BLOCK Issue 4

DEMOCRACY:
NEW KID ON THE BLOCK
民 主 : 新 生 事 物
BLOCKCHAIN TECHNOLOGY WAS BUILT TO COUNTER A LACK OF FAITH IN THE
CURRENT FINANCIAL INSTITUTIONS. A USEFUL TECHNOLOGY FOR SECURITY AND A
MEANS OF OVERCOMING FINANCIAL LIMITATIONS, BLOCKCHAIN ALSO HAS OTHER
REDEEMING QUALITIES THAT MAKE IT INTERESTING, SUCH AS ITS APPROACH TO THE
CONCEPT OF DEMOCRACY. INHWAN KIM, PRESIDENT OF BPF ELABORATES.
“ 区 块 链 技 术 的 建 立 是 为 了 应 对 人 们 对 当 前 金 融 机 构 缺 乏 信 心 的 问 题 。 区 块 链 是 一 种 有 效
的 安 全 技 术 , 是 克 服 财 务 限 制 的 一 种 手 段 , 同 时 它 还 具 有 其 他 弥 补 缺 陷 的 特 质 , 使 其 变 得 有
趣 , 例 如 它 对 民 主 概 念 的 处 理 方 式 。”BPF 韩 国 总 裁 Inhwan Kim 阐 述 道 。
DIRECT DEMOCRACY
Direct democracy, otherwise known as a pure democracy, is one
in which the people and not government representatives, decide
and vote on policies and laws directly.
A direct democracy has many benefits, including full
government transparency, a more accountable government
and greater cooperation among citizens. However there are
drawbacks; it could be difficult to reach a decision on some
topics and over time it is likely that participants might decrease.
Direct democracy is uncommon in the world today and even
more so in the world of blockchain. Most blockchain projects are
governed by development teams for a particular project. As such, it
is difficult to see a situation in which token holders needed to vote
on every situation. The current cryptocurrency climate is a perfect
example, while there are many active projects and eager token
holders, there are just as many people who have participated in
token sales in the past and left their tokens to die in wallets. As with
many things, a direct democracy hinges on every participant in the
public wanting to achieve a common consensus.
PARTICIPATORY DEMOCRACY
This is a form of democracy similar to direct democracy that
encourages the participation of the citizens in decision making.
Participatory democracy emphasises that the people are in power
and have the right to vote on certain decisions, but ultimately
things are still run by elected officials. However, participatory
democracy echoes similarities with a direct democracy when it
comes to limitations. Citizens aren’t obliged to participate, meaning
that there is no guarantee that the votes form a true representation
of the people and their opinions. Similarly, in blockchain and crypto,
there are limitations because getting to a consensus is not easy.
30 | #AIBCsummit Issue 4