This book constitutes the refereed proceedings of the Second International Conference on Trust Management, iTrust 2004, held in Oxford, UK, in March/April 2004. The 21 revised full papers and 6 revised short papers presented together with 3 invited contributions were carefully reviewed and selected from 48 submissions. Besides technical topics in distributed and open systems, issues from law, social sciences, business, and philosophy are addressed in order to develop a deeper and more fundamental understanding of the issues and challenges in the area of trust management in dynamic open systems.