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The Rise of Darknet Markets in the Digital Age: Building Trust and Reputation
Abstract
The last decade saw the rapid development and growth of online markets of illegal goods, known as darknet markets or cryptomarkets. This chapter explores recent trends in the development and evolution of these markets. In particular, the chapter analyzes specific mechanisms used by participants of darknet commerce to establish trust, build reputation, provide quality assurance, minimize fraud risks, and overcome potential violations of contracts. These mechanisms include a wide variety of different tools, such as clients' ratings of purchases, comments on transactions, vendors' track records, anonymous user forums, and online chat rooms that facilitate sharing and distribution of information about marketplaces. As this chapter shows, a distinctive feature of trust building in cryptomarkets is the widespread use of third parties, such as administrators of marketplaces and operators of forums. By providing escrow services and conflict-resolution mechanisms, they serve as “centers of trust” and guarantors against fraudulent activities.
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