The Institute for Ethics and Emerging Technologies (IEET) has published a brief article advocating the use of blockchain technology.

In the article, the IEET describes the blockchain as next-generation information technology with many potential upsides in a number of fields beyond digital currencies.

The IEET made a clear distinction between 'bitcoin 1.0' (currency) and other emerging technologies, classified as 'bitcoin 2.0' (contracts) and 'bitcoin 3.0' (beyond currency and finance) applications of blockchain technology.

More than just a currency

IEET affiliate scholar Melanie Swan said the currently developing models of bitcoin and blockchain technology are “not the final paradigm”, as they are plagued by problematic flaws. However, she pointed out that decentralised models in general could have a pronounced impact on technology and society.

Swan said:

“Bitcoin and blockchain technology is much more than a digital currency, the blockchain is an information technology, potentially on the order of the Internet (‘the next Internet’), but even more pervasive and quickly-configuring.”

She described blockchain technology as one of the first identifiable large implementations of decentralisation models.

Looking at the bigger picture, Swan argued that decentralised models have the potential to “reorganise all manner of human activity” due to their ability to provide frictionless and trustless interaction between people and technology.

“The blockchain (decentralised network coordination technology) could emerge as a fundamental infrastructure element in the model to scale humanity to its next levels of orders-of-magnitude-larger progress,” she said.