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The aim of the paper is to raise questions and challenges regarding construction of trust in the global online context, using the rapidly growing use of digital currencies as an example of concern. The study raises questions related to cultural values and relations of power, and how that relates to trust, when money is digital and monetary processes are performed by technology. The paper is based on a qualitative study, using semi structured interviews with key personnel related to three different cryptocurrencies. Results indicate that cultural values affect how trust is constructed and perceived. Trust is placed primarily in technology and its algorithms, and is identified as an expression of a technocratic utopian approach, which might be in need of being balanced with accountability concerns. Instead of authoritative institutional processes with assigned roles and responsibilities, decentralized forms with users involvements and users control of their money, are important in establishing trust. Cultural influences from globalization and marketization affects how trust is created. The findings contributes by elucidating a need for further research if blockchain technology is to be used in a domain where requirements of trust, responsibilities and rights, long-term preservation, and long-term accessibility are of high concern. |
