Abstract
PurposeWith the conceptualization of the blockchain as a socio-technical assemblage, this study aims to critically examine the blockchain initiatives in Korea in terms of the opportunities, risks and challenges embedded in their development.Design/methodology/approachThis paper analyzes blockchain design and development from socioecological views: social, technological and cultural phenomena that represent the strategic interaction among people, technology and society. The qualitative data were collected from a variety of sources and diverse means.FindingsThe results imply that blockchain needs a close socio-technical examination to avoid simplistic assumptions of its promises and pitfalls. The development of blockchains in Korea will need to consider a range of socio-technical issues to facilitate the best outcomes for blockchain in society.Research limitations/implicationsDespite proactive drives, new risks, such as security, privacy and transparency, emerge as critical concerns of the social implications of the blockchain and their impact on the new digital environment. Questions are raised as to how to govern blockchains, and how to address the unexpected outcomes that such a policy choice may have on society and industry.Originality/valueThe sociopolitical implications of Korean blockchains are examined to identify key concerns and issues as the country progresses rapidly toward a blockchain-driven society.
Published Version
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