Integral technology in blockchain, cryptocurrency and beyond: a concept note for discussion

The billions of dollars of venture capital pouring into blockchain start-ups over the past year reflect how people with a serious financial interest in technology see significant potential in distributed ledger technology (DLT). Yet the actual use of these technologies for everyday applications is still rare. Some say that it is a passing fad. Others say that blockchains and cryptocurrencies like bitcoin are dangerous to our financial system, our security and the environment. How should we navigate this new sector: as innovators, advisors, regulators, or just as informed citizens? In this concept note, prepared as background for our article for the World Economic Forum, we explain how approaches to blockchain and cryptocurrency need to be grounded in a clear appreciation of the relationship between technology and society. That clarity is important not just for discussions on blockchains and cryptocurrencies, but for all software technology, as it becomes so powerful in our lives. We will therefore develop a lens, called “integral technology,” to assess the positive and negative aspects of any technology and apply this to recent innovation on the field of distributed ledgers.