USTC Thesis Template

中国科学技术大学
专业硕士学位论
文
（专业学位类型）
论文题目
作者姓名： ×××
专业领域： ××××
导师姓名： ××× 教授
完成时间： ××××年××月××日
University of Science and Technology of China
A dissertation for master’s degree
（Professional degree type）
THESIS TOPIC GOES HERE
Author：Some name
Specialty： Myself
Supervisors：Prof. X
Finished time: ××××××
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写过的研究成果。与我一同工作的同志对本研究所做的贡献均已在论文中作了
明确的说明。
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的内容相一致。
保密的学位论文在解密后也遵守此规定。
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作者签名：_______________ 导师签名：_______________
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摘要
摘要
研究生学位论文是研究生在研究工作中所取得成果的集中反映，代表着研
究生研究工作的水平，也是申请和授予相应学位的主要依据。
……
关键词：学位论文 ……
I
ABSTRACT
ABSTRACT
Abstract goes here
Key Words:
II
TABLE OF CONTENT
TABLE OF CONTENT
摘要...................................................................................................................................................I
ABSTRACT.....................................................................................................................................II
TABLE OF CONTENT..................................................................................................................III
ABBREVIATIONS..........................................................................................................................V
LIST OF TABLES..........................................................................................................................VI
LIST OF FIGURES.......................................................................................................................VII
CHAPTER 1: INTRODUCTION.....................................................................................................1
1.1 Research Background...........................................................................................................1
1.1.1 Definition of the Blockchain..........................................................................................3
1.1.2 Characteristics of Blockchain Technology...................................................................5
1.1.3 Challenges and Limitations...........................................................................................6
1.2 Research Significance.........................................................................................................11
1.3 Blockchain Philosophy Research Development............................................................15
1.4 Philosophical Implication of Decentralization and Trust.............................................24
1.5 Chinese Philosophical Scholarship on Decentralized Ledger Trust...............................25
1.7 Problem Statement..............................................................................................................27
1.8 Research Questions.............................................................................................................30
1.9 Thesis Roadmap..................................................................................................................31
CHAPTER 2: BLOCKCHAIN PHILOSOPHY REVIEW..............................................................34
2.1 History of Decentralized Ledger Trust..............................................................................34
2.2 Blockchain technology and its global impact....................................................................35
2.3 Ontological Considerations in Blockchain Development.................................................38
2.4 Luciano Floridi's Philosophy of Technology.....................................................................40
2.5 Epistemological Shifts in Decentralized Ledger Trust Paradigms..................................43
2.6 Shannon Vallor’s Techno-Moral Virtues...........................................................................45
2.7 Aesthetic Dimensions of Blockchain Decentralized Ledger.............................................48
2.8 Coeckelbergh's Ethical dimensions of technology............................................................50
2.9 Discourse..............................................................................................................................52
REFERENCES...............................................................................................................................56
APPENDIX A.................................................................................................................................57
III
TABLE OF CONTENT
ACKNOWLEDGEMENT..............................................................................................................58
IV
ABBREVIATIONS
ABBREVIATIONS
V
LIST OF TABLES
LIST OF TABLES
VI
LIST OF FIGURES
LIST OF FIGURES
VII
CHAPTER 1: INTRODUCTION
1.1 Research Background

Among the most revolutionary innovations of the 21st century, blockchain
technology has become preferred. Building upon a long history of trust issues and
thoughts regarding decentralization, blockchain has become possible due to earlier
conceptualizations[1]. For example, public-key encryption allows communication and
secure authentication for decades before the invention of blockchain. 2008, Satoshi
Nakamoto introduced the first blockchain through Bitcoin[2]. Therefore, it solved the
double-spending problem, which allowed people to create fraudulent copies of digital
cash and transactions without the intervention of central authority[3]. The
development of blockchain technology is defined by a range of its specific features,
such as decentralization or resistance to fraud.
These characteristics have attracted the attention of many specialists and
researchers because they seem beneficial for numerous industries, such as finance,
supply chain management, healthcare, etc[4]. In finance, for example, the underlying
technology principle, decentralization, requires no intermediaries, thus reducing costs
and increasing efficacy[5]. Accessibility of specific data is sufficiently standardized
for immutability, making it impossible to change when such data are entered into the
blockchain with constant control and encryption features. Thus, the technology is
resistant to all kinds of fraud. Despite these strengths, blockchain technology also
faces several challenges and limitations. Scalability remains a significant concern as
blockchain networks struggle to handle many transactions simultaneously[6]. The
issue of energy consumption is also seen as critical to proof-of-work (hereinafter
PoW) consensus mechanisms that have consumers for ample computational power[7].
Because blockchain operates in a regulatory framework and adopts diverse regulatory
approaches, it poses risks to privacy since it avails all data it records to all its
participants[8]. All such challenges narrate the need for more research and innovation
1
in addressing these limitations and unlocking the full potential of blockchain

technology.
Existing literature on blockchain applies an array of disciplines, which indicates
its interdisciplinary nature. The earlier studies pivoted on the technological issues of
blockchain, such as its architecture, consensus mechanisms, and cryptographic
underpinnings[9]. As this technology advanced, researchers shifted their focus and
applied the technology in question to different domains. In the financial domain,
blockchain is an application that makes the process of transactions smoother, makes
the system more secure, and lowers the cost of a system[10]. Still, in the supply chain,
it improves the process of tracing goods, transparency, and efficiency. Then, in
healthcare, blockchain provides a joint solution that brings secure and interoperable
health records, promoting better data sharing and improved patient outcomes[11].
Gaining popularity, blockchain has become one of the most exploited and
intensively technological applications researched in our prevailing decade. However,
while a large body of literature has developed that covers this phenomenon, it is
obvious to note its weaknesses and gaps. Many studies are associated with the techno-
centric approach to the issue, and their contribution remains to describe the technical
features of blockchain and its business benefits, ignoring its broader overtones and the
implications that the given technology has for society, ethics, and philosophy[12]. In
particular, studies have yet to cover the given field or research the philosophical
foundation and philosophical constructs related to Blockchain, such as trust, the
nature and meaning of decentralization, information, immunity, and many others.
Current studies address the perceived benefits of blockchain, including but not limited
to transparency, efficiency, and security. Very few studies pay enough attention to the
challenges and limitations the technology presents.
This thesis employs a comprehensive approach by integrating philosophical
exploration and technical and empirical analysis to discover the identified gaps. By
engaging trust and decentralization, we aim to provide an in-depth meaning of the
extent to which blockchain impacts contemporary society. First, the aspect of trust is a
2
central concept in philosophy, and the application of blockchain technology is based

on normative and epistemological views in understanding trust when it comes to
decentralized ledgers. Thus, a detailed examination of the ontological aspect will be
performed, and further assessment will be made of the direct impact of blockchain in
shaping our understanding of information, value, and the notion of being an agent.
Hence, implement a mixed-method approach. The qualitative methods adopted entail
the use of thematic analysis of relevant philosophical studies and the use of
interviews. These comprise the theoretical underpinning of understanding ethical
considerations. On the other hand, the quantitative method involves using surveys and
data analysis to test blockchain's behavioral and adoption trends worldwide. This
approach provides a deepened understanding of blockchain and builds a premise for
overcoming the increasingly diverging gap between technical innovation and
philosophical reflection.
This thesis contributes to existing literature by critically analyzing blockchain
technology from a philosophical perspective. The scope of the thesis, concerning the
exploration of relationships among trust, decentralization, and technology, opens a
new prospect for the blockchain's ethical, social, and philosophical dimensions. The
thesis tries to take an interdisciplinary approach to consider blockchain's
advancements and potential to change contemporary society. This study also provides
innovative solutions and suggestions for the further development of blockchain
technology by considering the limitations and challenges outlined in the existing
studies. With this interdisciplinary approach, the thesis hopes to evaluate the
advancements in blockchain and its potential to change our society.
1.1.1 Definition of the Blockchain
The origins of blockchain technology as a concept can be found in 1982 when

David Chaum conceptualized a secure digital communication system, which later
contributed to foundational thought processes on advancements in cryptography and
decentralized tools[13]. However, it remained only a proposition on paper and
theoretical until a very outstanding white paper published in 2008: "Bitcoin: A Peer-
3
to-Peer Electronic Cash System," drafted by an individual or a group of individuals

using the pseudonym Satoshi Nakamoto[14]. Tapscott describes blockchain as a
decentralized ledger technology concept that tracks transactions in real time and
verifies them without a centralized source of verification[[15]. He adds that the term
can be more accurately defined as an incorruptible digital ledger of economic
transactions that can record anything of value[16]. Tapscott states that this digital
ledger can be programmed to record financial transactions and transactions with
value. The ledger is built and developed with blockchain as part of the encrypted
protocol of secure transactions. This ledger is created to be tamper-proof in that the
data, once entered, cannot be altered, and no entries can be deleted[17].
Using a decentralized consensus mechanism provided by the proof-of-work
algorithm is the most significant advance of blockchain technology that can make a
unique history of transactions consistent and reliable without the need for an
arbiter[18]. The invention of Bitcoin saw more substantial developments in
Blockchain, and its applications stretch beyond financial transactions and
cryptocurrency[19]. Blockchain has been developed and is newly applied in
healthcare, supply chain management, creative industries, voting systems, and digital
identity verification. At the core, blockchain is the base technology for Bitcoin and
many other applications[20]. Bitcoin is considered the genesis of blockchain,
leapfrogging the idea of digital currency by facilitating borderless value transfers
instantly, at no fees, unlike its traditional counterparts, which take days with high
fees[21]. However, the potential of blockchain is far-reaching, more so than just
transferring money. As a technology, it records and transmits digital goods via the
Internet and solves the problem of double spending for digital money, making it
impossible to replicate digital assets: blockchain helps transfer, record, and store the
title of assets with the integrity of all essential documents[22].
As society shifts toward development, the inception of blockchain technology
for real-time payment systems and digital registration of purchases and other
contributions to legal, financial, and government institutions are perceived to be the
4
most impressive[23]. The role of the emerging digital economy requires a solid
foundation. The evaluation of the stages of blockchain development, ranging from
Chaum’s concept to Nakamoto’s Bitcoin and further to the existing blockchain
application by Swan, Tapscott, and others, indicates that blockchain was a powerful
instrument from the beginning[24]. In those terms, the actual development of
blockchain will redefine digital communication and sustainable value management.
1.1.2 Characteristics of Blockchain Technology
Blockchain exhibits notable characteristics, such as transparency and

immutability, as detailed in Table 1. These inherent attributes suggest that once a
transaction is recorded on the blockchain, it assumes an immutable and indelible
nature[25]. The feature above provides a secure and verifiable record of all network
transactions, thus serving multiple applications. Restricted blockchains limit
participation to specific entities or organizations[26]. Consortium blockchains unite
organizations, while federated blockchains blend public and private aspects.
Blockchain chains are distinct yet interconnected, while PoS provides alternative
ways to reach consensus[27]. Smart contracts, like Ethereum, prioritize decentralized
applications quorum: privacy and performance first. Blockchain decentralized ledgers
take various forms, with significant differences between public blockchains such as
Bitcoin and Ethereum[28]. Bitcoin enables universal participation and emphasizes
decentralization. Permissioned blockchains limit participation to a select group,
creating a controlled and private setting[29]. These variations serve different
purposes, balancing accessibility and controlled involvement in specific situations.
Blockchain technology represents a network without a centralized authority; it
erases the vulnerabilities and ensures the system's resiliency is not compromised. The
basic notion behind blockchain is to create a public ledger[30]. All transactions in this
public ledger are recorded publicly, enabling every network participant to view the
ledger independently. This high level of transparency in blockchain fosters trust
among its stakeholders as they can validate and audit the transactions themselves[31].
Blockchain uses advanced cryptography to ensure the security and privacy of the
5
transactions. Public key cryptography generates digital signatures confirming the

parties' transacting identities, ensuring that fraudulent users do not commit fraud with
the transactions[32]. The private key is assigned to every user who signs the
transactions. In contrast, the public key is assigned to every network user to verify the
data's integrity and authenticity [33], hence having a trustful relationship with the
system.
One of the most revolutionary aspects of blockchain technology is enabling
smart contracts, which are both coded in and self-executing. Smart contracts reduce
the costs associated with a lack of precision in the case of contracts and improve
efficiency[34]. Various applications leverage intelligent contracts, from automating
complex financial transactions to running decentralized applications (hereinafter
dApps) [35]. The consensus mechanism is the driver of truth and the source of
legitimacy for transactions. The former put miners in a competitive race to solve
cryptographically challenging puzzles[36], while the latter hand-picks validators
securing the network by the size of token holdings and willingness to stake the asset
as collateral[37]. Blockchain technology guarantees data integrity and transparency at
unmatched levels[38]. It is purposefully supposed to be a part of applications that
require high levels of trust in financial services, supply chain management, and
healthcare[39]. It promises efficiency, fights fraud, and reduces the cost of
transactions in the named industries by cutting redundant intermediaries[40]. Among
other challenges, blockchain technology deals with numerous transactions per
second[41]. Therefore, it challenges all the problems and several advantages exist,
from increased security to decreased costs and efficiency in many applications.
1.1.3 Challenges and Limitations
In this section, the thesis thoroughly discusses the challenges and limitations of
blockchain technology from various perspectives, encompassing a wide range of
considerations. While acknowledging blockchain benefits, it is widely recognized
robust security measures and transparency [42]. They are positioning it as a highly
proven up-and-coming cross across diverse
6
Elements of Characteristics
blockchain
Immutability Once a block has been added to the blockchain network, it attains
immutability, rendering it impervious to alterations or
eliminations. The feature above guarantees the establishment of a
timeless and unalterable record of each transaction within the
network.
Decentralisation The system functions in a decentralized manner. This implies the
need for a centralized governing entity overseeing the network.
The network is sustained and validated by a decentralized
network of nodes working together to ensure the integrity and
security of the system.
Transparency Utilizing blockchain technology enables a transparent mechanism
for documenting and authenticating transactions. Once a
transaction has been recorded on the blockchain, it attains
immutability and irrevocability, thus guaranteeing a secure and
verifiable ledger of all network transactions.
Efficiency Blockchain possesses operational effectiveness and diminishes
expenses across a diverse array of applications. For example,
implementing this technology has the potential to decrease both
the duration and costs often associated with conventional
financial transactions, as it prevents the requirement for
intermediaries.
Security The security of blockchain networks is achieved by implementing
intricate cryptographic systems.
Table 1.1 Characteristics of Blockchains
industries. Like other technologies, blockchain has certain limitations and challenges.
These challenges vary, including scalability, usability, and the lack of common
regulatory frameworks.
Scalability is a critical challenge for blockchain technology, as it hinders its
widespread adoption and limits its potential applications. The decentralized and
distributed nature of blockchain signifies security and transparency but also poses
limitations due to consensus mechanisms and the need for all nodes to validate and
7
agree on transactions[43]. As the popularity of blockchain applications grows, so does

the number of transactions processed by the network. Congestion occurs when the
transaction volume surpasses the network's capacity, delaying confirmation. One
prominent example of a blockchain grappling with scalability issues is Bitcoin, which
has a PoW consensus mechanism that can lead to slower block generation times and
higher energy consumption as the network grows. Various scalability solutions are
being explored and implemented to address these challenges across blockchains. A
notable solution is the Lightning Network, designed to handle Bitcoin's scalability
issues. The Handling Network operates as a layer-2 scaling solution, enabling off-
chain transactions without requiring on-chain confirmation for each transaction[44].
However, the effectiveness of scalability solutions depends on each blockchain
network's specific requirements and design choices. Hence, scalability remains a
pivotal challenge for blockchain technology, hindering its mass adoption and limiting
its potential applications.
The lack of usability challenges different blockchains in establishing effective
communication, which hampers the development of a unified blockchain ecosystem.
The absence of standardization and user-friendliness hinders the development of a
seamless ecosystem, making it challenging for different blockchain networks to
communicate efficiently with individuals’ nature and the progress of creating a
cohesive and smooth blockchain network capable of fully utilizing the revolutionary
potential of decentralized technology. The lack of usability presents considerable
challenges for users, developers, and businesses that use blockchain solutions.
Transferring assets or data between different blockchains can be a challenging and
inefficient process, often requiring complicated solutions or depending on centralized
intermediaries. This goes against one of the fundamental principles of blockchain
technology: decentralization. Various methods are being investigated to tackle the
issue of usability. One method involves the creation of usability protocols or standards
that act as a connection between blockchains. These protocols establish clear rules and
procedures for communication, enabling the seamless transfer of assets and data
8
between different blockchain networks[45]. Some examples are the Interledger

Protocol and the Blockchain Usability Alliance. The significance of attaining
blockchain usability goes beyond mere convenience.
The existence of clear regulations surrounding blockchain has significant
consequences for the widespread use of this innovative technology. Businesses and
investors may be cautious about fully adopting blockchain solutions because of the
need for more well-defined and consistent regulations. The lack of a uniform
regulatory framework can challenge innovation and the progress of blockchain-based
applications in essential industries like finance, healthcare, and supply chain
management. In addition, the lack of clarity regarding blockchain regulation can also
affect consumers. Without clear guidelines, individuals may lack clarity regarding
blockchain-based transactions' legal status and protections [46]. The lack of clarity in
this situation might discourage individuals from participating in blockchain
applications, which could restrict the potential advantages the technology offers in
different areas of their lives. The varying regulatory approaches across different
countries result in a fragmented global landscape for blockchain technology. While
certain nations promote blockchain development, others remain skeptical. The
variation in regulations poses difficulties for multinational companies and
international projects that span across borders, as they must navigate an intricate
network of rules to ensure adherence. Steps are being taken to tackle the regulatory
hurdles linked to blockchain technology. International organizations and industry
groups collaborate to establish uniform standards and best practices to foster a more
consistent regulatory environment. Governments increasingly acknowledge the
importance of adjusting their regulatory frameworks to incorporate the distinct
characteristics of blockchain technology effectively. This involves finding a middle
ground that encourages innovation while addressing potential risks. Ultimately,
governments worldwide are still grappling with worldwide complexities posed by
blockchain technology's decentralized and distributed nature [47]. The absence of a
centralized authority creates challenges in implementing conventional regulatory
9
methods, resulting in a fragmented set of rules and legal ambiguities. Establishing

clear and consistent regulatory frameworks will be crucial for unlocking the full
potential of blockchain and promoting its widespread adoption across industries and
borders.
The bitcoin network’s energy consumption has been compared to that of a
small country, highlighting its significant impact. The societal implications of such
energy use have raised concerns, mainly when sustainability and eco-friendly
practices are at the forefront of global discussions. Skeptics contend that the energy
consumption of blockchain networks, especially Bitcoin, is not commensurate with
their benefits. It is crucial to note that the environmental impact differs across various
blockchain platforms and consensus mechanisms. Ethereum, the second-largest
cryptocurrency, is transitioning from PoW to PoS with Ethereum 2.0. This transition
is intended to decrease its energy consumption significantly. PoS is often regarded as
a more societally friendly option due to its reduced computational requirements
compared to PoW[48]. Regardless of blockchain, society is actively working to tackle
the energy consumption problem. Several projects are currently investigating
alternative consensus and alternative prioritizing stake or practical Byzantine fault
tolerance. These mechanisms strive for network security and consensus without
relying on energy-intensive computations like PoW. Moreover, there is an increasing
curiosity in investigating sustainable energy sources for fueling blockchain networks.
Specific initiatives prioritize using renewable energy sources like solar or wind power
to reduce the environmental effects of blockchain operations[49]. Thus, as technology
advances, striking a delicate balance between the benefits of blockchain and its impact
on society remains a crucial challenge for the future.
The expenses also include a sizeable share of infrastructure costs. Robust and
secure infrastructure is necessary for blockchain networks to guarantee the distributed
ledger's dependability and integrity. Servers, storage systems, and network hardware
fall under this category. Blockchain technology is so complicated that it substantially
requires substantial processing power, raising the hardware cost. Further noteworthy
10
is that implementing modern encryption and security measures incurs additional costs
to safeguard the network against cyber threats. It evolves, the need for qualified
workers grows, and skilled workers produce; labor costs may decrease due to market
competition[50]. Furthermore, improvements in blockchain technology itself might
result in more practical and affordable solutions, which would lower the total costs of
development and upkeep. Eventually, the financial barrier associated with
implementing blockchain technology continues to pose a significant obstacle to its
widespread adoption; managing the development, infrastructure, maintenance, and
compliance expenses poses challenges for businesses, particularly smaller ones. With
the advancement of technology and the evolution of industry practices, there is a
positive outlook that the cost barrier will decrease over time, allowing for broader
implementation of blockchain in different sectors. Regular upgrades, security patches,
and bug fixes are necessary for the network to operate efficiently and securely.
Ensuring that a highly skilled team is hired for continuous maintenance and
monitoring is crucial, although it does increase operating expenses.
Despite the potential, various challenges and limitations hinder the widespread
adoption of blockchains. Scalability continues to be a significant concern, as the
current infrastructure challenges the management of the growing number of
transactions. Energy consumption is a considerable concern, especially regarding
PoW consensus mechanisms. This has led to an increasing demand for more
sustainable alternative integration information between various blockchain networks
and traditional systems, a challenge that needs careful consideration[51]. Regulatory
uncertainties and compliance issues are significant obstacles to widespread adoption
as businesses navigate changing legal frameworks. Furthermore, there is room for
enhancing the user experience to ensure blockchain applications are more easily
accessible to individuals without technical expertise[52]. Tackling these challenges
requires continuous innovation and collaboration among various stakeholders.
Developers should strive to refine protocols further and explore novel consensus
mechanisms. Regulators and businesses should engage in open and productive
11
discussions to establish well-defined frameworks that encourage innovation while

maintaining compliance[53]. Accurate collaboration is crucial in harnessing the
complete capabilities of blockchain technology and achieving its revolutionary effects
on worldwide transactions and value exchange[54].
1.2 Research Significance

The study provides a novel understanding of the combination of blockchain
development and the philosophical perspective of “decentralization” and “trust.” This
study is significant because it challenges traditional notions of centralized authority
and trust. Blockchain enables transparency, autonomy, and security as it gives the
power to verify and create a record for any node in the network. It changes how we re-
conceptualize trust (from being a function of institutional intermediaries to
cryptographic algorithms and peer-to-peer networks). However, the study also focused
on large corporations and how small to medium enterprises (hereinafter SMEs) could
leverage blockchain for similar benefits. This gap creates an opportunity to explore the
essential philosophical meanings that require in-depth academic analysis. This
paradigm shift has profound implications on the socio-economic aspects of society,
from financial systems to governance, potentially fostering a more equitable and
trustless society. Therefore, it broadens our understanding of how the opportunities
provided by blockchain technology can change and reshape the existing philosophy of
trust and decentralization.
This study evaluates the old-school centralization of authority and trust.
Blockchain offers transparency, autonomy, and security through distributed nodes of
verification and recording. It redefines our concept of trust, devoid of institutional
intermediaries but by cryptographic algorithms and a network run by peers. Hence, it
influences its implications, from financial systems to governance, and potentially
drives a more inclusive and trustless society. Trust has traditionally been viewed as a
relational concept, dependent on interpersonal or institutional dynamics. In a
blockchain-decentralized ledger, trust becomes a property of its technological
infrastructure, challenging classical philosophical notions of trust as inherently social
12
and relational. Additionally, a blockchain-decentralized ledger is aligned with

philosophical notions like autonomy, freedom, and democratization. By eliminating
centralized intermediaries, blockchain gives users absolute control over their
transactions. This aligns with libertarian philosophical principles that call for minimal
central authority and maximal individual freedom. Thus, the technology can
democratize access to financial and informational resources, reducing barriers and
promoting more significant equity and inclusion.
However, the emergent blockchain technology poses this view as the new
alternative dynamics of trust, ensured by unforgeable cryptographic algorithms and
consensus mechanisms. This shift in the dynamics of trust surprisingly influences how
an individual would operate; the same shifts could happen in the way institutions could
function. It opens up emerging questions on trust, its nature, and its building and
sustenance in such a decentralized society. In addition, the philosophical implications
of blockchain are substantial from the perspective of security and privacy. In a
centralized system, therefore, security is highly based on the power and reliability of a
single point of control. However, in a decentralized system, security is distributed over
a network, making it more resilient to failures and attacks. This necessarily moves
security paradigms from a position of protection of data and guarantees of the integrity
of transactions to issues that call into question balance in the interests of privacy and
transparency in a decentralized society.
Another significance of this study is that it embarks on academics and practical, as
it offers a new way of thinking about trust and authority. Blockchain technology
enables the decentralization of the ability to verify and keep the books of accounts
away from conventional hierarchical structures that have been in charge of us by now.
As against the model where centralized institutions depend on verifying transactions
and keeping records, more distributed and democratic procedures could be introduced.
It would reduce corruption, transparency, and accountability in different areas.
Blockchain decentralized ledgers decentralize the technology, not just from the point
of view of this technology but also toward the social environment. From a centralized
13
model to a decentralized system, there has been a transition that reflects a growing
desire of people and societies to get more autonomy and self-governance. Blockchain
technology is a tool for exercising greater control over their processes of concern as
they seek more control over their affairs. This is also applicable to ownership or
property as well. In a centralized system, property ownership can be defined
according to legal documents and records some institutions keep. An alternative way
for blockchain to define and execute this in digital tokens and smart contracts could
be revolutionary regarding ownership and property rights. This allows for more
dynamic forms of ownership, which are easily transferable and divisible—the change
in paradigm from ownership results in many things, from real estate to intellectual
property.
Therefore, the means of the decentralized ledger inherent in the blockchain
infrastructure can foster the influence on inequality and become a universal access
key to the financial system. Regrettably, in conventional centralized systems, the
services concerning financial issues remain confined to a few elites and the mighty,
despite everyone else’s abysmal ignorance about how to choose the way and to sustain
themselves in the intimidating and perplexing world of banks and other financial
institutions. However, it needs to be said that by using the possibilities of blockchain,
it is possible to create common-scope services through which any Internet user can be
a member. Thus, the deep integration of blockchain technology can also enhance
equality and inclusion in social or financial activities. E-governance is another aspect
of blockchain that evokes philosophical issues and concepts. Because the latter type of
governance structure is usually more centralized, the top-down models are also
developed and are usually directed by some specific individuals or certain
organizations. This is, however, inherent in the blockchain, which provides one with
forms of governance that are entirely distributed and are in a participatory form of
government or at least oriented towards it. This process enhances and facilitates
improving the standards of transparency, accountability, and, most importantly,
people’s participation in decision-making. It brings better and more effective
14
governance into existence. It has a clear ground to preempt the more democratic
holds, which can respond to the people’s needs effectively to some extent.
In conclusion, this thesis claims that studying the philosophical implications of
Blockchain as a trust-based decentralized ledger erased the power’s basic paradigms
of power relation and reassembled the positions of trust, power, and authority,
Reframing Trust: Blockchain Reframed Trust circled and shifted the power model.
Some key advantages exist, enabling decision-makers to solve various issues about
decentralized and distributed systems that offer a high level of openness, self-
management, and security. It is a revolutionary philosophical perspective as it has put
social, economic, and political change factors in human life and existence in all
sectors, especially in the economy, social life, and governance. It also helps
simultaneously form an idea regarding the economy, fairness, and justice. In its
broadest sense, blockchain is encrypted with the unbounded promise that any
blockchain steward admits the technology is yet to strive, so the imperative is to gain
a clearer perspective on the philosophical foundation underpinning blockchain
discourse to fashion the trajectory for humanity.
1.3 Blockchain Philosophy Research Development

The origins of blockchain research development can be traced back to the early
concepts proposed by cryptographer David Chaum in 1982, followed by the
introduction of the cryptographically secured chain of blocks by researchers Stuart
Haber and W. Scott Stornetta in 1991[55]. The emergence of Bitcoin in 2008 further
solidified the development of blockchain technology. It is interesting to note that the
foundations of blockchain can be linked to profound philosophical inquiries regarding
the essence of truth, trust, and community[56]. Blockchain philosophy research
explores its nature, potential impact, advantages, drawbacks, and new opportunities
for individuals and society. Throughout history, philosophers have engaged in deep
discussions about the individual's place in society and the complexities of justice and
governance, from existentialists emphasizing personal responsibility to post-
structuralists analyzing centralized authority. These timeless developments continue to
15
resonate in our modern; Ancient Greek philosophers discuss individual roles in the
digital age, while medieval thinkers pondered justice and governance. Existentialists
underscore personal responsibility, and post-structuralists analyze centralized
authority. Philosophy has always explored social, political, ontological, and
epistemological questions relevant to the digital age. Blockchain technology and
ancient philosophy share fascinating connections. The distributed ledger, central to the
blockchain, echoes ancient recording practices on stone or clay tablets in early
civilizations. Ancient philosophy provides a clear framework for understanding
human behavior and maintaining social harmony. Aristotle emphasized cultivating
virtuous character traits as fundamental to attaining genuine happiness. His
unwavering commitment to moral righteousness was evident in how he upheld virtues
such as courage, wisdom, and justice [57]. There are intriguing connections between
blockchain technology and ancient phenomena. The distributed ledger in blockchain
resembles the ancient recording practices found on stone or clay tablets[58].
Taoism is an ancient Chinese philosophy derived from the teachings of Laozi,
also known as Lao Tzu. Taoism focuses on living harmoniously with the Tao, often
called "the Way." The Tao is viewed as the fundamental principle of the universe, the
origin, and core of all existence. It represents the ultimate truth and guides individuals
to comprehend and harmonize with the natural flow of life[59]. Decentralization
improves security, transparency, and resilience, aligning with the Taoist principle of
harmonizing with the natural order[60]. Blockchain technology fosters a sense of
interconnectedness by enabling all participants to access a shared ledger. Unite in
consensus mechanisms, harmonize countries towards common objectives, and
emphasize cooperation over rivalry, the elegance of blockchain technology reflects the
simplicity of Taoism[61].
Examining the concept of an ideal society in Plato's "The Republic" reveals
interesting similarities to contemporary decentralized governance mechanisms, like
those made possible by blockchain technology. Plato explores justice, focusing on its
ethical and political virtues, which align with the blockchain's transparent, immutable
16
ledger system for verified, unalterable records. The transparency and permanence
align with Plato's concept of justified true belief, guaranteeing that information is
accurate, justifiably believed, and unchangeable once confirmed[62]. Aristotle's idea
of distributive justice, which focuses on fairness and equity in distributing resources,
reflects blockchain's capacity to offer a transparent and fair system for verifying and
recording transactions. This technology promotes fairness in transactions, which
aligns with Aristotle's emphasis on virtue and reason in achieving a balanced life.
Aristotle's differentiation between public and private life is mirrored in the blockchain
structure, which ensures the security of personal data while keeping transaction
ledgers public[63]. This division helps balance public accountability and private
security, mirroring the ancient Greek distinction between public and private domains.
Marcus Aurelius, famous for his Stoic philosophy highlighting rationality and
self-discipline, compares blockchain's structured, predictable characteristics. Each
action adheres to a precise protocol in blockchain, resulting in clear outcomes. The
unchangeable nature of blockchain, with irreversible transactions once completed,
resonates with the Stoic philosophy of accepting the natural order and the
consequences of one's choices[64]. Finally, the deterministic philosophy that forms
the foundation of both Aristotle's views and blockchain operation indicates a mutual
belief in the predictability of results stemming from prior causes. Blockchain
technology guarantees that transactions are recorded permanently and cannot be
altered, representing a digital form of determinism. The philosophical foundations
from ancient Greece enhance our comprehension of blockchain technology and
demonstrate how enduring principles of justice, transparency, and determinism impact
modern technological advancements.
The transition from old to medieval philosophy is characterized by a shift in
focus and a change in cultural perspective. Abstract concepts continued to influence
and mold the medieval era, challenging straightforward categorizations. The parallels
between medieval thought and emerging technologies become apparent upon closer
examination despite their differing temporal and conceptual origins[65]. The Middle
17
Ages nurtured a vibrant tradition of philosophical inquiry, bringing together the

influences of Greek, Christian, and Islamic thought and exploring deep inquiries about
existence, morality, and knowledge[66]. Medieval philosophy developed within
religious and educational contexts. Accuracy and deep contemplation were
fundamental to the intellectual fabric of the medieval era. The importance of belief
extended to both societal and political domains[67]. Medieval philosophy emphasized
the significance of faith, trust, and consensus in religious discussions. The relationship
between concepts of that era and blockchain revolves around trust. Trust was crucial
in medieval philosophy, shaping cultural and political spheres. Individuals trusted
leaders and institutions to ensure just governance and their overall well-being.
Medieval philosophy focused on faith, trust, and consensus in religious
discussions[68]. Blockchain uses complex mathematical algorithms to establish trust
and consensus in decentralized networks. Precision is a core element of blockchain
technology. Medieval thinkers pursued a deep understanding of truth and sought to
attain absolute knowledge. Blockchain technology ensures the preservation and
security of digital records through its immutability and resistance to tampering.
Medieval philosophy deeply contemplates individuals’ nature and place within
society[69]. Blockchain technology has brought about advancements in privacy and
personal data control, aligning with individual autonomy principles cherished in
medieval philosophy[70]. There are fascinating connections and resemblances
between blockchain and medieval philosophy.
The correlation between the medieval dependence on faith in governance and
the cryptographic basis of blockchain underscores a fundamental link between these
separate intellectual eras[71]. The quest for understanding the parallels of modern
society’s need to safeguard and preserve information using the tamper-resistant
architecture of blockchain technology. Medieval philosophers deeply investigated the
nature of individuals and their place in society, contemplating their rights and
existence within societal frameworks. Researched the complex interplay between
personal freedoms and societal norms as they pondered questions surrounding
18
individual autonomy and rights. Blockchain technology tackles similar concerns in the
modern era[71]. Blockchain technology empowers individuals by decentralizing
control over personal data, fostering privacy, and aligning with the principles of
individual autonomy found in medieval philosophical discussions. To investigate the
premise of medieval philosophy and its relevance in today's society more profoundly.
Alasdair MacIntyre contributed substantially to virtue ethics, a framework deeply
rooted in Aristotelian and Thomistic thought. His work, especially in "After Virtue,"
examines the complexities encountered by moral philosophy in the contemporary era
and underscores the significance of storytelling and heritage in comprehending moral
ideas. McIntyre's observations resonate with the themes in medieval philosophical
discussions, specifically the focus on virtue and moral character[72]. Martha
Nussbaum explores the intricacies of ethical life and the obstacles individuals
encounter while striving for a virtuous existence. Her deep understanding of classical
philosophy demonstrates her ability to delve into the intricate ethical questions that
have persisted throughout history.
By examining the concept of virtue, she connects the wisdom of the past with
the complexities of the present[73]. Alain de Botton touches upon themes relevant to
medieval philosophy in works like "The Consolations of Philosophy." By drawing on
historical and philosophical perspectives, de Botton offers practical insights into
navigating the challenges of contemporary life. His approach resonates with the
medieval tradition of philosophy as a guide to virtuous living, emphasizing the
enduring relevance of philosophical wisdom in addressing human concerns[74].
Meanwhile, Susan Wolf investigates the complexities of living a morally and
personally meaningful life. Her reflections connect with medieval philosophical
problems about the purpose of human existence and the pursuit of a virtuous life,
providing a contemporary perspective on enduring philosophical questions[75].
Concisely, the intertwining of medieval thought and emerging technologies reveals a
profound continuity in the human quest for truth and individual autonomy. The values
emphasized in medieval philosophy find expression in blockchain and trust-centric
19
architecture as contemporary philosophers engage with reminiscent of the medieval

era; the dialogue between past and present continues, illuminating the enduring
relevance of medieval thought in our ever-evolving intellectual landscape. Hence,
medieval philosophy shares exciting parallels and similarities.
The European Renaissance revived ancient wisdom, inspiring fresh philosophical
thoughts and approaches toward blockchain research development. Renaissance
philosophy valued humanism, highlighting the potential for greatness and meaningful
societal contributions. The Renaissance and blockchain technologies are vastly
different eras but share a common thread of progress and enlightenment[76].
Renaissance philosophy is categorized as a time of humanism, individualism, and the
pursuit of knowledge. The revival of ancient texts challenged authority, promoting
reason, critical thinking, and human potential, valuing transparency and the search for
truth (REF). In the Renaissance, people sought truth in nature, driving scientific, art,
and philosophical progress. The scientific method is a foundation of knowledge that
values observation and experimentation (REF). The interplay of disciplines in
blockchain reflects the renaissance spirit of seeking knowledge for a holistic
understanding. Renaissance philosophy celebrated individualism, loving, respecting,
and recognizing the potential within each person. This shift challenged the medieval
view of subordinating individual identity to collective authority. Pico Della
Mirandola[77] celebrated human freedom and creativity, emphasizing our ability to
shape our destinies through choices and actions. Blockchain aligns with Renaissance
individualism. Blockchain enables decentralized transactions, communication, and
economic activities, freeing individuals from centralized authorities. Individuals
become sovereign entities in blockchain, controlling their digital assets and
interactions (REF). The Renaissance revived civic humanism, highlighting the value
of engaging in civic life. This stance emphasizes our moral duty to contribute to our
communities' well-being.
20
Table 1.2 Relationship between Medieval Philosophy and Blockchain
Medieval Philosophy Blockchain Technology Connection

Consensus mechanisms:
Scholasticism: Emphasis on Agreement through Both rely on rigorous systems of thought
reason and logic complex algorithms and verification to reach conclusions.
Nominalism: Debate on the
nature of universals (ideas) Tokenization: Both explore the relationship between
vs. particulars (individual Representing unique assets abstract concepts and their concrete
things) on the blockchain manifestations.
Smart contracts: Self-
executing agreements
Natural Law: Belief in based on predetermined Both seek to establish trust and fairness
universal moral principles rules through predetermined guidelines.
Cryptography: Secure
Epistemology: Theory of information encryption and Both focus on understanding and ensuring
knowledge acquisition verification the validity of information.
Distributed Ledger
Technology (DLT): No Both challenge centralized power
Decentralization of authority central authority controls structures and promote distributed
figures the network decision-making.
Open-source development:
Collaboration and
Focus on community and contribution to blockchain Both value collective participation and
shared knowledge. protocols knowledge sharing for advancement.
Blockchain's potential to enhance transparency and accountability in governance

intersects with civic humanism (REF). A decentralized app (from now on DApp)
blockchain enables trustworthy voting, minimizing fraud and manipulation.
Blockchain control embodies the civic humanist belief in active societal improvement.
Aristotelian philosophy resonated in the Renaissance, focusing on virtue ethics and
moral character development. Striving for excellence in actions and character aligns
with the Renaissance ideal of the "Renaissance Man," excelling in multiple domains
of knowledge and skills (REF). Blockchain and Aristotelian virtue ethics are
connected through consensus mechanisms. Consensus algorithms encourage virtuous
behavior in networks. Act with integrity to earn rewards (REF). According to
Aristotle's philosophy, ethical conduct leads to human flourishing [78]. The
21
exploration of Renaissance philosophy and blockchain reveals tensions and contrasts.

While valuing reason and humanism, the Renaissance still had traces of
authoritarianism and oppressed confident thinkers. Blockchain decentralizes and
defies censorship by eliminating central control. Renaissance embraced the physical
world, while blockchain exists in the digital age.
Renaissance philosophy and blockchain reveal fascinating connections and
contrasts. Both movements revolutionize human thought, questioning old paradigms
and cultivating fresh perspectives on the world (REF). However, their ideals of
humanism, individualism, and knowledge resonate in the logical foundations of
blockchain, which prioritize decentralization, transparency, and individual autonomy
(REF). Though different in time and concept, Renaissance and blockchain touch on
timeless themes of human independence, truth-seeking, and the desire for a fair and
transparent society (REF). The revival of classical Greek and Roman texts sparked a
reevaluation of traditional authority, emphasizing the importance of reason, critical
thinking, and the potential for human achievement (REF). This shift in perspective
laid the groundwork for the Enlightenment, challenging the dominance of religious
dogma and fostering a more secular and human-centered worldview (REF).
Therefore, this study emphasizes that scholars may uncover profound implications for
society and culture by connecting Renaissance philosophy and blockchain technology.
The intersections between blockchain technology and modern philosophy
encompassing the Renaissance era evoke profound contemplation. Combining
philosophy and blockchain uncovers a premise of deep inquiry and innovation.
Modern philosophy ponders reality, knowledge, ethics, and societal structures since
the 17th century (REF). The relationship between blockchain and contemporary
philosophy is intriguing. Current philosophy values reason, empiricism, and
skepticism. Modern philosophy is shaped by shifting away from traditional
metaphysics and focusing on human experience (REF). Modern thought questions
conventional ideas of identity, truth, and hierarchy, just as blockchain challenges trust
and establishes a transparent truth through verifiable records (REF). Enlightenment
22
philosophy valued individual freedom. Modern Philosophy is more about a

humanistic approach, which founded the cognitive shift and shape from real-world
trust experiences[79].
23
Figure 1.1 Renaissance philosophical research development of chai-chains

Humanism
Individualism
Renaissance Philosophy
Classical Influence
Technological Evolution
Enlightenment Technological Advancement
Idea Scientific Revolution
Blockchain Technology
Decentralization
Modern Technological
Transparency
Voltaire and Rousseau emphasized individual rights like life, liberty, and
property. They believed in personal freedom and autonomy, advocating for individuals
to follow their paths and make choices without external interference. Individual
freedom may manifest in blockchain technology[80].
Blockchain decentralized ledger revolutionizes trust and confidence through
decentralization and tamper-resistance. It secures knowledge and verifies transactions,
reflecting modern philosophy's epistemological concerns (REF). The ethics of
contemporary philosophy, like Kant's deontological ethics and utilitarianism, examine
the principles that guide our actions. Blockchain decentralized ledger promotes ethical
considerations by reducing dependence on central authorities through decentralized
architecture (REF). Blockchain revolutionizes ethics, aligning with the diverse moral
explorations of contemporary philosophers. It empowers individuals to control their
data, embracing the Enlightenment's belief in personal autonomy. It allows individuals
to govern their digital identities and dictate their data usage through decentralized
systems (REF). Universal individual privacy is a modern idea tied to Western culture,
especially in Britain and North America. The significance of modern technology and
thought lies in the focus on industrialization and automation. In blockchain, smart
contracts automate and streamline complex business processes. Adam Smith, a key
figure in the Scottish Enlightenment, established the foundations of classical free-
market economics. Hayek believed that free markets are decentralized systems where
24
outcomes are achieved without explicit coordination, as individuals rely on prices as

their guide. Eleanor Doyle argues that economic decisions in free markets are
decentralized and coordinated by the price system. She also believes property rights
are integral to this decentralized system[81]. It reflects the fundamentals of
blockchain and cryptocurrency.
Existentialism explores freedom, responsibility, and the quest for meaning in
an indifferent universe. Decentralization in blockchain empowers individuals with
control over their digital identities and transactions. Blockchain allows individuals
with autonomy, reflecting existentialist agency ideals in the digital era. Decentralized
consensus reflects social contract theory's philosophical premise of power and
collective agreement (REF). Pragmatism resonates with blockchain's practicality and
empirical approach. Whereas decentralization and transparency tackle security, trust,
and intermediaries, embodying the spirit of seeking practical solutions to modern
problems (REF). Postmodern philosophy questions objective truth, challenging grand
narratives and meta-narratives. Thus, Blockchain transparency is aligned with
postmodern skepticism[82]. Ancient Greek philosophers pondered the essence of
reality, morality, and existence. The great thinkers Socrates, Plato, and Aristotle
focused on ethics, epistemology, and metaphysics. Socrates used the Socratic Method
to encourage critical thinking through dialectical conversations[83]. Plato dug into
reality through his theory of Forms, proposing that abstract entities hold greater truth
than the physical world.
Medieval philosophy merged classical thought with Christian theology and
Neoplatonism. Augustine's works research divine providence, the nature of evil, and
the interplay of faith and reason. Aquinas merged Aristotle's philosophy, asserting that
reason and revelation offer glimpses of truth (REF). The Renaissance revived classical
learning and renewed interest in humanism and individualism. Renaissance
philosophers combined classical concepts with Christianity and delved into human
potential (REF). Machiavelli’s notion of "The Prince" challenged medieval
perspectives on the cosmos. While Copernicus, Bacon, and Descartes contest science
25
with their heliocentric model and empirical approach[84]. Hume's "Critique of Pure
Reason” challenges our understanding of boundary learning by revealing synthetic a
priori knowledge, though Kant believed in universal, non-experiential truths.
Kierkegaard stressed personal choice and commitment amidst existential angst (REF).
The evolution of philosophy research development reflects a timeless quest to
understand existence, knowledge, and morality. Every era builds upon the past,
adapting to the challenges of its time.
Figure 1-2 Summary of Blockchain Philosophy (Mk the Front size similar)
Ancient Philosophy
Records are like a distributed ledger. Parthesia mirrors distrust. Ancient Greek
philosophy valued consensus and democratic governance while exploring
determinism and Aristotle's belief in rational decision-making and autonomous
individuals. Additionally, they contemplated the concept of privacy.
Medieval Philosophy
The medieval philosophical and religious traditions revolved around trust,
unchanging truths, and values.
Renaissance Philosophy
Humanism and blockchain share a common thread: empowering individuals. The shift
towards secularisation and the rise of Protestantism in 16th-century Europe can be
compared to removing third parties through blockchain technology.
Modern Philosophy
Enlightenment philosophy cherished individual freedom, allowing the pursuit of
interests and the power to make choices. Poverty and ownership concepts mirror
blockchain's ability to empower individuals with asset ownership and transfers. The
industrial revolution and automation connect to blockchain's smart contracts and the
idea of a free market.
1.4 Philosophical Implication of Decentralization and Trust

The philosophical implications of decentralization also extend to questions of
access and equity. Also, it plays a critical role in shaping the future of decentralized
systems. Though scholars claim that decentralized ledgers democratize access to
resources and decision-making, there is a risk that they might instead exacerbate
existing inequalities. For instance, people without technological literacy or access to
digital infrastructure may be further marginalized in a world where participation in
26
economic and political systems increasingly relies on digital and decentralized

platforms. Furthermore, introducing decentralized technologies challenges existing
philosophical conceptions of authority and responsibility. In traditional centralized
systems, it is relatively straightforward to attribute responsibility and accountability.
The shift toward decentralization and trust has fundamentally transformed how
philosophical inquiries into power, authority, and ethics are framed. Most of all, as
this trajectory continues, it will be necessary for philosophers, ethicists, and
policymakers alike to deeply consider these matters and learn to reap the benefits of
decentralization while minimizing related risks. In contrast, decentralized systems
diffuse responsibility across many actors, complicating the ethical landscape.
Decentralized technologies like blockchain offer a glimpse into philosophical
discussions. Cryptocurrencies, for example, challenge traditional fiat currencies and
the financial institutions that manage them, proposing instead a system where
monetary transactions are transparent and auditable by all participants in the network.
Similarly, decentralized autonomous organizations represent an attempt to
operationalize decentralized decision-making in corporate governance, removing the
need for traditional hierarchical management structures (Baker, 2022).
1.5 Chinese Philosophical Scholarship on Decentralized Ledger Trust

The Chinese philosophical outlook on technology comprises the conditions,
and the inventive culture couched on philosophies of Chinese technology and modern
technology. These approaches involve reconsidering the interaction with natural
society and ethical issues with technologies, accompanied by the balance between
maintaining cultures and achievements. Daoism is one of the oldest Chinese
philosophical schools focusing on man’s compliance with nature. Therefore, the
nature of this Chinese notion of Dao ( 道), or the Way, can be described as revolving
around altering actions concerning the cosmos. The Dao De Jing by Laozi
recommended that technology should respect society and not infringe on it. This
philosophy has two essential notions: simplification and openness[85]. Therefore, the
development strategy of the technologies could be described as somewhat cautious
27
and worshiping our society protecting it.

Confucianism presents another outlook on its primary concept of humanity or
ren ( 仁 ), referring to sincerity and compassion regarding our societal positions.
Confucian philosophers, on the one hand, believe that technology should help the
moral or ethical improvement of man and society be utilized for the general good[86].
Though they are all based on li ( 礼 ), Neo-Confucian philosopher Zhu Xi's moral
principles, on the other hand, imply that technology needs to be defined by ethical
principles and increase people’s welfare. He warned against the knowledge that
destroys the character and the society, primarily through innovations[80]. Hence, his
thoughts are still penetrating today’s world. He understood that while introducing
pieces of equipment can open up new opportunities and make many things more
accessible, it comes with the possibility of putting our ethical compass and the order
of society to the test. Zhu Xi describes an ethical and technological advancement
situation where technological development took a revolutionary turn but failed to
observe ethical standards needed in society, threatening society with social vices such
as inequality and conflict[87]. He stated that there was real progress that combines
technology and virtue, meaning that people can judge the advance of technology in
terms of its effectiveness in developing the welfare of a human being and the world.
The advancement in technology brings new ethical questions in modern China,
which continues to experience an increase in the use of technology. AI and
biotechnology concepts and surveillance technologies associated with movies bring
doubts about possessing privacy, control, and such values as tradition[88]. Chinese
leaders also call for scientific development to rejuvenate China or to take on the
developed nations; thus, the collision of the modernization process with the Chinese
culture is also seen[89]. Techno-nationalism is a concept that supports the notion that
any country in the world, including China, cannot rely on other countries, hence the
need to advance in the technological sector. Conversely, the discourse on a new
human society and humanism in technological development is appearing slowly in
China. Thinkers call on society to focus on people and nature, not money. They
28
demand care as a moral imperative to gaze at the physical, the personals, and the
desire to be sociable and culturally environmental. This makes it possible to assess all
the rounded effects of technological advancement on society.
In conclusion, it can be stated that the paradigms of Chinese philosophy enrich
the analysis of technological paradigms in terms of ethical, social, and ontological
approaches. From imitating the Daoist idea to the Confucianist approach to ethical
governance of society, from the disputes on techno-nationalism to sustainable
development, they all assist in perceiving how technology and society interact. These
philosophical thoughts are helpful as China progresses to technological advancement,
as the search for progress creates philosophical questions about the essence of man
and the world.
1.7 Problem Statement

Blockchain technology is known for its potential to revolutionize digital
transactions through decentralization and immutability. It introduces a paradigm shift
in the concept of trust. Generally, trust was defined as centralized institutions and
intermediaries that authenticate and validate transactions[90]. Banks, notaries, and
other authoritative bodies have historically served as the critical trust criteria, ensuring
that transactions are legitimate and secure. This centralized trust model has been the
foundation of economic and social transactions for centuries[91]. However,
blockchain's decentralized nature removes these intermediaries, instead relying on
cryptographic algorithms and consensus mechanisms to ensure the integrity and
authenticity of data. This fundamental shift from centralized to decentralized trust
raises critical philosophical questions about the nature and deposition of trust in
digital societies[92]
One of the primary philosophical challenges blockchain technology poses is the
redefinition of trust itself. In traditional systems, trust is perceived as a human
institution, and individuals are expected to act with integrity and accountability. This
human-centric trust model is deeply rooted in our social and ethical frameworks.
Blockchain, however, shifts trust from human actors to a network of decentralized
29
nodes and cryptographic protocols. As often described, this "trustless" system relies
on mathematical and algorithmic certainty rather than human judgment and oversight.
How can philosophy inform our understanding of trust mechanisms and data integrity
in blockchain-decentralized ledgers? This question touches on the very essence of
trust and whether it can be fully abstracted and mechanized.
Moreover, the transition from human-centric to machine-centric trust necessitates
a reevaluation of ethical, social, and philosophical frameworks that govern trust and
authority. Trust in human systems is built on relationships, reputation, and social
contracts. It involves a degree of personal accountability and moral responsibility. In
contrast, blockchain systems operate on predefined rules and protocols based on
machine-centric trust that are impersonal and detached from individual moral agency.
This raises ethical concerns about the dehumanization of trust and the potential loss of
moral responsibility. How do philosophical insights from RQ1 illuminate the role of
trust in the micro-structure of blockchain's Decentralized ledger within society?
The potential benefits of blockchain, such as enhanced transparency and reduced
corruption, must be balanced against the philosophical and ethical dilemmas posed by
entrusting algorithms fulfilled by human judgment. Blockchain's transparency is often
viewed as a mechanism for reducing corruption and increasing accountability. Every
transaction is recorded on a public ledger, accessible to all participants, which
ostensibly leaves little room for fraudulent activities. However, this transparency also
raises concerns about privacy and the right to be forgotten. In a blockchain system,
data is immutable and permanent. Once information is recorded, it cannot be erased or
altered. On the contrary, the philosophical and legal principles of this immutability of
data support individual privacy and the ability to move previous mistakes[93].
Furthermore, the philosophical implications of blockchain extend to questions of
power and authority. Traditional systems of trust are often hierarchical, with power
concentrated in the hands of a few authoritative entities. Blockchain's decentralized
nature challenges these power structures by distributing authority across a network of
participants. This democratization of power aligns with the ideas of philosophers like
30
Foucault, who criticized centralized power structures and echoed the democratic
principles of Rousseau's social contract, wherein individuals collectively decide the
rules of their society[94]. However, decentralizing power also introduces new
challenges.
The notion of trust in a trustless system, where trust is shifted from human
intermediaries to cryptographic algorithms and consensus mechanisms, raises
questions about the nature of trust itself. Trust is a multifaceted concept encompassing
reliability, integrity, and ethical behavior. In human interactions, trust involves
expecting others to act in good faith and uphold social norms. This transition from
human-centric to machine-centric trust involves technological shifts and deep
philosophical inquiries into the essence of trust, authority, and authenticity in a digital
age. Trust in algorithms is based on the assumption that mathematical certainty and
cryptographic security can substitute for human integrity and ethical conduct.
However, this assumption overlooks the nuanced and relational aspects of trust that
are integral to human societies.
Thus, blockchain technology, with its promise of a trust-based decentralized
ledger, invites a re-examination of fundamental philosophical questions about trust,
power, and the role of technology in society. What role do the microstructure findings
from RQ2 play in re-conceptualizing the philosophical perspective of trust in a
blockchain-decentralized ledger? It challenges us to rethink how trust is constructed
and maintained in an increasingly digital world. The philosophical implications of
blockchain extend beyond technical considerations to touch on deep ethical, social,
and existential questions. As we move towards a future where blockchain technology
becomes more pervasive, engaging with these philosophical questions is crucial to
ensure that the technology serves the broader goals of human flourishing and social
justice.
Blockchain's impact on trust and authority also intersects with broader
philosophical discussions about the role of technology in shaping human society.
Technology has always played a significant role in mediating human interactions and
31
shaping social structures. For instance, the advent of the internet transformed how we
communicate, access information, and conduct business. Blockchain further evolves
in this technological trajectory, potentially redefining fundamental social and
economic life aspects. This raises questions about the broader societal implications of
blockchain and the extent to which technology can and should mediate human
relationships.
The ethical implications of blockchain also warrant careful consideration.
Blockchain's promise of enhanced transparency and reduced corruption is compelling,
but it also raises questions about the moral consequences of immutable records and
algorithmic governance. Immutability, while providing security and trustworthiness,
can conflict with ethical principles related to privacy and the ability to rectify past
mistakes. The moral dilemmas posed by blockchain are complex and multifaceted,
requiring a nuanced understanding of both the technology and the philosophical
principles at stake.
Moreover, the philosophical inquiry into blockchain must also consider the
potential unintended consequences of its widespread adoption. Technological
advancements often bring unintended consequences with profound social and ethical
implications. The rise of social media, for instance, has brought about significant
changes in how we communicate and interact, with both positive and negative
consequences. Similarly, adopting blockchain technology could have far-reaching
implications beyond its intended benefits. These unintended consequences must be
carefully examined and addressed to ensure that the technology is deployed that aligns
with ethical and philosophical principles.
In conclusion, the philosophical implications of blockchain technology are
profound and far-reaching. Blockchain's potential to revolutionize digital transactions
through decentralization and immutability introduces a paradigm shift in trust. This
shift raises critical philosophical questions about the nature and disposition of trust in
digital societies, the ethical and social implications of machine-centric trust, and the
broader impact of technology on human society. As we move towards a future where
32
blockchain technology becomes more pervasive, engaging with these philosophical

questions is essential to ensure that the technology serves the broader goals of human
flourishing and social justice. This thesis comprehensively examines the philosophical
implications of blockchain, which is critical to understanding its broader impact on
society and addressing the fundamental issues of trust, authority, and authenticity in
an increasingly digital society.
1.8 Research Questions

This subsection embedded the research purpose, rationale, generalized and
detailed research question, and proposed study model. The philosophical and
scientific aspect of blockchain decentralized ledgers is that they create thoughtful
challenges for the global digital society. To link the purpose of our study more
independently, the challenges of designing, developing, and applying technology in
international society, especially in developing regions, are considered the main
research problem. In other words, the composition of technology-related policies for
innovative technology should include philosophical and scientific perspectives. To
discover fascinating findings in existing philosophical literature about emerging
technologies. Innovative technology-centric values can be proposed to answer the
needs and user expectations towards blockchain-decentralized ledger trust concerns in
developing regions. The trust-based blockchain decentralized ledger in our study
proposed the following research questions:
RQ1: How can philosophy inform our understanding of trust mechanisms and
data integrity in blockchain-decentralized ledgers?
R2: How do philosophical insights from RQ1 illuminate the role of trust in the
micro-structure of blockchain's decentralized ledger within society?
RQ3: What role do the microstructure findings from RQ2 play in re-
conceptualizing the philosophical perspective of trust in blockchain decentralized
ledger?
1.9 Thesis Roadmap

Chapter 1: This section introduces the background related to the philosophical
33
understanding of a trust-based blockchain decentralized ledger, which gives a

comprehensive definition, characteristics, challenges, and Limitations of blockchain
technology. It comprises a general image of blockchain and the philosophical
implication of decentralized ledger trust. A statement of research problem, research
questions, and thesis roadmap are added in this section at the end,
Chapter 2: Presents the background of the philosophical premises of blockchain
and decentralized ledger trust behavior trend. This section offers a pertinent literature
review on developing the intellectual understanding of blockchain decentralized
ledger trust.
Figure 1-2: Research Questions model
Q3
Q1
How
behavioral Philosophical
modelling understanding of
contributes to the trust mechanisms
revalidation of the and data integrity
understanding of in blockchain
blockckchain decentralized
decentralized ledger
Ledgers
Q2
Behavioral Trends on the basis
of philosophical understanding
of blockchain decentralized
ledger
This comprises a discussion of the significant philosophical concepts and theories

and any relevant historical context. Furthermore, the chapter also elaborates on the
behavioral trends of trust in the digital era. In this section, the ethical dimensions of
technology, as well as the highest trends followed, will be discussed.
Chapter 3: Explains Trust in Blockchain Decentralized Ledger and develops an
34
understanding of the holistic view of Trust in Blockchain technologies. These norms

explain the micro-macro level of the normative philosophy of trust. These norms
established the philosophical premise and understanding of blockchain-decentralized
ledger and its related trust factors.
Chapter 4: Based on the normative philosophy of trust, this chapter attempts to
develop and test the behavioral modeling with the identified aspects to understand the
challenges and influential factors that strengthen blockchain-decentralized ledger
trust. This chapter revalidated the philosophical perception in behavioral modeling.
This chapter evaluated the socio-factor, which has an impact on blockchain decision-
making.
Figure 1-3: Thesis roadmap
35
Chapter 5: Discuss blockchain decentralized ledger trust on the premises of norms

development on a micro level, and the behavioral modeling identified the challenges
of the factors. In this chapter, the blockchain philosophy of trust premise attempts to
provide the solution. This chapter provides a thorough perspective and discussion
related to decentralized ledger trust through the lens of blockchain philosophy. This
chapter underscores the numerous motivating perceptions in the ontological stance of
philosophers and develops their own. The existing chapter also explains the
conclusion, limitations, and suggestions. References are listed at the end of the thesis.
36
CHAPTER 2: BLOCKCHAIN PHILOSOPHY REVIEW

This chapter discusses decentralized ledgers and the general philosophical
approach to blockchains, emphasizing historical backgrounds. This thesis offers our
readers a general understanding of the development of blockchain technology, the
global application of this technology, and essential philosophical debates concerning
it. Thus, it brings the trust paradigms and philosophical outlooks of Luciano Floridi
and Shannon Vallor into the decentralized ledgers. It also analyses the aspects of
Coeckelbergh’s work regarding aesthetics and ethical issues, followed by the
reconsideration of technology, trust, and ethics.
2.1 History of Decentralized Ledger Trust

Blockchain is a decentralized ledger technology that presents profound
philosophical issues concerning trust, authority, and responsive attitude. Trust has
been redefined and regarded as a significant philosophical impact of blockchain
technology. Trust was initially bestowed on large-scale entities such as banks,
governments, or corporations. However, blockchain technology innovates this
paradigm by enabling trust to be distributed across a network [1]. In other words,
using cryptographic algorithms and consensus mechanisms ensures the impossibility
of third parties' interference in the transaction procedure and its subsequent
verification. This decentralized trust depicted in the scenario above fractures the
central delegated authority and asks questions on the reality of trust in today’s new
world web. The philosophical consequences of blockchain are equally riddled with
multiple difficulties and controversies. Scholars argue that this technology of
distributed ledger heralded by blockchain negatively impacts privacy scalability and
socially sustainable development. Besides, the overall number of fake transactions in
blockchains increases the concerns about responsibility or accountability in the digital
world. Therefore, one can state that the number of philosophical discussions regarding
the blockchain's decentralized ledger is rather vast and multifaceted[2]. Due to
decentralization, the power of decisions in blockchain goes against standard
conventional systems of command based on authority, which clarifies that blockchain
37
challenges traditional ways of governance based on endorsing trusted authority

institutions. It also leads to severe privacy concerns, scalability issues, and
sustainability problems that must be solved as the technology progresses. Indeed, in a
world where more and more decisions are made based on computer algorithms, the
philosophical potential of the blockchain suggests such problematic issues as trust,
autonomy, and cooperation. Blockchain is not only a technical advancement; it is a
philosophical revolution. The nature of the decentralized and secure ledger provided
through blockchain has questioned the principles of power, trust, and authoritative
systems that form the basis of philosophical questions essential for continuously
enhancing the thoughts and technology in the blockchain field.
Figure 2-1 Historical review of blockchain decentralized Ledger
2.2 Blockchain technology and its global impact

The market effect of blockchain technology is enormous globally and has an
impact of 1,431,111,333 US dollars. The global market spending in blockchain
technology grew from $1.9 billion in 2017 to $2.0 billion in 2020, with a growth rate
of 6 % per year; the market was the highest in 2018 at $2.0 billion. It is expected to
grow at 85% annually regarding the number of users. Thus, its automatic and semi-
38
automatic search market rose 9% annually between 2022 and 2030. The clientele base
of blockchain wallet customers is 83,434,000, and the 2022 investment in blockchain
tech will be $244 billion (Smith, 2022). Today, 8% of the world’s population already
uses Blockchain, and its usage is limited to a limited extent. America has been the first
nation to implement blockchain technology, and according to research, it is expected
to spend over $2 billion on advanced blockchain technology. There is a dynamic
process in developing blockchain platforms because 90% of them need changes every
year. Blockchain technology’s application within the banking sector can cut
infrastructure costs by two-thirds or to $ 1 billion per year. The business aspect of the
healthcare industry is estimated to attain 55% of the related healthcare applications
will incorporate the said technology by 2025, which will significantly contribute to
the adoption of blockchain technology. According to estimates, by 2030, the global
IoT market will turnover $54 billion and have a compound annual growth rate
(hereinafter CAGR) of 85% (IDC, 2023). The blockchain technology market attained
$ 11 billion worldwide in 2022, as firms and governments spent large amounts of
money on the beneficial properties of the market solution. The World Health
Organization (hereinafter WHO) states that the globe spent around $6 trillion on
health care this year and $6 billion specifically on solving the problem with the help
of blockchain technology.
Blockchain in the United States has attracted more than $2 billion in
investment and is expected to reach an estimated $5 billion. Specifically, the process
of economization of accounts in the field of infrastructure increases due to the usage
of blockchain technology at more than 10 billion US dollars per year (Doe, 2022).
Hackers, cybercriminals, and people dealing with illicit weapons, primarily guns,
including the FBI, which holds about 5% of total bitcoins, adopted. By 2025, 55% of
healthcare apps will be projected to contain blockchain technology, which is
considered a favorable development in data management. Consequently, 60% of them
consider the undertakings of blockchain technology by the end of 2020 as deemed
relevant, valuable, or worth undertaking. The blockchain technology market has been
39
forecasted to be around $54 billion by 2030, which shows almost 85 percent market
growth. Information derived from the description reveals the use of blockchain in
different fields, including the banking sector. These application challenges have been
seen to occur because of the inability to support modification of the other platforms
used (Jones, 2021). Based on the increasing use of blockchain technology in different
industries, especially the banking sector, there are likely to be significant shifts at
global levels .
China seems to be on the verge of developing its blockchain business and, by
2030, should overtake its position in the world in Bitcoins and digital currencies
mining. Because of better security, strict accountability, and high efficiency, many
organizations have laid more stringent legal regulations for using blockchain
technology. Financial institutions in China have integrated Blockchain to mitigate
fraud-related incidences, improve customer satisfaction, and lower the default ratio
(University of Cape Town, 2022). The Chinese government has duly adopted
blockchain technology and is open to using innovations. Other areas in which it has
applied this technology are generating invoices, releasing vouchers in Shenzhen, and
reducing tax evasion. Blockchain technology offers better solutions to logistics by
enhancing the platform’s exposure, modularity, and liquidity. Many firms, notably
Cainiao and JD.com, use blockchain innovation to solve the problem of fake
commodities and to trace the flow and consumption information of meat and poultry
products. It is used in health, energy, and healthcare to advance this action (Johnson,
2021). Companies employ it to sort data, especially for treating patient record
information, particularly in hospital energy trading projects.
The market for blockchain technology in Canada is relatively new. It is
growing fast, and so is market capitalization; therefore, it will increase to $850 million
in 2023. Based on the analysis, the motivation driving the banking industry is as
follows: The Royal Bank of Canada and TD Bank use blockchain technology because
its effectiveness and cost influence other sectors such as health care, supply chain, and
government solutions (FSCA, 2023). Thus, contemplate ways to share data more
40
effectively to protect privacy. Hence, the application of blockchain in counteracting

counterfeiting involves making sharing ownership records within the supply chain
easier. Canada considers the possibility of optimizing blockchain solutions to improve
the quality of services and the level of openness. They also run pilot projects in most
domains, including identifying and registering people and physical assets. However,
legal issues and technology challenges affect the application of blockchain in Canada
as a country and the expansion of technology (National Treasury, 2023). Moreover, it
is only reasonable to indicate that proper policies and activities must be taken to deal
with these challenges.
Currently, the South African blockchain market is quite diverse as the financial
organizations, IT starts, and various spheres of society, including the economic,
healthcare, and governmental ones, investigate DLT's opportunities. Many executives
now view blockchain as one of the top five strategic priorities because of the
innovative approaches to making company advances. Project Khokha is a basic
experiment currently conducted by the South African Reserve Bank (hereinafter
SARB). Blockchain remains a South African payment processing system through
Distributed Ledger Technology, more commonly known as blockchain (Frost &
Sullivan, 2023). Over $20 million was raised in 2022 from the combined efforts of
South African blockchain companies’ representatives. Supply chain management
significantly contributes to introducing blockchain technology in the agricultural
sector regarding exports towards their GDP. There is a growing trend in the healthcare
sector with a further possibility of attaining up to a 20% cost decrease by 2025
(BeefLedger, 2023). In 2015, the National Treasury and the World Bank developed a
pilot project for the land register system using blockchain innovation. There is no
adequate legislation to determine the use of blockchain. Secondly, there is a need to
increase investment in education and skills. About the current discussion, it can
therefore be stated that finally, contributing to the security and scalability of the
solutions that have been proposed in front of the public will be a substantial
contribution to the enhancement of future solutions since the industry is constantly
41
developing better solutions to present them to the public (Startupbootcamp, 2023).
2.3 Ontological Considerations in Blockchain Development

Ontology is a philosophical notion examining fundamental concepts such as
being, existence, and reality. This section researches real questions regarding the
essence of existence, the classifications of entities that possess existence, and the
interconnections among them. Ontology seeks to understand the fundamental
structure of reality and the nature of existence itself. Ontology has an idea beyond
recounting the elements of an item or an event and is utilized to conceive existence as
a whole. It tends to involve the formation of theories and concepts to classify several
factors and their interrelation. Ontology is used not only in the philosophical sense but
also in the contemporary blockchain-decentralized ledger[3]. Ontology, in this
respect, refers to a declaration of the content of a particular subject matter and is used
in data and knowledge fusion as well as in communication and computation in the
context of Artificial Intelligence. However, it provokes philosophical thoughts on its
ontological nature beyond technology and economics. Modern scholars Luciano
Floridi and Bernard Stiegler have tried to explain the position that technology has
placed people and society. Among these philosophers, Luciano Floridi discusses the
informative ontology of blockchain technology. He defined information as a basic
form of reality (Floridi, 2014). He adds that DLT in blockchain entails shifting to the
distributed systems of trust verification and altering the relationship between entities
and data. In his work on the ‘ethics of information,’ he postulates that a crucial role is
in capturing the essence of the ethical questions that can be raised regarding
blockchain technology. In particular, he states that information ethics must always be
the foundation for developing and implementing blockchain applications to impact
people’s lives and values (Floridi, 2013). Therefore, the openness of blocks is dual-
faced because it curbs corruption and exposes privacy and data security. Thus,
Floridi’s ethical framework educates stakeholders that blockchain should be for the
collective benefit of society members. At the same time, the privacy of the blockchain
users should be protected.
42
On the other hand, another prominent technology philosopher, Bernard

Stiegler, offers a different perspective on the ontological implications of blockchain.
His notion focuses on the impact of technology on human existence and society,
emphasizing the concept of technics as a fundamental aspect of human life. Argues
that technology is not merely a tool but a co-constitutive element of human experience
and development (Stiegler, 1998). Stiegler’s concept of “pharmacology” can be seen
as a treatment for issues such as corruption and state control. Nevertheless, its threats
include extending disparities and creating more monitoring techniques. Thus, Stiegler
emphasized that in order to get the maximum number of positive effects and, at the
same time, minimize the main negative impacts and manner in which humans
generate and disseminate pertinent information within society; it provides the proper
view of how blockchain technology affects society. Blockchain enhances an
opportunity for decentralized cooperation and the formation of community consensus,
which further opens new ways to realize trans-individuation (Stiegler, 2010).
However, if these processes are not regulated carefully and with much attention, then
other dominating forces will take over them, and the freeing effect of this technology
will be lost. He equally applies criticism to modern Capitalism and its use of
technology to produce profits for Blockchain. He states that technology reasserts
those patterns or presents other options, as with the Decentralized Autonomous
Organizations (hereinafter DAOs), which entail and provide economic contribution
and co-governing forms of governance. Hence, the incorporation of blockchain into
capitalist paradigms may further perpetuate the issue of inequality in wealth and work.
In sum, it is essential to stress that Stiegler's critique is seen as a performative call for
establishing a philosophy of technology that would mandate a proper and reflexive
procedure of the invention of new technologies and their incorporation into human
social life (Stiegler, 2011).
Eventually, the ontological aspects of blockchain development are enhanced
by the valuable insights provided by modern technology philosophers, including
Luciano Floridi and Bernard Stiegler. Floridi's analysis of the essence of information
43
and its moral aspects offers a structure for understanding blockchain as a fundamental
component of the infosphere and highlighting the importance of ethical deliberations
in its advancement. In the discussion about the impact of technology on the existence
of human beings, Stiegler’s pharmacology emphasizes the definition of the
blockchain. As a type of technology marked by an ambiguous relation, active
participation in the process may help increase the technology's positive outcomes
while minimizing the negative ones. These philosophies offer an understanding of the
fundamental aspects of blockchain technology together with directions for managing
its evolution to enhance human benefits and reduce risks.
2.4 Luciano Floridi's Philosophy of Technology

Luciano Floridi is among the outstanding technology philosophers of modern
times. He has contributed immensely to discussing the philosophy of technology,
especially in explaining the ethical and epistemological discussion in the ongoing
digital age. The critical element of his contribution states that information is a crucial
component of reality. His main contribution affirms that information is an attribute of
reality. Floridi claims that technology is an integral part of the physical world. Thus,
he introduces an ontology of information instead of substance or process
ontologies[4]. This point of view changes the usual vision of existence, cognition, and
ethics by emphasizing the role of information in the interaction with society. This is
the focus of Floridi’s perspective, where he looks at the social, ethical, and even
metaphysical issues arising from the world’s technologically enhanced
interconnectivity. He provides deep conceptual reflections about trust in the context of
information ethics and the philosophy of technology. Floridi insists that trust is
multifaceted, nuanced, and tied to the socio-technological milieu. In light of Floridi’s
view, one can understand the nature, value, and consequences of trust in the
information age and its ethical, epistemological, and ontological aspects. Floridi’s
points of view focus on the aspects of trust as one of the critical factors of social
interactions and cooperation.
He also notes that trust is one of the key elements in people's and
44
organization’s interactions, as well as in balanced societies. Today, it is possible to

conduct business transactions through information and communication technologies,
thus making trust a valuable good in the electronic business environment. That is why
Floridi’s revelation on how trust intervenes in how we interact with online platforms,
services, and societies is an essential realization of the future of the Internet[5]. He
searches how trust affects how we know things and other related cognitive
phenomena. In the case of trust, Floridi says it is interwoven with our beliefs,
perceptions, and judgments as it concerns the gaining, evaluating, and disseminating
of information. Floridi argues that trust is closely related to one’s beliefs, perceptions,
and judgments regarding acquiring, evaluating, and disseminating information.
One of the elements that can be regarded as necessary in defining our ability to
make decisions is information overload. At the same time, trust may be viewed as one
factor that can mitigate this element's impact. Thus, Floridi has delivered a robust
message on critical thinking, skepticism, and epistemological awareness in the era of
post-truth and fake news. Thus, Floridi's premise highlights the issues of establishing
ethical trust in techno-social systems. He says that trust is required for pragmatic
purposes and tries to become ethical based on the principles of openness,
responsibility, and honesty. He thinks ethical design principles should create trust in
information and communication technology. They should not violate and maintain the
essence of ethical norms in people’s lives. Floridi further explores and defines the
nature of trust in the information age and artificial agents and autonomous systems.
When intelligent machines are being incorporated into our society, questions often
arise as to the dependability of these machines and the ability of humans to interact
with them. Hence, it calls for a deeper understanding of trust in human-machine
interactions, recognizing the artificial subjects as agents and possessing morality, and
the control and knowledge dynamics in the human and artificial intelligent interface.
However, Floridi’s view of information ethics underscores that people require
behavior and policy guidelines in the information society. He speaks about the need to
implement a structured model for ethical decision-making about the impact of
45
technologies on people. This involves tackling privacy, security, intellectual property,

and digital rights. This ethic proposes respect for people’s dignity and freedom and
achieving the general good within society in the context of globalization. Besides,
Floridi has ventured into what is referred to as the infosphere, which is the global
network of information and communication. He notes that one can master
contemporary society if one understands the principles of the infosphere and new
challenges that emanate from this, including information overload, fake news, and the
digital divide. Therefore, when considering Floridi’s standpoint of the infosphere, one
learns to approach the issue with technology differently and becomes wiser regarding
technology creation and application[6]. He explicitly separates semantic information
as something that does indeed mean and syntactic information as pure structure. In
this regard, Florida’s reflections on the post-Internet politics of knowledge,
communication, and representation appear more incisive and perfunctory than those
of the latter states. Floridi's “informational structural realism” idea suggests that
informational relations rather than material substances shape reality. From this
perspective, the world can be perceived as making and transmitting information or
text as content, network, and currency as forms constituting reality. They gave a
different or new perspective on realism and idealism, contributing to the view on what
should be done concerning existence and knowledge.
In sum, Luciano Floridi's contribution to the philosophy of technology has
deepened the knowledge of the digital age and its implications for existence and
ethics. His approach calls on scholars, policymakers, and technologists to reflect on
technology in our society and advocate for an ethically sound society in enhancing
technology. The views presented by Luciano Floridi regarding trust help us
understand the complexities of the digital world. While examining the formation of
the socio-technological society, Floridi discusses the concept of trust based on the
ethical, epistemological, and ontological approaches. It emphasizes factors that could
be useful to build public trust in techno-social systems. Floridi’s philosophy
demonstrates how increasing trust improves well-being and ethically manages
46
technology. Therefore, his philosophy on technology is instrumental in enhancing

understanding of the digital age. Hence, it challenges scholars, policymakers, and
technologists to ponder the ramifications of information technologies and alter how
they support our society’s developments.
2.5 Epistemological Shifts in Decentralized Ledger Trust Paradigms

Epistemology is a branch of philosophy that focuses on the origin and nature
of knowledge. It raises essential questions about life, such as what constitutes
knowledge. Epistemology highlights trust, justification, evidence, perception,
reasoning, and the relationship between the knower and the known[7]. In
epistemology, different theories and concepts focus on what knowledge is.
Rationalism and empiricism are the two primary schools of thought prevalent in
epistemology. Rationalism comprises reason and inherent drive as the means of
acquiring knowledge. Skepticism can be generated by doubts about the probability of
certainty and the credibility of beliefs[8]. Epistemology examines fundamental
concepts and distinctions, such as knowledge as distinguished from beliefs, a priori
and a posteriori knowledge, and the problem of induction. It is meant to investigate
some of the most significant issues connected to epistemology and ontology. It reveals
the extent of our knowledge and the ways of acquiring it.
Consequently, epistemology offers a set of concepts for discussing the nature
of knowing and its relation to society. In this regard, epistemology was established as
a primary field of the other fields: science, ethics, and metaphysics. In the history of
humanity, philosophy has provided many ideas for creating epistemology[9]. The
concept of trust paradigms associated with distributed ledgers, such as the blockchain,
can be defined and described in the context of the works of John Locke and Immanuel
Kant. During a critical assessment of the work undertaken by these philosophers, both
have made a tremendous contribution to understanding such concepts as trust and
governance and the type of knowledge that may be instrumental in the modern debate
on the decentralized society.
John Lock argues that one can easily distinguish the main aspects of trust and
47
control over decentralized organizations. The elements of Locke’s heritage are

identified in the works “Two Treatises of Government” and the views on the social
compact and property rights. He raised concerns about how the decentralized ledgers
can establish trust without the centers’ necessity. In Locke’s view, people deliberately
consent to be in a society to safeguard their inherent rights, including life, liberty, and
property. The above concept relates to the delegated trust mechanisms observed in
decentralized ledgers. In these ledgers, the users adhere to rules followed in the
blockchain protocol. It guarantees the safety of the transactions and data they
exchange on the Internet[10]. According to Locke, legal rationality emanates from the
governed. This is in harmony with the outlook of the blockchain system, meaning that
paradigms like PoW or PoS are paradigms of consensus of the network participants.
The kind of decentralization of consensus offers an assurance that no single authority
can dictate the system as the authorities are spread out, which enhances confidence
among the members. Indeed, property rights at the heart of Locke’s notion align with
the blockchain: record keeping about ownership and usage secured, unalterable, and
shared[11]. Thus, it strengthens self-confidence and minimizes the degree of
intermediaries.
The second set of critical views of change, like knowledge and trust in
distributed ledgers, can be discussed by referring to Immanuel Kant’s philosophical
notions[12]. To understand the nature of trust in decentralized systems, Kant’s notion
of knowledge, moral philosophy, and autonomy[13]. In his work “Critique of Pure
Reason,” Kant said that knowledge is best described as the outcome of sensibility and
understanding[14]. Therefore, trust can be related to the concept of blockchain as the
sensation and thinking of the mind. The features of decentralization, such as people’s
ability to be free and self-governing, are consistent with the message conveyed by
Immanuel Kant's Groundwork of the Metaphysics of Morals[15]. Since these ledgers
create a network that does not depend on the authorities’ trust, trust is maintained
through the actions of other network members. Using the principles of Kantian ethics,
it is imperative to understand that action must adhere to certain principles, just as
48
blockchain adheres to consensus rules for all its users[16].

It is essential to emphasize that John Locke and Immanuel Kant defined the
philosophical premises describing the changes in the trust paradigm in decentralized
ledgers. However, the social contract theory and the theory related to property rights
focus on the benefits of a decentralized society[17]. On the other hand, Kant’s
formulation, as postulated by the autonomy of the categorical imperative and the way
through which the inputs of sensibility are formulated into a system within the realm
of understanding, provides a framework from which one can understand how trust is
built and sustained within the context of blockchain technology. In sum, the following
are the procedures to ensure that the concepts of distributed ledgers are understood in
transforming the societal structure of trust and information.
2.6 Shannon Vallor’s Techno-Moral Virtues

Shannon Vallor is one of the most famous philosophers in modern discussion.
Whose work is dedicated to creating a virtuous model appropriate to the digital
generations and tasks? She is a philosopher in the sphere of philosophy, with a
specialty in science, technology, and ethics. Among the major areas of Shannon
Vallor’s work, she has been working on the ethics of technology and the virtues in the
technological society[18]. Her significant contribution is to propose an extensive
paradigm that merges traditional virtue ethics with modern technology issues to help
people and society find a way to face the ethical issues arising from fast technological
progress. Vallor’s work is grounded on the premise that virtues are essential for
rebuilding man's character and directing ethical practice, especially in technology. In
her opinion, the virtues exemplified by the four cardinal human virtues include
wisdom, courage, temperance, and justice to make man's interaction with technology
ethical and shape the right future. That is why Vallor’s works often deal with artificial
intelligence, digital ethics, information technology, and technology’s impact on
society. Vallor enriches knowledge from classical virtue ethical theory and modern
technologies, thus offering a unique perspective on how people and societies can
develop ethical practices and responsible technology use. Vallor’s main strength is her
49
lucid definition of ‘technology.’ Vallor uses the virtue ethics in the modern
technological society approach to argue how the ancient virtues can be used to solve
modern technological problems[19]. She also emphasizes how the concept of wisdom
is fundamental in evaluating the possible gains and losses that may come with
technological developments, as well as the role that courage plays in pointing out the
vices of technology and fighting for justice in the technological age[20]. She also
demonstrates a correlation between virtues and how they co-produce technology and
the future. She underlines the need to employ the broad-spectrum model for the
Villanova virtues’ development, stating that ethical and technical choices require an
integration of the virtues. As a result, with the help of creating a virtuous character
that possesses wisdom, courage, temperance, and justice, people can be prepared for
the challenges of the digital age with ethical and moral standards. All these will assist
in building a future that is composed of the highest ethical standards.
Furthermore, Vallor’s examination of the virtues of technology is not just
theoretical and is used practically. She gives helpful tips for users, engineers,
legislators, and organizations to cultivate virtues and enforce ethical actions in
technology creation, implementation, and application. She encourages stakeholder
reflection in her work, thus creating a responsible technological approach. Apart from
her interest in technological virtues, Vallor has contributed to discourses on the ethics
of emerging technologies, including artificial intelligence, robotics, biotechnology,
and information technology. It is also worth noting that she tries to examine the
impact of these technologies on some of the fundamental aspects of human life, such
as identity, agency, and responsibility. Further, she explains the ethical challenges that
define the lives of people and societies. Vallor identifies wisdom as one of the crucial
virtues, defining it as the ability to recognize what truly matters and what is good in
the end. As for the technological aspect, it is crucial to analyze the effects of
innovations and possible negative consequences and their impact on society and moral
values. Performing this task requires a high level of technicality, ethical
understanding, and cognitive ability to foresee and implement actions that prevent
50
adverse side effects. Vallor similarly stresses that the technologist, policymaker, and
society generally cultivate the wisdom to ensure that technology development is done
correctly to benefit humanity and be in harmony with ethics[21]. Vallor stressed the
role of courage, which is the capacity to meet fears, uncertainties, risks, and
challenges to do what is right. Living in an era of rapid technological advancement
and globalization means one must be brave enough to challenge power, discuss ethical
concerns, and promote equality and individual rights. Vallor also emphasizes that
courage must directly oppose ethical issues, including surveillance, censorship,
discrimination, and other unethical uses of technologies that should be combined with
transparency, accountability, and responsible use. Hence, people can preserve moral
values and positively transform civilization when encountering technological
challenges, embracing bravery. According to Vallor, temperance is defined as
moderation and self-discipline, which is necessary for digital technology.
These technologies have the capability of promoting dependency and reducing
social inequality. Temperance can be understood as moderation in technology usage,
refraining from using it to gratify one’s vices and preferring actual relationships to
virtual ones. Vallor explains that a person should cultivate an ability to understand
one's own needs and control one's impulses as an essential factor in protecting oneself
from the negative impact of social media. This includes the practice of always being
conscious of the amount of time spent using the gadgets and the practice of taking
time off the gadgets. Vallor also notes that justice is essential in providing solutions to
the digital divide that re-establishes social and economic injustice in the use of
technology. Justice means recognizing and addressing the social imbalance of
available technological assets[22]. It means supporting the policies and concepts of
inclusive design to help manage the discriminated group members. Vallor speaks
about justice as a solution to improve labor relations, protect privacy, and fight against
technology-based discrimination and prejudice. Through the implementation of an
appropriate culture, the various stakeholders and organizations have the potential to
work towards enhancing the development of the technologies, as well as encouraging
51
equal and just societies. The complexity of the individual virtues and the relations
between them are considered in Vallor’s work, as well as the examination of how they
construct technology and vice versa. She underlines the necessity of the integrated
approach to cultivating virtues because, according to her, decision-making processes,
whether ethical or technical, require virtues. Successful environmental self-
organization in the context of the Information Age is possible only based on the
concept of the virtuous person with his reason, practical courage, self-restraint, and
justice. This makes it easy for them to exercise professionalism and accountability in
their work, hence fostering for a future work that upholds the highest standards of the
society.
2.7 Aesthetic Dimensions of Blockchain Decentralized Ledger

The aesthetic aspects of blockchain decentralized ledger technology can be
discussed regarding technical, philosophical, and artistic interrelations. The esthetic
features are also visible in the ability of blockchain to encourage innovation and
generate creative solutions. Decentralized applications (hereinafter dApps) and smart
contracts produced with technology are self-managing and located on the blockchain
system. Indeed, they are similar to digital art, in which code and functionality are the
work of art, which constructs new ways of interacting and delegating value. It
demonstrates the integration of the art industry with the blockchain through the case
of non-fungible tokens (hereinafter NFT); artists can convert the paintings into digital
assets and sell them to a purchaser, bypassing the intermediaries. Altogether, the
following can be stated about the aesthetic dimensions of blockchain decentralized
ledger technology: The style of the structure in the design, encoding in the
mathematical structure, historical record, catalysis for the creativity in art, and digital
applications in the blockchain. Because of the technical and creative concepts of the
work and the experimentation with the nature of art, blockchain is not only a
technological invention but also a philosophically reflective one.
Among the philosophers’ contributions, Immanuel Kant and Georg Wilhelm
Friedrich Hegel have influenced aesthetics, shaping our understanding of beauty, art,
52
and aesthetic assessments. Kant’s “Critique of Judgement” focuses on the subjectivity

of the aesthetic experience, pointing out the crucial role of individual judgment when
recognizing beauty. He claims that aesthetics are derived from an experience of
pleasure. Kant puts forward the notion of ‘free beauty,’ where appreciating the
beautiful object does not involve man’s interests, making it possible to have an
aesthetic experience that anybody can explain and recreate. He formulated the
aesthetics theory based on his overall philosophical concept, which attempts to bridge
the gap between rationalists and empiricists. It can be described as the appearance of
beauty when these cognitive skills are exercised while the individual is in a position to
do so without restraint, which results in pleasure(Kant, 1790/2000). Kant’s distinction
between the notions of the beautiful and the sublime has significantly affected the
succeeding theories of aesthetics, the evolution of Romanticism, and succeeding
philosophical discussions over art and nature. Similarly, his opinions regarding the
possibility of transferring aesthetic assessments are also reflected in the ‘sensus
communis,’ which he identifies as the capacity to share our aesthetic experiences with
others. In this context, common sense is used in a non-scientific, or rather,
transcendental sense, which means the condition allowing people to come to a
consensus on beauty-related issues. On this view, it helps convey aesthetic opinions
and create consensus about what is beautiful, although it is difficult to define beauty.
Hegel’s contributions to aesthetics are intertwined with his philosophy, which
focuses on art as the product of the Absolute Spirit. He paints art as the way of the
absolute spirit, where both the sensible and the rational are found. Such a concept
matches art in the best manner possible because art creates and represents ideas with
sensuous images to connect the finite and the infinite and the material and the
spiritual. Hegel divides art history into three stages: Symbolic, classical, and romantic
periods, corresponding to the development of thinking and the aesthetic concepts of
different epochs. In the context of Hegel’s philosophy, art is an integral part of his
dialectical growth, and each stage of art is a crucial part of the growth of the absolute
spirit. Art is the ability of the spirit to express itself and to be acquainted with itself
53
(Hegel, 1835/1975). It is possible to state that the historical path of art reflects the
development of spirituality and the growing self-identification of the spirit.
Kant and Hegel are two famous philosophers who have immensely contributed
to the discussion of aesthetics. Kant focuses on the individual aspects of aesthetic
experience and the act of appreciation. He differentiates beauty and the sublime,
thereby contributing to expanding knowledge on the various methods through which
art and nature might elicit aesthetic feelings. On the other hand, Hegel has a more
extensive perspective regarding art insofar as he perceives art as an element of the
historical and cultural evolution of the human spirit. These philosophical ideas discuss
the modern blockchain trust and transparency phenomenon. The primary
characteristic of the Blockchain system is the decentralization of ledgers, which
implies that the transactions are secure, transparent, and cannot be interfered with in
any way. Hence, similar to Kant’s concept of universal validity and communicability
of aesthetic judgments. It preserves the purity of a transaction that does not require a
self-organizing entity equal to Kant’s scanned sense. Hegel’s dialectical process
concerning art in the growth of blockchain, whereby the symbol phase and the
classical phase of its evolution are established, whereby technology and business
requirements are maintained in equilibrium.
2.8 Coeckelbergh's Ethical dimensions of technology

Mark Coeckelbergh is a core philosopher specializing in technology
philosophy. He made exceptional contributions to the Ethics of Robotics and the
philosophy of technology. Mark Coeckelbergh has contributed immensely to the
formulation of the field and has increased people's capacity to understand the role of
technology in human life. Nevertheless, Coeckelbergh has given some insights into
human and technology interaction. He highlights an interdisciplinary approach and
reflections on the specific nature of the role of technological advancement in
society[23]. Coeckelbergh’s contribution centers on the ethical problems of techno-
scientific advancement. He greatly believes in an approach far beyond rational
egoism, stating that one should consider the ethical consequences of technology. In
54
Coeckelbergh’s article, he outlines major ethical concerns about new technologies that
reconstruct human vulnerability and decision-making [23]. He underlines the ethical
approach to the question concerning the role of technology in our existence and
society.
Mark Coeckelbergh’s ethical argument regarding technologies in
contemporary philosophical debate. It offers a rich understanding of the ethical issues
in contemporary society characterized by advanced technology. Coeckelbergh draws
our attention to the ethical implications of technological advancements. He inspires us
to problematize technical systems' values and focus on a just and humanistic. His
notion has served as a novel and significant premise for a philosophy of technology
discussion. He draws existential implications towards technological mediation from
existential, phenomenological, and critical theories. Coeckelbergh looks at how
technology impacts our ethical character and existence[24]. This thought makes one
ask about the values associated with technological systems and their impact on well-
being. He links philosophical investigation and technical application to explain the
moral aspect of technology engineering and its use. Coeckelbergh’s scholarship on the
ethical questions concerning artificial intelligence and robotics allows one to
understand some moral issues surrounding artificial beings and the challenges created
by autonomous systems. He discusses the anthropocentric prejudices incorporated
within moral evaluations and challenges. He encourages us to reconsider our ethical
responsibility towards artificial entities. Coeckelbergh’s notion offers a critical
approach to conceptualizing the meanings of technology and the relations between
people and society. It opens new opportunities to rethink the boundaries between
human and non-human animals and accept their moral agency as a part of an ethically
sophisticated techno-companion species.
Coeckelbergh’s contributions do not merely theorize but contribute to
significant socio-political issues concerning technology. Therefore, it entails a new
approach to regulating technology and embracing democracy in technocratic affairs.
He campaigns for responsible technology and inclusion in decision-making processes.
55
Examines the imaginary and brainstorming/paper design participatory design

processes. Thus, it explains the prospects of democracy based on this paradigm and
reveals the tensions between democratic enterprises and technological pragmatics. He
also stresses the features of power, inequality, and social justice in the design and
executions done technically. Coeckelbergh calls upon us to think about different
futures with solidarity and people’s power. He has contributed much to general
discourses and policy discourses on technological ethics, such as autonomous
weapons and digital surveillance. Employ us to develop critical consciousness and
participation concerning the moral questions that advanced technologies present[25].
Similarly, authentic interest goes beyond theorizing by participating and engaging in
the practice that promotes responsible practice in innovation and introducing policies
that fully consider all human beings. He insists on the direct participation of society in
decision-making on future technologies and becomes one of the leaders in discursive
debates on the ethics of technological progress.
2.9 Discourse
The decentralized ledgers and blockchain philosophy discussions focus on
trust models, world penetration, and ethical questions. It starts with an introduction to
decentralized ledger trust and how it developed in the digital world. The application
of blockchain technology is reviewed to establish the extent to which it has the
capability for change across diverse industries and its outcomes for the global
community. Epistemological concerns focus on the nature and acquisition of
knowledge that pertains to existence and reality in digital environments. Luciano
Floridi's theory of technology could be applied to analyze blockchain’s informational
and ethical aspects. Thus, Shannon Vallor’s techno-moral virtues present information
on moral and ethical virtues for proper technological progress. Aesthetic dimensions
refer to elements of the design of blockchain technology and how people experience it
when engaging with the technology. In response to Coeckelbergh’s ethical dimensions
of technology, this chapter outlines the moral significance of blockchain while
spurring a more critical and responsive attitude toward this technology.
56
57
58
59
REFERENCES
REFERENCES
Reference here
60
APPENDIX
APPENDIX A
Appendix here
61
ACKNOWLEDGEMENT
ACKNOWLEDGEMENT
If its necessary
62

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中国科学技术大学

THESIS TOPIC GOES HERE

Abstract goes here

1.1 Research Background

in addressing these limitations and unlocking the full potential of blockchain

central concept in philosophy, and the application of blockchain technology is based

1.1.1 Definition of the Blockchain

The origins of blockchain technology as a concept can be found in 1982 when

to-Peer Electronic Cash System," drafted by an individual or a group of individuals

1.1.2 Characteristics of Blockchain Technology

Blockchain exhibits notable characteristics, such as transparency and

transactions. Public key cryptography generates digital signatures confirming the

1.1.3 Challenges and Limitations

Table 1.1 Characteristics of Blockchains

agree on transactions[43]. As the popularity of blockchain applications grows, so does

between different blockchain networks[45]. Some examples are the Interledger

methods, resulting in a fragmented set of rules and legal ambiguities. Establishing

discussions to establish well-defined frameworks that encourage innovation while

1.2 Research Significance

and relational. Additionally, a blockchain-decentralized ledger is aligned with

1.3 Blockchain Philosophy Research Development

Ages nurtured a vibrant tradition of philosophical inquiry, bringing together the

architecture as contemporary philosophers engage with reminiscent of the medieval

Table 1.2 Relationship between Medieval Philosophy and Blockchain

Medieval Philosophy Blockchain Technology Connection

Blockchain's potential to enhance transparency and accountability in governance

exploration of Renaissance philosophy and blockchain reveals tensions and contrasts.

philosophy valued individual freedom. Modern Philosophy is more about a

Figure 1.1 Renaissance philosophical research development of chai-chains

outcomes are achieved without explicit coordination, as individuals rely on prices as

1.4 Philosophical Implication of Decentralization and Trust

economic and political systems increasingly relies on digital and decentralized

1.5 Chinese Philosophical Scholarship on Decentralized Ledger Trust

and worshiping our society protecting it.

1.7 Problem Statement

blockchain technology becomes more pervasive, engaging with these philosophical

1.8 Research Questions

1.9 Thesis Roadmap

understanding of a trust-based blockchain decentralized ledger, which gives a

Figure 1-2: Research Questions model

This comprises a discussion of the significant philosophical concepts and theories

understanding of the holistic view of Trust in Blockchain technologies. These norms

Figure 1-3: Thesis roadmap

Chapter 5: Discuss blockchain decentralized ledger trust on the premises of norms

CHAPTER 2: BLOCKCHAIN PHILOSOPHY REVIEW

2.1 History of Decentralized Ledger Trust

challenges traditional ways of governance based on endorsing trusted authority

Figure 2-1 Historical review of blockchain decentralized Ledger

2.2 Blockchain technology and its global impact

effectively to protect privacy. Hence, the application of blockchain in counteracting

developing better solutions to present them to the public (Startupbootcamp, 2023).

2.3 Ontological Considerations in Blockchain Development

On the other hand, another prominent technology philosopher, Bernard

2.4 Luciano Floridi's Philosophy of Technology

organization’s interactions, as well as in balanced societies. Today, it is possible to

technologies on people. This involves tackling privacy, security, intellectual property,

technology. Therefore, his philosophy on technology is instrumental in enhancing

2.5 Epistemological Shifts in Decentralized Ledger Trust Paradigms

control over decentralized organizations. The elements of Locke’s heritage are