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Money Code SpaceHidden Power in Bitcoin, Blockchain, and Decentralisation$
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Jack Parkin

Print publication date: 2020

Print ISBN-13: 9780197515075

Published to Oxford Scholarship Online: October 2020

DOI: 10.1093/oso/9780197515075.001.0001

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Blueprinting BlockchainsIntroduction

Blueprinting BlockchainsIntroduction

(p.192) 8 Blueprinting BlockchainsIntroduction
Money Code Space

Jack Parkin

Oxford University Press

The final chapter dives deeper into the territory of spin-off blockchains offered as technological modes of organisation for decentralising a host of socioeconomic practices. Recent discussions of platform capitalism are used to critique claims that blockchains are an incorruptible mode of democratic governance. Instead, blockchain capitalism is offered as a more accurate transaction model where profit necessitates certain points of centralisation through dominant distributed ledger technologies. A close examination of blockchain typologies reveals the co-option of these architectures by the very centralised banking firms and governments they were initially designed to bypass. As financial giants and central banks design their own distributed ledgers to increase the efficiency of business practices and monetary policy, innovation from the disruptive edges is once again absorbed into “the centre” by the corporate/state powers that be.

Keywords:   platform capitalism, blockchain capitalism, decentralised autonomous organisation, sharing economy, Ethereum, private blockchains, public blockchains, initial coin offering, central bank digital currency, nonrepudiation

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