Episode 012: Blockchain - Beyond Cryptocurrency

Nomosphone: A Global Law Podcast

In recent years, blockchain has become the new technology that everyone is talking about. In this episode, we look at the potential of the blockchain technology beyond its wide-known uses as a novel form of virtual currency, by focusing on its ability to create an innovative form of governance. Through examples such as government elections and shareholder voting, we examine the way in which blockchain can foster democratic participation, while remaining wary of its possible drawbacks. In 2008, Satoshi Nakamoto introduced the blockchain to be used for the cryptocurrency known as Bitcoin. Since then, the term blockchain has remained associated by many with cryptocurrency, although the technology has many other interesting uses. This episode attempts to adopt such an alternative view and takes a closer look at the way a new self-governance system relying on algorithms arises on the decentralized blockchain network. The users of this network are interconnected and can communicate with ease, meaning that this system could be implemented in areas in need of active democratic participation, such as government elections and shareholder voting at annual general meetings. This idea is already being realized in a few places around the globe and some legal systems even promote the use of the technology. However, considerable risks are also present and decentralization may cause central authorities to lose regulatory control over the activities of individuals. Will the world remain divided on this topic or will we witness a revolution similar to the one triggered by the rise of the Internet? Many thanks to Prof. Aaron Wright (Cardozo Law School, Yeshiva University) and Dr. Anne Lafarre (Tilburg Law School) for their generous contributions to the episode and Dr. Phillip Paiement and Dr. Anna Marhold for their research guidance. This episode was produced and narrated by Maria Belenkova. Be sure to subscribe to our Soundcloud and Facebook pages to stay up to date on our most recent episodes. And if you like what we do, please leave us a review in iTunes - it really helps get the word out about Nomosphone! A special thanks to the Hindenburg podcast editing software. We acknowledge the following song was used in original format in accordance with Creative Commons licensing: “Dark Matter” by Podington Bear. https://creativecommons.org/licenses/by/3.0/legalcode