Blockchain—The Savior of Democracy?

Abstract

The Blockchain offers considerable potential for approaching political risks in modern societies. It can make a large number of structures much more democratic—and not just much more efficient than the established structures, but also for promoting citizens’ self-determination and counteracting disenchantment with politics. In addition to the technological challenges, however, there are hurdles here that are primarily owed to the motivations of the decision-makers. Many politicians are therefore still hesitant in their support of the Blockchain. For example, it shifts power from a centralized hierarchy to decentralized and flat structures. This is not necessarily in the interest of the respective leaders, since—in a functioning democracy—we assume that the elected representatives represent and assert the interests of the population in the best possible way. But, irrespective of the degree of democratic participation—up to and including liquid democracy—the Blockchain can already provide a far-reaching spectrum of advantages for the political process that can increase political confidence and make the system much more efficient and transparent.