Blockchain Freedom or Hidden Control?

The Illusion of Freedom: Reassessing Decentralisation in Blockchain Technology

Olivia Mayne

Blockchain technology is more than a public, digital ledger, it is a disruptive force that challenges governments, economies, and legal systems globally. This paper explores the dual nature of blockchain as a symbol of individual freedom and a tool of control. Blockchain technology represents a transformative yet contradicting innovation, often referred to as a pathway to decentralisation and freedom, yet increasingly associated with systems of control. This paper reassesses blockchain not just as a foundation for cryptocurrencies, but as a broader technological system with social, environmental, and regulatory implications. It explores how blockchain’s decentralised design challenges traditional power structures while simultaneously enabling new forms of concentration through mining pools, corporate influence, and state surveillance. The analysis contrasts blockchain’s potential for transparency, financial inclusion, and empowerment, particularly through innovations such as smart contracts, with its risks of exploitation and inequality. It also examines the environmental toll of crypto-mining, the tension between immutability and data protection under frameworks like the GDPR, and the vulnerabilities of smart contracts. Using examples such as the EU’s Markets in Crypto-Assets Regulation (MiCAR) and global responses to crypto-based activities, this paper argues that effective governance must strike a balance between innovation, accountability, and social justice.

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