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content/notes/Blockchain as a confidence machine — The problem of trust & challenges of governance.md
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@ -10,9 +10,19 @@ link: https://doi.org/10.1016/j.techsoc.2020.101284
# Summary
# Extracts
"trust depends on personal vulnerability and risk-taking, whereas confidence depends on internalised expectations deriving from knowledge or past experiences."
# Notes
Since
”The arguments presented here focus on public and permissionless blockchains such as Bitcoin and Ethereum rather than private or permissioned blockchains such as Hyperledger and Amazon's QLDB—as the latter are not considered to be “trustless” due to the dominant role of one or more organizations in maintaining those ledgers”
- can we change this?
"According to Luhman [[34](https://www.sciencedirect.com/science/article/pii/S0160791X20303067?dgcid=raven_sd_recommender_email#bib34)]; the higher the complexity of a system, the longer it will take for concrete expectations to develop about the operations of that system."
Hume [[58](https://www.sciencedirect.com/science/article/pii/S0160791X20303067?dgcid=raven_sd_recommender_email#bib58)] suggests that governments and other complex institutional arrangements should not be trusted at the outset.
"Hardin [[59](https://www.sciencedirect.com/science/article/pii/S0160791X20303067?dgcid=raven_sd_recommender_email#bib59)] points out, one should instead focus on setting up the necessary checks and balances and transparency requirements that will enable the emergence of a more trustworthy system."
"According to Giddens [[25](https://www.sciencedirect.com/science/article/pii/S0160791X20303067?dgcid=raven_sd_recommender_email#bib25)]: “There would be no need to trust anyone whose activities were continually visible and whose thought processes were transparent, or to trust any system whose workings were wholly known and understood” (p. 33)"
## Highlights
- Blockchain technology is not a trustless technology but rather a confidence machine.
@ -20,4 +30,8 @@ Since
- Confidence in a blockchain system depends upon its underlying governance structure.
- The governance of a blockchain system requires trusting a distributed web of actors.
- Constitutional & polycentric governance theory can help improve blockchain governance.
# Notes
Since blockchain is without trust, what replaces trust as the fundamental aspect of its governance?
# Related