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Fintech and Blockchain: Maximizing Benefit and Minimizing Harm

Fintech and Blockchain: Maximizing Benefit and Minimizing Harm

Jane Thomason
Copyright: © 2022 |Pages: 14
ISBN13: 9781799884675|ISBN10: 1799884678|ISBN13 Softcover: 9781799884682|EISBN13: 9781799884699
DOI: 10.4018/978-1-7998-8467-5.ch013
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MLA

Thomason, Jane. "Fintech and Blockchain: Maximizing Benefit and Minimizing Harm." Applied Ethics in a Digital World, edited by Ingrid Vasiliu-Feltes and Jane Thomason, IGI Global, 2022, pp. 185-198. https://doi.org/10.4018/978-1-7998-8467-5.ch013

APA

Thomason, J. (2022). Fintech and Blockchain: Maximizing Benefit and Minimizing Harm. In I. Vasiliu-Feltes & J. Thomason (Eds.), Applied Ethics in a Digital World (pp. 185-198). IGI Global. https://doi.org/10.4018/978-1-7998-8467-5.ch013

Chicago

Thomason, Jane. "Fintech and Blockchain: Maximizing Benefit and Minimizing Harm." In Applied Ethics in a Digital World, edited by Ingrid Vasiliu-Feltes and Jane Thomason, 185-198. Hershey, PA: IGI Global, 2022. https://doi.org/10.4018/978-1-7998-8467-5.ch013

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Abstract

The rapidly growing field of Blockchain and Decentralised Finance (DeFi) has the potential to transform many aspects of the financial world. It offers an abundance of opportunities to reduce costs, increase transparency and reduce the need for middlemen in financial services. While this promise of automation and decentralization is attractive, it is important to consider the potential for inadvertent or deliberate automation of unethical conduct at scale. Ethical questions involve the consideration of conflicting moral choices and dilemmas. Blockchain creates ethical dilemmas for developers, investors, consumers, and regulators at the technology, application, and societal levels. This chapter provides a perspective on the emerging field of DeFi and Blockchain in financial services, a reflection on the ethical questions that arise, how they are being addressed, the key issues, and further research needed in this growing field of Blockchain ethics. The objective of the chapter is for students, developers, CEO's and governments to appreciate the moral and ethical issues being uncovered in the course of the development and deployment of Blockchain technology. Blockchain, as with all technology, is a tool and is as beneficial and useful as the care that is taken to make it. There remains a need to ensure that Blockchains are built and deployed with due concern for ethics.

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