Trust in the digital world. How can blockchain support an ethical approach to technology?

Trust in the digital world plays a key role, and blockchain is becoming one of the tools supporting transparency and ethical approach in technologies. Despite its enormous innovative and economic potential, blockchain also raises new ethical questions, especially in the context of privacy, data security and technology accessibility. These issues raise important dilemmas: How will technology, which ensures anonymity and total transparency, affect our everyday lives?

Can we trust a system that is both extremely secure and potentially vulnerable to new forms of abuse? The answers to these questions are crucial not only for technologists, but for each of us living in an increasingly digitized world. As you continue reading, you will learn how blockchain can truly revolutionize our approach to ethics and trust in the digital age, offering not only new challenges but also unexpected opportunities to build a better world.

Ethics in the world of technology

Technological development brings many benefits, such as streamlining processes, improving communication, and access to new educational tools, but at the same time it raises numerous ethical challenges. And this should be not just an addition, but the foundation on which all technological solutions should be based. Issues include issues related to privacy, responsible design, fair use of technologies, and their impact on the environment and society.

Examples of unethical practices in technology include scandals related to the misuse of personal data by large corporations, such as in the case of Facebook and the Cambridge Analytica scandal, where the data of millions of users was used without their consent for political purposes. Other problems concern the treatment of workers in manufacturing factories, which often ignore safety and work ethics standards.

In response to these challenges, blockchain offers unique solutions that can help solve some of these problems. This technology, thanks to its immutability, decentralization and transparency, can increase trust and honesty in various fields. Immutability and decentralization ensure that no single person or institution has control over the entire system, minimizing the risk of abuse and corruption. Transparency allows all users to verify activity on the platform, which can help fight corruption and increase trust in public and private institutions.

Blockchain, through its ability to ensure transparency, can also contribute not only to better data management, but also to its ethical use. In fact, I believe that introducing blockchain-based technologies into the mainstream may be one of the key steps towards building trust and ethical standards in the digital world.

Trust – the new most important value?

In today’s technological world, trust is worth its weight in gold, and its lack can lead to serious consequences. An example that perfectly illustrates trust issues in the digital world is the issue of fraud and abuse related to personal data. For example, in 2017, Equifax suffered one of the largest data breaches in history, affecting over 143 million Americans. The leak highlighted problems with security and ethical data management, which in turn destroyed consumer trust in the company and caused long-lasting effects on its reputation.

Blockchain offers a solution to many of these problems through the decentralized and transparent nature of the technology. Transactions recorded on the blockchain are permanent and impossible to modify once they are confirmed, which provides users with greater certainty and security. The verifiability of each transaction on the blockchain means that each party in the transaction has access to an unchanged record of the operation, which in theory eliminates the need to trust a single institution controlling the process.

Moreover, blockchain enables the creation of the so-called smart contracts, i.e. intelligent contracts that automatically execute contracts between parties when certain conditions are met. This, in turn, minimizes human error and the risk of fraud because contracts are executed automatically, without the possibility of external interference.

Such solutions can revolutionize the way we approach financial transactions and beyond, giving users greater control over their data and values, which over time can restore and strengthen trust in the digital (and beyond) world.

How does blockchain help build trust in the digital world?

Blockchain can play a key role in building trust in the digital world, while offering solid solutions for greater transparency, security and ethics in economic and social transactions.

Cryptocurrencies – “money” you can trust

Cryptocurrencies such as Bitcoin, which are built on blockchain technology, have unique features that distinguish them from traditional currencies and make them perceived as more transparent and resistant to financial manipulation. One of the key features of most cryptocurrencies is their limited supply. In the case of Bitcoin, the maximum amount of coins that will ever be mined is set at 21 million. This restriction is written in the cryptocurrency’s source code and cannot be changed without the consensus of the majority of network users. This supply restriction is intended to imitate the properties of gold and other valuable resources that are valued precisely because of their rarity.

The limited supply of cryptocurrencies like Bitcoin is crucial to their value. Although the cryptocurrency market is liquid and characterized by large price changes, Bitcoin shows an undeniable tendency to increase in value in the long term. Unlike traditional currencies, which depreciate very slowly and often imperceptibly due to inflation and other economic factors, Bitcoin can offer a more stable security of value in the long term.

Another important feature of cryptocurrencies is their independence from central financial institutions. Cryptocurrency transactions are processed on a peer-to-peer network, where any network user can participate in the verification process. This eliminates the need for intermediaries such as banks and governments, which in turn reduces transaction costs and increases transaction speed. Moreover, the lack of central control over the network increases resistance to censorship and market manipulation, which is especially important in countries with unstable financial systems or restrictions on capital flow. Cryptocurrencies therefore offer a new form of money that, in theory, could support a more democratic and fair financial system.

Transparency in times of uncertainty

Transparency, which is one of the key features of blockchain technology, can play an important role in building trust in various sectors, especially in times of uncertainty and frequent accusations of manipulation or corruption.

In public procurement, blockchain could radically change the way tenders and contracts are awarded. By recording each transaction in an immutable, public register, all parties involved in the tender can track the progress and execution of the contract in real time. This reduces the possibility of corruption and deals because every element of the tender process is visible and verifiable.

In supply chains, the use of blockchain enables companies and consumers to better trace the origins of products. For example, it can be confirmed that products are not the result of forced labor or do not come from conflict areas. This transparency allows consumers to make more informed purchasing decisions and support companies that engage in responsible business practices.

In turn, in the media, this technology offers the ability to create unchangeable records of information, which is especially valuable in the era of fake news. Journalists can use blockchain, for example, to secure the authenticity of their materials.

Blockchain interoperability

Anonymity and protection of personal data

Blockchain technology offers significant opportunities for anonymity and protection of personal data, which is becoming increasingly important in the context of global privacy concerns. Thanks to its structure, blockchain enables the creation of systems that ensure anonymity while verifying users’ identities. This allows you to conduct transactions or use services without having to disclose excessive personal information.

In traditional online systems, identity verification often requires the disclosure of detailed personal information. Blockchain enables the use of cryptographic techniques, such as the use of public and private keys, which allow identity confirmation without revealing who exactly is behind the transaction. Users can thus control what information is disclosed and to whom, increasing their sense of security and privacy.

Blockchain can also reduce abuse by large corporations and governments that may have access to personal data. The immutability of data stored in the blockchain ensures that information once entered cannot be easily modified or deleted, which is crucial to protect against unauthorized access or manipulation.

Moreover, blockchain technology is used in various sectors that require both anonymity and verification, e.g. electronic voting systems, digital identity management or the financial sector. In these contexts, blockchain not only increases security and privacy, but also improves the efficiency and transparency of processes.

New solutions for new times

Imagine what your life will be like when blockchain technology becomes more popular. Every transaction you make, from voting in elections to shopping online, will become faster, safer and more transparent.

When you take part in the elections, your votes will be recorded on the blockchain, which will ensure their immutability and public verifiability. This means you won’t have to worry about result manipulation or fraud. You can vote remotely from anywhere in the world, knowing that your vote is as valid and secure as if you cast it in person at a polling station.

Your medical data will be protected and available to authorized doctors, regardless of where you are. In an emergency, quick access to your medical history can save lives, and you have full control over who can view it and when.

When shopping, you will be able to easily verify the origin of the products you buy. Are you interested in ethical sourcing, child labor-free production or sustainable development? Blockchain will allow you to check every stage of production, from raw material to the final product, which will allow you to make more conscious and responsible consumer choices.

Your intellectual property, whether it’s an artistic work, a piece of music or an innovative invention, will be secured with irrefutable proof of ownership recorded on the blockchain. You will be able to assert your rights more easily in the event of violations and avoid costly and time-consuming lawsuits.

All this will make your everyday life more efficient, safe and ethical. Blockchain will not only change the way we interact with technology, but also increase our trust in the institutions and companies we interact with every day.