Socialism and the blockchain

Huckle, Steve and White, Martin (2016) Socialism and the blockchain. Future Internet, 8 (4). p. 49. ISSN 1999-5903

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Bitcoin (BTC) is often cited as Libertarian. However, the technology underpinning Bitcoin, blockchain, has properties that make it ideally suited to Socialist paradigms. Current literature supports the Libertarian viewpoint by focusing on the ability of Bitcoin to bypass central authority and provide anonymity; rarely is there an examination of blockchain technology's capacity for decentralised transparency and auditability in support of a Socialist model. This paper conducts a review of the blockchain, Libertarianism, and Socialist philosophies. It then explores Socialist models of public ownership and looks at the unique cooperative properties of blockchain that make the technology ideal for supporting Socialist societies. In summary, this paper argues that blockchain technologies are not just a Libertarian tool, they also enhance Socialist forms of governance.

Item Type: Article
Keywords: Bitcoin; blockchain; cryptocurrency; fiat money; libertarianism; socialism; Marxism; anarchism
Schools and Departments: School of Engineering and Informatics > Informatics
Research Centres and Groups: Creative Technology
Subjects: T Technology
Related URLs:
Depositing User: Martin White
Date Deposited: 18 Oct 2016 12:54
Last Modified: 08 Mar 2017 07:41

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