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Future Internet 2016, 8(4), 49; doi:10.3390/fi8040049

Socialism and the Blockchain

Creative Technology Group, Department of Informatics, University of Sussex, Chichester 1, 128, Falmer, Brighton BN1 9QT, UK
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Author to whom correspondence should be addressed.
Academic Editor: Carmen de Pablos Heredero
Received: 5 August 2016 / Revised: 27 September 2016 / Accepted: 10 October 2016 / Published: 18 October 2016
(This article belongs to the Special Issue Future Intelligent Systems and Networks)
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Abstract

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. View Full-Text
Keywords: Bitcoin; blockchain; cryptocurrency; fiat money; libertarianism; socialism; Marxism; anarchism Bitcoin; blockchain; cryptocurrency; fiat money; libertarianism; socialism; Marxism; anarchism
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This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. (CC BY 4.0).

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Huckle, S.; White, M. Socialism and the Blockchain. Future Internet 2016, 8, 49.

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