Everything and its opposite: Socio-economic implications of Blockchain technology: Case of monetary policy

Ben Dhaou, Soumaya and Rohman, Ibrahim, "Everything and its opposite: Socio-economic implications of Blockchain technology: Case of monetary policy" 11th International Conference on Theory and Practice of Electronic Governance (ICEGOV2018), Galway, 2018/04/04-06.

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UNU-EGOV Conference Publications

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  • Sub-type Conference paper
    Author Ben Dhaou, Soumaya
    Rohman, Ibrahim
    Title Everything and its opposite: Socio-economic implications of Blockchain technology: Case of monetary policy
    Event Series International Conference on Theory and Practice of Electronic Governance (ICEGOV)
    Publication Date 2018-07
    Place of Publication New York
    Publisher ACM Press
    Pages 631-639
    Title of Event 11th International Conference on Theory and Practice of Electronic Governance (ICEGOV2018)
    Date of Event 2018/04/04-06
    Place of Event Galway
    Language eng
    Abstract The Blockchain technology is a disruptive technology that is changing the societal environment at various levels particularly the financial systems creating a new cryto-economy. There is dominant optimistic and praising view of the potentialities of the decentralized public ledgers. However most of the changes and cutting-edge impact of Blockchain technology remains misunderstood or unknown. This paper aims to propose a more critical perspective of the Blockchain implications highlighting the limitations, the controversies and the drawbacks of public distributed ledgers. An illustration from the monetary system is presented to propose an example of socio-economic implication. By presenting a case regarding the central bank digital currency (CBDC) system, which is now being, introduced as a counter policy against the emergence of the private crypto-currency system. We elaborate what CBDC is trying to solve and yet at the same time what potential problems might arise from this system. We conclude that the introduction of the Blockchain technology should be valued and evaluated in a more thorough way.
    Keyword Cryptocurrency
    Blockchain
    Implications
    Monetary system
    Central bank
    Economy
    Copyright Holder ACM Press
    Copyright Year 2018
    Copyright type All rights reserved
    ISBN 9781450354219
    DOI 10.1145/3209415.3209502
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    Created: Wed, 08 Aug 2018, 19:01:12 JST by Mario Peixoto on behalf of UNU EGOV