A block in the chain of sustainability? On blockchain technology and its economic, social, and environmental impact
Matthew J. Davis, Rickard Grassman, Vanessa Bracamonte, Maki Sato · 2023
Whilst increasingly apparent symptoms of climate change surface in a world of economic disparities and social divides, new technologies are evermore scrutinised through the lens of sustainability. Using various real world examples of prototypes, both conceptual and under implementation, we aim to provide a more full account of how blockchain technology fares, with an overarching view to different sustainability perspectives, as well as what the widespread fascination with this technology may reveal on a more cultural level. Consequently, we find ourselves grappling with broader philosophical questions about its potential impact, discussing the tenets of decentralisation, autonomy and data privacy, alongside its cultural subtext. Ultimately, we find that the potential for transformation attributed to blockchain technology is rooted not only in its technical capacities but also in the cultural and ideological values upheld by its adherents. Advocates of this technology envision it as a tool for achieving a radical vision of sustainability that transcends the limitations of traditional modes of thought and unlocks novel possibilities. As such, we propose that even though it could be appropriated by malefactors, blockchain should be perceived as a novel arena for innovation, where pragmatic concerns and forward-thinking aspirations converge to lay the groundwork for a sustainable infrastructure that supports the transformative needs of future generations.