Exploring the Role of Trust in Blockchain Adoption: An Inductive Approach

Abstract

While interest in blockchain technology and applications increases, research studying the role of trust as an element that leads potential users and consumers to adopt and accept the technology remains scarce. This study conducts acceptance research that expands beyond traditional acceptance models and explores the role of trust from the user/consumer perspective. It provides comprehensive insights from the user/consumer angle and a deeper understanding of the role of trust in blockchain adoption. Using an inductive research approach that builds theory from qualitative empirical data, this paper identifies trust as a critical benefit of blockchain technology and applications, encompassing both functional (economic and system-/ process-related) as well as emotional benefits (social and personal). As trust spans across functional and emotional benefit dimensions, this study suggests that trust is a key driver for user/consumer adoption of blockchain technology and applications.