Cryptocurrency: A Panacea for Economic Growth and Sustainability? A Critical Review of Crypto Innovation

Donghee Shin, Zayed University
John Rice, Zayed University

Document Type

Article

Source of Publication

Telematics and Informatics

Publication Date

5-1-2022

Abstract

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 potential. 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.

ISSN

0736-5853

Publisher

Elsevier BV

First Page

101830

Last Page

101830

Disciplines

Business | Computer Sciences

Keywords

Cryptocurrency, Digital ledger, Causal layered analysis, Sociotechnical perspective, Non-fungible token

Scopus ID

85129735158

Indexed in Scopus

yes

Open Access

no

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