The Societal Implications of Blockchain Proliferation

Abstract

Blockchain and its distributed ledger technology have far-reaching implications for consumers across the world. Cryptocurrencies like XRP work to solve key issues in the remittance industry, targeting corridors like Mexico where foreign remittance fuels economies. Blockchain's libertarian principles have the potential to change lives in the third world, replacing corrupt infrastructure with trust-based solutions. While this technology can be used to significantly improve lives, it has a wealth of destructive applications. Bitcoin's blockchain and nefarious websites like the Silk Road have fueled an underground market of drugs, money laundering, and terrorism, complicating digital currency legislation. The negative environmental effects of cryptocurrency may also contribute significantly to global climate change. Negatives aside, cryptocurrency still proves to be a valuable commodity in technological development.