthened further using other methodological approaches, such as surveys.As illustrated in this study, these characteristics play a significant role in the practical use and implementation of blockchain, and each of these attributes requires further in-depth investigation.Another limitation arises from the approach used to understand the trustworthiness of the blockchain.We have taken only the perspective of trustees to trust using the attributes of the trustor, and hence this needs further exploration from other perspectives.Additionally, our findings are not applicable to the nomological net of distrust which requires further exploration and research.
Identifying these attributes that are specific to blockchain contributes to the literature on both, blockchain and trust.Our investigation revealed a set of characteristics that compel researchers and practitioners to alter their preconceived understanding of what constitutes trust in technology, when dealing with blockchain technology.We urge them to adapt the distinctive subversive nature of blockchain, instead of treating it as any other archetypal technology.These distinctive characteristics of blockchain identified in this research complement and extend the existing trust literature in IS.A theoretical understanding was reached because of this research serves as a guide for organizations to make decisions and in analyzing technology predicaments.Henceforth, practitioners need to adhere to these attributes to understand and effectuate plausible blockchain systems and serve them, as well as by and large, the society.

TABLE 2 .
Number of interview participants and their role # role # role.

TABLE 3 .
Mapping the themes and categories.