The role of blockchain technology in enhancing corporate transparency and consumer trust

Abstract

Blockchain technology has significant potential to enhance corporate transparency and consumer trust. Its decentralized and immutable characteristics provide a new foundation for building trust among businesses. By ensuring traceability in supply chains and providing transparent transaction records, blockchain can enhance consumer confidence and help businesses strengthen their reputations. However, companies still face challenges during implementation, including technical complexity, high costs, and regulatory uncertainty, which may affect the adoption and success of blockchain, particularly among small and medium-sized enterprises. Additionally, organizational culture and management factors can significantly influence the acceptance of technology. Therefore, future research should focus on the empirical application of blockchain technology, exploring specific cases and outcomes in various fields, as well as the technical, organizational, and cultural challenges encountered during implementation to fully understand the actual impacts of blockchain in promoting corporate transparency and consumer trust.