Towards trustworthy blockchains: normative reflections on blockchain-enabled virtual institutions

• DOI: 10.1007/s10676-021-09581-3
• Publication Date: 2021-01-28T18:03:27Z
• Authors: Yan Teng
• Keywords: Institution; Trustworthiness; Value (mathematics)

Abstract This paper proposes a novel way to understand trust in blockchain technology by analogy with placed institutions. In support of the analysis, detailed investigation institutional is provided, which then used as basis for understanding nature and ethical limits trust. Two interrelated arguments are presented. First, given blockchains’ capacity being institution-like entities inviting expectations similar those invited traditional institutions, argued be best conceptualized specialized form Keeping only core functionality certain normative ideas this broadens our removing need third parties while retaining value trustor. Second, argues that decentralized implications effects decentralization on issues double-edged. With erasure central points, systems simultaneously crowd out pivotal role played institutions cadre representatives meeting their assigned obligations securing functional systems’ trustworthy performances. As such, positioned containing both disruptive features can embedded meaningful values inherent pose direct challenge actual trustworthiness implementations. Such proposed ameliorated facilitating shift responsibility groups people directly associated engendering context.