A trustless society? A political look at the blockchain vision

Rainer Rehak

EconStor Open Access Articles and Book Chapters, 2019, vol. 41, issue 3, 60-65

Abstract: A lot of business and research effort currently deals with the so called decentralised ledger technology blockchain. Putting it to use carries the tempting promise to make the intermediaries of social interactions superfluous and furthermore keep secure track of all interactions. Currently intermediaries such as banks and notaries are necessary and must be trusted, which creates great dependencies, as the financial crisis of 2008 painfully demonstrated. Especially banks and notaries are said to become dispensable as a result of using the blockchain. But in real-world applications of the blockchain, the power of central actors does not dissolve, it only shifts to new, democratically illegitimate, uncontrolled or even uncontrollable power centers. As interesting as the blockchain technically is, it doesn’t efficiently solve any real-world problem and is no substitute for traditional political processes or democratic regulation of power. Research efforts investigating the blockchain should be halted.

Date: 2019
References: View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.econstor.eu/bitstream/10419/218845/1/F ... rustless-society.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:zbw:espost:218845

Access Statistics for this article

More articles in EconStor Open Access Articles and Book Chapters from ZBW - Leibniz Information Centre for Economics Contact information at EDIRC.
Bibliographic data for series maintained by ZBW - Leibniz Information Centre for Economics ().