Purpose In the evolving landscape of global remittances, this study systematically explores cryptocurrency's transformative impact on remittance services through a comprehensive literature review and bibliometric analysis. Design/methodology/approach Through meticulous PRISMA-guided analysis, the research identifies cryptocurrency technology as a pivotal force in enhancing remittance efficiency, reducing costs and broadening access contributing significantly to financial inclusion. Findings Findings revealed that cryptocurrency technology could significantly enhance remittance services, offering improved efficiency, reduced costs and increased accessibility. This suggests a transformative potential for financial inclusion, presenting a compelling case for broader adoption and regulatory support to leverage these benefits effectively. Research limitations/implications By integrating recent research, this work underlines the urgent need for broader adoption and regulatory support to leverage these benefits effectively. It offers novel insights for institutions and policymakers, highlighting the potential for technology adoption in remittances to enhance financial inclusivity. Originality/value More cryptocurrency studies are needed to concentrate on remittance markets. Thus, this investigation constitutes a unique addition to the field. Additional investigation in this domain presents significant possibilities for future exploration and progress.
Non-fungible Tokens (NFTs) are emblematic of unique digital assets that offer a distinct proprietorship and value creation, whilst Self-sovereign Identity (SSI) imbues individuals with the capacity to govern their personal data and identifying information. The conceptualization of an NFT-based Self-sovereign Identity is still under contemplation within the scholarly community. Despite initial assertions by researchers concerning the potential advantages of integrating NFTs with Self-sovereign identity, the manifestation of systems based on this amalgamation has yet to materialize in pragmatic circumstances. This research paper explores the prospective benefits and impediments associated with the synthesis of Non-Fungible Tokens (NFTs) and Self-Sovereign Identity (SSI). It further unveils a generalized operation flow of an NFT-based SSI, the various iterations of NFTs that can be deployed in the realm of SSI, and an array of refined and expanded SSI principles specific to NFT-based SSI. The paper delves into the technical, legal, standardization, and governance challenges that might ensue from this amalgamation. This research paper accentuates the significance of tackling these obstacles to harness their potential for industry transformation and individual empowerment. Moreover, the paper examines prospective research and developmental trajectories, including technological progressions, potential reverberations on industries and societal structures, as well as the emergence of new business models and revenue streams. It also reiterates the importance of addressing these challenges to actualize the full potential of these emerging technologies. This research endeavor is a pioneering exploration in the realm of NFT-based Self-sovereign Identity.
India is presently experiencing a moment of profound transformation that encompasses revisions to its constitution and legal principles. In this era of remarkable transformation, it would be imprudent to overlook the technological innovations and digital advancements that have permeated the legal domain. One particularly vital aspect in this context is the field of Contract Law. Presently, electronic contracts in India are primarily governed by The Indian Contract Act, in conjunction with the Information Technology Act and the Indian Evidence Act, unless stated otherwise. These legal frameworks provide the foundation for legally enforceable electronic contracts in the country. This research paper emphasizes the urgent requirement for a legal adaptation in the field of Contract Law to align with the ever-evolving technological landscape. It also delves into the legal intricacies associated with blockchain-based Smart Contracts, elucidating how these contracts function within the current judicial landscape. Finally, it concludes by emphasizing the necessity for a pioneering effort to regulate this dynamic domain.
This chapter posits that non-fungible tokens (NFTs) contribute to an expansion, acceleration, and individualization of exploitative labor practices and advance the blockchain project of decentralized, non-governmental financial engagement. It considers play-to-earn, NFT-based video games such as Axie Infinity as sites where centuries-old structures of racialized labor exploitation are reproduced and rendered invisible by everyday contexts for digital labor and utopian perspectives inherent to platform capitalism. This chapter advocates for a framework of racial capitalism and platform capitalism and argues that platform capitalismâs promises, purposes, and capacity for boundary-setting obfuscate precarious and racialized realities experienced by Axie Infinityâs labor class and enabled by economic inequality and crisis, differential access to technology or capital, and the capacity for regulators to keep pace with nascent technologies. In Axie Infinity, the labor of the gameâs Scholars is fulfilled at the discretion of its rentier class or Managers, with the two parties experiencing unequal rewards, burdens, and privileges. The chapter argues that the accumulative interests of Axie Infinityâs NFT owners and Managers are predicated upon unseen, racialized labor. By extension, the NFTsâ ability to generate earnings and speculative potential are dependent upon a surplus of global laborers to complete the work necessary to realize the NFTsâ value propositions.
Amber Seira, Jeffrey S. Allen, Cy Watsky, Richard Alley
A permissionless blockchain network is a system of physically distributed computers running a copy of a shared ledger and using the same software rules that enable all network participants to âread, submit, and validate transactionsâ (Beck, MĂŒller-Bloch, and King, 2018, p. 1022). A permissionless systemâs accessibility stands in contrast to that of permissioned systems, in which a central authority pre-selects validators and potentially restricts viewing and submission rights (Krause, Natarajan, and Gradstein, 2017; Beck, MĂŒller-Bloch, and King, 2018).
Blockchain-powered smart contracts are automating contract execution, completely changing the way business transactions are conducted. In the era of automation, this article examines the legal ramifications of smart contracts, contrasting them with conventional contracts and examining the advantages and disadvantages they offer. The essay explores regulatory considerations for incorporating smart contracts into current legal frameworks while protecting the interests of contractual parties and consumers by drawing on the nexus between law and technology. Stakeholders can efficiently manage the intricacies of smart contracts and promote innovation and legal compliance in commercial transactions by identifying best practices and recommendations.
Inspired by Sir Mark Walportâs Beyond Blockchain report in 2016 Lord Chris Holmes of Richmond spearheaded a follow up report DLT for Public Good in 2017. Since then, a body of evidence has accumulated â EP DLT sandbox for example â including projects Lord Holmes has been directly involved with such as the Reducing Friction in International Trade (RFIT) programme, a pilot led by HMRC and the FSA exploring cross border compliance with Australian wine imports using DLT and analysed by the FSA and the OECD. Lord Holmes is now working with departments and academic advisers to consider government applications, pilots, potential use cases and ultimately provide an extra layer of challenge and ideas on the future of DLT for public good. He kindly invited me to join a roundtable discussion that will take place tomorrow, Thursday 7th March 2024 in the House of Lords. As in-person participation was impossible for me this time, I was allowed to contribute with some notes in written form, that I am happy to share here. My key recommendations are: (1) Use public procurement to ensure public-good-informed DLTs are adopted. Outsourcing to private commercial providers would be a high risk. (2) When public development of DLTs cannot be achieved, the Government should make sure that (a) the system is customized keeping in mind the specific risks and needs of public services; (b) the T&Cs are negotiated to make sure that data stays in the UK and is not used to benefit private interest and in ways that do not benefit citizens. (3) Avoid technological determinism and only adopt a DLT solution where there is robust evidence of clear benefits for citizens. The risks for fundamental rights are high and unintended consequences have occurred and will continue to do so. (4) Work closely with the Information Commissionerâs Office, the Digital Regulation Cooperation Forum, academics and civil society in order to address the issues related to illegal content present on the DLT, privacy concerns, and any other fundamental rights concerns.
Non-fungible Tokens sind spÀtestens seit 2021 als neue Ware der Digitalökonomie bekannt. In diesem Beitrag stelle ich zum einen die These auf, dass der NFT-Markt statt einer Demokratisierung eine Reproduktion hierarchischer Machtstrukturen reproduziert. Zum anderen lege ich theoriegeleitet dar, inwiefern NFTs als Ware kein Eigentum im klassischen Sinne darstellen, sondern ihr Kauf den Erwerb eines historischen Moments bedeuten.
This chapter investigates "data-opolies" within Web3 and Artificial Intelligence (AI), highlighting their implications for democracy and their impact on business and society. Data-opolies are defined as dominant entities, usually large tech corporations, that control vast amounts of data, affecting market competition and transparency. The chapter discusses how the monopolization of data by these entities creates power imbalances, challenging democratic values. It explores how AI, when controlled by data-opolies, amplifies their influence, raising concerns about privacy, ethical AI use, and equitable access to technology. The concentration of data and AI capabilities in the hands of a few exacerbates socioeconomic divides and threatens democracy by potentially manipulating public opinion and information flow. The chapter examines Web3 innovations as a decentralized, transparent, and user-empowering alternative to traditional data control models. These technologies are presented as tools for democratizing data ownership, enhancing individual autonomy, and fostering an inclusive digital economy. However, the chapter also questions these assumptions, especially in the context of crypto-libertarian maneuvers around the "Network State" paradigm. In conclusion, the chapter emphasizes the need for a balanced approach to leveraging AI and Web3 to mitigate democracy's erosion by data-opolies. It calls for collaborative efforts and a multistakeholder approach to developing regulatory frameworks and ethical guidelines that align with democratic values, ensuring the responsible use of AI and data in society.
The gig economy, which is defined as transient and adaptable work arrangements facilitated by digital platforms, has experienced unprecedented growth in recent years, profoundly altering labor market dynamics. This profound transformation has introduced a multitude of repercussions for workers, simultaneously offering both opportunities and challenges. In one aspect, it entails providing individuals with heightened autonomy, the opportunity to cultivate multiple income streams, and an improved balance between work and personal life, thereby enabling them to autonomously shape their career paths. Conversely, increasing concerns on job security, workersâ rights and protection, and employment benefits arouse discussions of economic welfare of gig workers. For businesses, the gig economy represents a transformative force, promoting cost-effective, on-demand labor while necessitating responsive strategies to manage a decentralized and flexible workforce. As a signal of a new era in labour market dynamics, gig economy has significant impacts on the broader labour force and traditional employment patterns. Grappling with of crucial task, policymakers are in urgent need of finding a balance that preserves the rights and finance security of the labour force without mitigating enthusiasm of development and economic prosperity. Comprehending the multifaceted influences of the gig economy is paramount in formulating policies, thereby building a labor market that embraces opportunities and challenges arising from this transformative change and ultimately facilitating a future work of greater equity and adaptability.
In a pre-digital epoch, humans possessed the material means of production through material labor, which allowed them to exercise subjective agency and establish their existence as subjects through the acquisition of property rights. As digital technology has advanced, our digital being now forms an integral element of our fundamental human existence. In the age of the âmetaverse,â we must confront and provide an answer to the topic of how to thrive better in the digital virtual world. The rise of Crypto Art, now imbued with a tangible worth by the incorporation of Blockchain technology and Non-Fungible Tokens in the artistic sphere, has opened new vistas for us to verify our subjects within the âmetaverseâ, thereby securing the liberty of our digital existence. However, crypto art, as digital labor under the techno-capitalist system, inevitably brings about the problem of alienation of digital laborers and their products, impacting the vulnerable subjects in the âmetauniverseâ. The communitarian mechanism and spirit of consensus inherent within the blockchain present potential pathways towards resolution. In addressing this predicament, crypto art must first transform into a societal intermediary committed to fostering a community centered around the sharing of digital resources. This would empower digital workers to genuinely possess their labor and acquire property rights on a public and communal platform, ultimately leading to the restoration of subjectivity.
DAOs, decentralised autonomous organisations, you have the power, right? Well, like most other matters now-a-days, it depends. Oftentimes, the relationship between NFTs and DAOs is intertwined as a DAO may be set up with the purpose of creating NFTs or else, one may buy an NFT to become a DAO member. Both DAOs and NFTs make use of smart contracts on a blockchain. Thepurpose of this paper is to answer the following questions:How decentralised is a DAO? What is the role of NFTs within a DAO?How can NFTs enhance the workings of a truly decentralised autonomous organisation? The author believes that decentralisation should stop being used as a hype word in the blockchain sphere and discussesaboutcertain problems regardingcentralised and decentralised points in a DAO, whether theyrealised or not. Both the Maltese Innovative Technology Arrangement and Services Act and the Wyoming Decentralized Autonomous Organizations Supplement will serve as focus as theselaws directly regulate DAOs and in turn serve as a means to protect the member and the client of the DAO, and their NFTs.
Blockchains have inspired imaginaries of a new iteration of the internet, hailed as Web3, where the power of centralized platform companies would be limited and the ownership of personal data and content could be retained by their individual owners and creators. Web3 is expected to facilitate the emergence of novel protocols and platforms that enable decentralized coordination of data and digital assets. This article examines critically the experiences and imaginaries of creators working on two blockchain-based video-sharing platforms: Theta.tv and Odysee. Building on the studies of creator culture and institutionalist blockchain economics and based on open-ended interviews with the early adopters of these platforms, the paper investigates how the creators experience these decentralized social media applications in terms of their processes of governance, community creation, and career development. We show how the affordances of blockchains and creator expectations can result in further convergence of community management and career-building functions potentially benefiting creators. We also show that the new wave of decentralization, against optimistic blockchain visions, has not yet led to the distributed âownershipâ of social media networks. Rather, while blockchains seem to have increased creator autonomy and added career opportunities, novel forms of platform governance and power have also introduced new perceptions of precarity among creators.
The landscape of work is undergoing significant changes, and the advent of Web 3 technologies is poised to accelerate this transformation. The gig economy, which emphasizes short-term contracts and freelance work, has been subject to criticism for its lack of job security, limited worker protections, and heightened competition. However, the emergence of Web 3 technologies and decentralized autonomous organizations (DAOs) offers a potential solution to these problems, by providing greater worker autonomy, transparency, and democratic decision-making. DAOs can help to give workers greater control over their working environment, as well as offering them greater job security. These technologies can also create new opportunities for workers to work remotely and receive payment more quickly than traditional methods. This chapter aims to examine the potential opportunities and obstacles presented by Web 3 and DAOs for the future of work.
This chapter delves into the burgeoning world of smart contracts and their critical role in powering decentralized autonomous organizations (DAOs). Beginning with an exploration of the logical foundations of smart contracts, it underscores the parallels between smart contract creation and traditional contract formulation, with a keen emphasis on the concept of conditional execution. It further elucidates the integral role of smart contracts in underpinning DAOs, illuminating how these automated, transparent, and immutable constructs facilitate the decentralization and autonomy of such organizations. A rigorous examination of the complex interplay between technology, law, and economy in DAO operations is also undertaken. The chapter additionally navigates the challenging regulatory landscape, drawing on international legal frameworks and proposed regulations. Throughout, it maintains a balanced perspective on the transformative potential of smart contracts and DAOs in reshaping societal structures, alongside the profound challenges their implementation presents.
This article examines non-fungible token (NFT) applications and their users through a qualitative textual analysis of NFT-based video game Axie Infinityâs Discord server. It considers NFT applicationsâ dual purposes as entertainment media and financial instruments and posits that the interests of capital inform usersâ engagement. In an environment defined by distrust and uncertainty, predominantly Filipino digital laborersâ (âScholarsâ) experiences and interactions with the gameâs ownership class (âManagersâ) reflect pre-existing patterns of exploitation made inexpensive by differences in currency valuations, accessible by access to digital devices, available by global financial uncertainty, possible by a lack of user protection and governance, and permissible by light government regulation. To navigate an interplay of designed systems and human behavior, users share gameplay and marketplace knowledge. The blurring of gaming, gambling, and finance discussed here risks fostering an increasingly gamified approach to work and finance and facilitates exploitation of global, stratified labor.
Abstract Distributed Ledger Technology (DLT) faces increasing environmental scrutiny, particularly concerning the energy consumption of the Proof of Work (PoW) consensus mechanism and broader Environmental, Social, and Governance (ESG) issues. However, existing systematic literature reviews of DLT rely on limited analyses of citations, abstracts, and keywords, failing to fully capture the fieldâs complexity and ESG concerns. We address these challenges by analyzing the full text of 24,539 publications using Natural Language Processing (NLP) with our manually labeled Named Entity Recognition (NER) data set of 39,427 entities for DLT. This methodology identified 505 key publications at the DLT/ESG intersection, enabling comprehensive domain analysis. Our combined NLP and temporal graph analysis reveals critical trends in DLT evolution and ESG impacts, including cryptography and peer-to-peer networks researchâs foundational influence, Bitcoinâs persistent impact on research and environmental concerns (a âLindy effectâ), Ethereumâs catalytic role on Proof of Stake (PoS) and smart contract adoption, and the industryâs progressive shift toward energy-efficient consensus mechanisms. Our contributions include the first DLT-specific NER data set addressing the scarcity of high-quality labeled NLP data in blockchain research, a methodology integrating NLP and temporal graph analysis for large-scale interdisciplinary literature reviews, and the first NLP-driven literature review focusing on DLTâs ESG aspects.
Is blockchain the technological blueprint of a utopian decentralized future or a dystopian centralized one? In search of an answer to this question, this article juxtaposes blockchain governance and the stateâs utilization of blockchain to govern citizens. This juxtaposition reveals that whilst being a disruptive general-purpose technology emerging from mistrust of centralized institutions, blockchain could also be the vehicle delivering centralized state surveillance and behavioral control. This juxtaposition further reveals that in contrast to the expectations of blockchain enthusiasts, statesâ approach to blockchain does not appear to be entirely antagonistic but it consists of a tripartite strategy of appropriation, regulation and rejection depending on which satisfies the state interests in a given context. As most constructs of governance via blockchain are still at an embryonic stage, it is difficult to reach definitive conclusions about what the future holds for blockchainâs impact on citizenship. Nevertheless, this article argues that it is necessary to follow blockchain-based governance critically to identify whether there will be a further divergence between the two worlds of blockchain.
âCode is lawâ became a buzz term in Web3 and blockchain reality. Despite the term being already used much earlier by Lawrence Lessig in the year 2000 in his book titled âCode and Other Laws of Cyberspace,â when the internet and Web2 were emerging, the rise of smart contracts and complex algorithmic power made the term genuinely resonate with the (idealised) Web3 reality. The entrainment of technological solutionism in the brains of members of society gives an impression that a world governed by algorithms will be a fairer one. However, research has shown that many members of society are not standard statistical representations of the majority and whilst algorithmic governance leaves room for âstandard deviation,â individuals that fall outside this standard deviation are, in fact, very disadvantaged. There are numerous research papers as well as popular science books that address the issue of algorithmic bias and unfairness in Web 2. The proponents of blockchain and web3 technology argue that with a DAO-governed, decentralised society, problems of biased algorithmic governance are solved as power and decision-making are decentralised, and members use their governance tokens to collectively decide on the law encoded in the smart contracts that are the ultimate law enforcement apparatus. Web3 promises a shift of power from governments and corporations to people and token holders, arguing it will make a Web3-governed society fairer. This paper is based on decoding this promise and using Althusserâs model of a state apparatus to show how the power relations changed in Web2 and Web3 realities. It shows that Web3 promises of the code becoming the law were already present in the Web2 discourse and discovers a model of an ideological apparatus power struggle between states and Web2 giants. Next, the power relations in the blockchain society are researched, starting from the idealised model of decentralised, token-holder governed power, which regulates the governments and corporations, to a discussion on what the actual power relations and struggles might result from encoding the law in the smart contract. Research shows that in Web3, âcode is lawâ society. There will be power struggles and opposition on a vertical and horizontal level. The vertical struggle is the power enforcement (originally in the hands of the state in Althusserâs (1970) model between the code and individuals, governments and corporations not willing to conform with the code-enforced law or falling outside the standard deviation of statistics-based AI algorithms hence being disadvantaged by the smart contract enforced laws. The horizontal power struggle is based on what Althusser describes as the ideological apparatus. Here, the struggle is based on a fight between individuals (the society), corporations, and the state for code-modifying resources and/or leverage over the governance token holders. Overall, the paper argues and shows that blockchain-based âcode is lawâ reality does not solve the issue of unequal power relations within societies but only as any technological revolution shifts the power relations and power struggles between existing and new actors. Unlike the founder of Polkadot, Gavin Wood states that blockchain, DAOs, smart contracts, and Web3 overall do not result in the new social sphere with revolutionised power relations. Where Web3 is now is much more similar to where Web1 and Web2 were 25â30 years agoâCreating a new space for social interactions and discourse yet being stuck within the same social sphere and uneven power relations that have governed our societies for centuries.
Blockchain technologies are increasingly liveâtested in experiments aimed at improving governance in a growing range of activities. A key question often lost amongst these efforts is whether such projects redistribute wealth and power, and, if so, in which ways. Examining the case of blockchainâbased land governance, this contribution explores the tensions between ambitious visions and their actual scales of implementation around the redistributional promises of distributed ledger technologies. Bringing together the concepts of âimaginariesâ and âinfrastructuresâ, we analyse land governance blockchainization emerging in the Global South and the metaverse. Identifying a contrast between imaginaries âscaling upâ redistributive promises yet tending to materialize in âscaledâdownâ forms, we argue for more sustained attention to pluriversal perspectives that foreground local concerns and diverse voices.
Drawing on Marx's theory of history, this article argues that the competition and capital accumulation inherent in the production of Bitcoin (i.e. âminingâ) are at odds with the narrative discourses that position Bitcoin as a revolutionary technology capable of subverting traditional power structures. Through an analysis of the evolution of Bitcoin mining, the article demonstrates how the material conditions of its production have shifted over time, leading to the concentration of mining power among a few large corporate entities and a concomitant erosion of the decentralized ethos that underpinned the early Bitcoin community. The article also argues that this shift is not simply a result of the ânaturalâ evolution of the technology, but also the outcome of specific social and economic forces that encourage the accumulation of capital over Bitcoin's democratic and decentralized potentialities. Overall, the article suggests that the narrative discourses surrounding Bitcoin need to be understood in relation to the material forces that shape its production and circulation, and that a more nuanced analysis of the interplay between material and discursive factors is necessary to fully grasp the dynamics of the cryptocurrency ecosystem.