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Advocate Ethics-Driven Regulation of Blockchain Technology

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“Given the complexity of the technologies emerging with blockchain, we need to carefully consider the moral issues that emerge or may emerge when determining use cases.”

Blockchain technology acts as a shared database ledger, allowing assets and transactions to be tracked without supervision, but theoretically unlimited users. From smart contracts to intellectual property blockchains, its potential applications show the potential for fluid collaboration, efficient rewards, and thorough intellectual property management. However, there are still important issues that remain undefined, such as privacy, compatibility, liability, and jurisdiction.In addition, professional codes of conduct and ethics are required in all fields, which is why blockchain technology is socially important. Blockchain technology also deserves its own ethical field, such as artificial intelligence (AI), nuclear technology, biotechnology, etc. space exploration. Leading minds in a variety of fields first explore what can be done in this field and how this technology can be shaped to have a positive impact by examining its potential consequences. For example, central to the idea of ​​blockchain is the creation of decentralized, leaderless organizations. This raises the question of who is to blame when something goes wrong. Who decides what actions are allowed? Looking macroscopically and in the future, if blockchain technology is expected to change the nature of money, this will affect the dynamics of power, economics, What impact will it have on politics?

From dolly to digital ledger

In 1996, ethical issues and a slippery slope debate exploded when the successful clone of Dolly the Sheep.Would banning human cloning, however far into the future, be in line with human rights by violating reproductive privacy and autonomy rights? This is clearly an extreme comparison. But shouldn’t the blockchain field also work towards standardizing guidelines for ethical research? For example, researching and disclosing security vulnerabilities in live blockchain smart contracts should be ethically considered. of twitter vote Prompted by Cornell University researcher Philip Daian, we found that two-thirds of respondents said yes. However, it should be remembered that such actions may endanger the lives of blockchain participants.

Moreover, blockchain technology is highly flexible and rapidly evolving in various applications. The healthcare industry alone puts the blockchain market value in 2020 at $2.12 billion. The architectural concept of a shared digital ledger for unbroken sharing of information across ecosystems addresses the need for information accuracy, minimizing manual interruptions in the process, and balancing the tension between the need for transparency and the desire for privacy. Request resolution. Shared ledger transparency promises greater integrity and accountability across the ecosystem, increases trust among participants (based in part on the immutable nature of the ledger), and reduces counterparty risk. However, there are still many valid reasons why participants may not want full visibility across the network, so coordinated transparency may need to be developed further.

be careful

Given the complexity of emerging technologies in blockchain, moral issues that emerge or may emerge should be carefully considered when determining use cases. Moreover, one should not be blinded by the hype of this technology’s potential—promoting efficiency gains, security, privacy, integrity, and its somewhat anti-authoritarian nature—but rather what it can offer. The more gullible among us should be aware of the potential for actual harm. A range of blockchains that should be regulated to some extent should ensure a decentralized architecture that can sustain the communication and processing power necessary to manage and process all transaction data. There must be conflict-insulated regulatory bodies and bodies that provide a degree of oversight to prevent, deter and punish abuse. Such oversight arguably directly violates the libertarian freedoms that this technology strives for, but the functionality is not only based on ethics, but also the ideal of fluid trading made possible by this platform technology. It is undoubtedly necessary to facilitate its functioning through rules and regulations that are also based on standardized principles.

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