Going beyond Cryptocurrencies: The Social Representation of Blockchain

Abstract

This study investigates the social representation of Blockchain from the perspective of professionals in Brazil, herein considered as a proxy for emerging markets, and then compares the results found with the existing academic literature on the concept of Blockchain. To do that, the social representation theory was applied, operationalized through the words evocation technique. Security, bitcoin and decentralization were the categories located in the central nucleus of the social representation of Blockchain, while innovation, data, network, cryptocurrency, and technology were the categories located in the peripheral system. Based on the results obtained, there was a perceived strong association of Blockchain with bitcoin, one of its applications, and a dissonance between the existing academic literature and the perception of Brazilian professionals about the concept of Blockchain, as the latter is a privilege of the technical and operational issues of Blockchain to the detriment of its strategic potential. This dissonance can cause Blockchain initiatives to have results below expectations. Finally, Brazilian professionals did not realize the potential for inclusion of Blockchain in an emerging market such as Brazil and did not notice the need and relevance of a specific legal governance for Blockchain, an issue also forgotten by academia.

Blockchain for Governments: The Case of the Dubai Government

“…By integrating blockchain, artificial intelligence, and big data technologies in their processes, governments are moving towards data-driven and evidence-based decisions and policymaking. This helps governments in promoting sustainable development to support resilient societies [13,14]. While the world is witnessing rapid adoption of blockchain technology, with an expected market value of more than USD 176 billion by 2025 [15], its application in e-government is also gaining ground [16].…”

“…Blockchains are secure and "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way" [20]. These benefits can augment the building of resilient societies, by keeping track of data across various activities and actors, authenticating and guaranteeing the execution of tasks, and enabling the emergence of more transparent and accountable governments [14].…”