Is Blockchain Normatively Acceptable?

Research output: Contribution to journalArticleScientificpeer-review

Abstract

Blockchain promises to solve many problems and bring important innovations. Strangers can do business with each other in confidence, traditional intermediaries such as banks would no longer be needed, grass roots initiatives, such as markets for low value services may be set up, crowd-funding could be set up without much overhead etc. In order to deliver on its promises, a blockchain constrains behavior and sets and enforces norms. Data stored on the blockchain cannot be changed, smart contracts are executed exactly as coded, crypto-currency belongs to whoever has the private key (whether he is authorized to use or not), the mere fact that data is stored on the blockchain gives an aura of correctness that can be difficult to contest. These norm setting and constraining properties of blockchain raise questions about the acceptability of blockchain. This article aims to ask attention for the often overlooked acceptability issues of blockchain.
Original languageEnglish
Pages (from-to)16-25
Number of pages10
JournalCTLR: The Journal of E-commerce, Technology and Communications
Volume27
Issue number1
Publication statusPublished - 2021

Keywords

  • blockchain
  • Legitimacy

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