BLOCKCHAIN: NEW HORIZONS FOR THE DIGITAL ECONOMY

Abstract

The rapid proliferation of blockchain technology in the digital economy has brought forth a myriad of ethical considerations that warrant careful examination. This article delves into the ethical implications of blockchain architectures, particularly about transparency, privacy, and social responsibility. Blockchain's inherent transparency raises concerns regarding personal and financial data privacy, necessitating a delicate balance between transparency and individual rights. Additionally, the immutability of data on the blockchain presents challenges in correcting errors or removing harmful information without compromising integrity. The responsibility and ethics surrounding intelligent contracts, as well as ensuring accessibility and inclusivity in blockchain applications, further underscore the importance of ethical considerations in the digital economy. Furthermore, environmental sustainability and financial stability are critical ethical dimensions that must be addressed as blockchain technology evolves. Through collaborative efforts among stakeholders, including governments, businesses, academia, and civil society, it is imperative to navigate these ethical challenges and harness the transformative potential of blockchain technology while upholding ethical principles and social values. This study will examine blockchain and its impact on the digital economy. It will explore how this technology has transformed how companies interact, how consumers access services, and how new business models are evolving in an ever-changing digital environment. In addition, the challenges and opportunities that arise in the context of blockchain within the digital economy and how it helps shape the future of business and society, in general, will be analysed.