The blockchain and socialism: A review paper

Bitcoin (BTC) is referred to as cryptocurrency since it is a cryptographic-based type of electronic cash. It is often referred to as libertarian. However, the blockchain technology that underpins Bitcoin has characteristics that make it perfect for socialist ideologies. The current literature supports the Libertarian perspective by emphasizing on Bitcoin's potential to circumvent central authority and offer anonymity; seldom is blockchain technology's capability for decentralized transparency and auditability examined in favor of a Socialist paradigm. The blockchain, libertarianism, and socialist ideologies are all examined in this study. It then delves into socialist forms of public ownership, as well as the blockchain's inherent cooperative characteristics, which make it perfect for enabling socialist societies. In conclusion, this paper contends that blockchain technologies are not just libertarian tools, but they also benefit socialist government.