Applications of blockchain technology and the implied notion of trust

Abstract

To understand why Blockchain technology matters, one must look past the speculation and hype and explore its infrastructure, and the principles it is built on. Since the technology is thought to be in its infancy, there are blockchain enthusiasts who arguably, do not dig deep into understanding the complexity of trust. Some enthusiasts are simply drawn towards the hype that traditional systems in society, such as those used by governments, are no longer good enough, and need to be revamped and modernised in such a way that results in transparency and ultimately, trustworthiness. The underlying question being asked here is how valuable is trust in society and if this technology can be a means of strengthening the alleged lack of trust within society. Thus, this paper explores the various possible applications of Blockchain technology, such as Bitcoin blockchain technology and Smart Contracts, and outline its various potential and risks. The aim of this paper is to understand Blockchain technology, the complexity of Trust, both in philosophical and political ways, and finally, discuss if Blockchain technology is a platform for trust.