Blockchain, DLT, and Fintech

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Paper Number

2177

Paper Type

short

Description

Crypto assets are code-based digital assets that are implemented using cryptographic techniques and reside in distributed transactional databases. Crypto assets embed technology-based trust mechanisms that rely on software rather than intermediaries to validate and process transactions. The spread and exponential growth of crypto assets challenge existing institutional frameworks that facilitate trust in payments. This short paper aims to explore how the emergence of crypto assets affects the trust mechanisms in the payment ecosystem. Building on archival data, opinion papers, and participant observation, the preliminary findings show that existing institutional arrangements are incapable of enforcing trust-facilitating measures for crypto assets. Subsequently, we argue that realigning technology-based and institution-based trust mechanisms will provide a better landscape for the future of the retail payments ecosystem.

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Dec 12th, 12:00 AM

The Future of Payments: The Role of Crypto Assets in Shaping Trust

Crypto assets are code-based digital assets that are implemented using cryptographic techniques and reside in distributed transactional databases. Crypto assets embed technology-based trust mechanisms that rely on software rather than intermediaries to validate and process transactions. The spread and exponential growth of crypto assets challenge existing institutional frameworks that facilitate trust in payments. This short paper aims to explore how the emergence of crypto assets affects the trust mechanisms in the payment ecosystem. Building on archival data, opinion papers, and participant observation, the preliminary findings show that existing institutional arrangements are incapable of enforcing trust-facilitating measures for crypto assets. Subsequently, we argue that realigning technology-based and institution-based trust mechanisms will provide a better landscape for the future of the retail payments ecosystem.

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