ABSTRACT

Blockchain technology facilitates transactions over secure, public, and decentralized databases. Blockchain enthusiasts often make claims that the technology can do everything, from democratizing money and undermining the conventional banking system to solving issues of personal data stewardship. This chapter takes a closer look at the claimed advantages of particular uses of blockchain technology. Through the lens of social economics, the authors evaluate the social costs and benefits and highlight ethical challenges. The authors consider social norms around money and privacy of personal data and how those norms might influence or deter the application and utility of the technology. The simplicity of a transaction highlights the three primary values of the blockchain—the transparent, immutable, and trustless nature of the Bitcoin blockchain. Similarly, white supremacist organizations may find the immutable and transparent values inherent in Bitcoin useful.