Journal
TELEMATICS AND INFORMATICS
Volume 71, Issue -, Pages -Publisher
ELSEVIER
DOI: 10.1016/j.tele.2022.101830
Keywords
Cryptocurrency; Digital ledger; Causal layered analysis; Sociotechnical perspective; Non-fungible token
Categories
Funding
- Office of Research
- Institute for Social and Economic Research at Zayed University (The Policy Research Incentive Program)
- Institute for Social and Economic Research at Zayed University
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Distributed ledger technology is considered as a reliable tool to address societal and environmental challenges. Cryptocurrency, as a socio-technical network, presents various challenges and issues that require a comprehensive socio-technical approach for resolution.
Distributed ledger technology is highlighted as a solid tool to address social and ecological challenges. Cryptocurrency is seen as a network with a socio-technical structure since the systems are composed of technical infrastructure and the social relations between users of the crypto ecosystem. The sociopolitical ramifications of cryptocurrency are critically assessed to identify key features and conceptualize issues to unlock opportunities to guarantee a sociotechnical approach to blockchains. Despite progressive initiatives, a series of challenges, such as trust, cybersecurity, and scalability, have emerged as cryptocurrency begins to develop its full poten-tial. With these issues, sociotechnical concerns have surfaced regarding how to respond to the possible consequences that such a policy choice would entail, how to govern the crypto economy, and how to create a sustainable crypto ecosystem. We argue that cryptocurrency is a socio-technical system that constitutes new and important objects of social inquiry that must be addressed beyond the myopic context of a financial asset.
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