The fight for democracy in the society can be dated beyond the French Revolution where “liberty”, “equality” and “fraternity” have been given new dimensions. However, as the years passed by and with a capitalistic regime the concept of democracy has been forgotten many times. Even today, the political system in different corners of the world is kind of centralized and equality just exists on the pages of the book. Come to the fiat system and circulation process; they too are centralized.
The evolution of blockchain technology has brought in the concept of decentralization in the financial sector and transaction system. The governance of blockchain, that is, the proof-of-work or the proof-of stake protocol is based on democracy. But, how democratic can the blockchain platforms or applications be is the query raised currently. Already, the world is witnessing a radical and exclusive aspect in the blockchain space instead of an inclusive one.
Blockchain & Democracy
Blockchain technology was developed with the intention of including one and all and the platforms based on this technology will be open-source, P2P. The users will be involved in projects and contribute to the network instead of just being bystanders. Democracy is hidden in the concept of decentralization itself, whose purpose is to put the right of taking decisions in the hands of the user, rather than the centralized authorities. And, the meaning of democracy is inherent from Aristotle’s view, “Democracy is when the indigent, and not the men of property, are the rulers”.
Democracy Features in Blockchain
Data stored on the blockchain technology-based platforms are in digitized form that can be accessed by the participants. The process of storing data on the blocks requires the consensus of the nodes instead of a centralized authority. In case of a transaction, it has to be confirmed by the participants unanimously before the transaction process can be completed. Unlike the centralized applications, there is no requirement of intermediaries here.
As everything is time-stamped in the blockchain space, all the data are stored accurately. The blocks cannot be tampered as it is an open-source platform that can be viewed by anyone who has access. Adding to democracy, the blockchain space has also been designed to be secure. They are cryptographically sealed in the chain and can only be changed by the involved parties. For instance, in case of medical records stored in the blockchain space, only the physicians and the patient will have access to the records and can make slight changes.
Democracy Instances in the Blockchain Space
IDCM is a crypto exchange that combines both the positive properties of centralized and decentralized exchange. Their platform is completely based on consensus mechanism voting system to decide which token or cryptocurrency should be listed for trading and exchange.
The idea of implementing blockchain technology in the voting system for its transparent feature is in the early stages in South Korea. The blockchain technology-based voting system is a step towards joining this comparatively new system with the democratic society. Korea National Information Society Agency (NIA) and ICON Foundation are associated in this project.
So, we need to wait and watch for more applications of the blockchain technology in real-life situations and its democratic features.