Blockchain Code of Ethics in Cryptocurrency

Preamble

Blockchain chain is a regulatory platform employed in online economies, such as the food industry, to track produce movement from the farm to the final consumer. Such application of blockchain in the food sector renders core benefits of the blockchain to the consumer, such as ensuring the safety of the food in the distribution chain and allow the consumers to hold the involved handers accountable in case of food poisoning (Webb, 2017). Cryptocurrency is described as a digital currency that is a complementary financial system of blockchain technology where transactions and sales can be conducted.

The founder of blockchain, which preceded cryptocurrencies, held the idea that technology could be used as a tool to decentralize power from governments of economic control and have a direct impact on healthcare, supply chain management, and electioneering process (“Code of Ethics Bitcoin Marketplace,” 2021). Consequently, having a strong ethical and practice code of ethics that grounds all the activities and decision-making is important to meet the challenges associated with the growth of common interest. The following code contains six principles that shall guide cryptocurrency miners, architects and software developers of blockchain, and cryptocurrency traders.

Principle 1: Social Order and Contribution to Society

The stakeholders in the mining of cryptocurrencies, development of blockchain cryptocurrency platforms, and cryptocurrency traders shall follow the laws and regulations governing operations and society. Maintaining order and conforming to the general and prevailing social standards will help maintain social order, social continuousness, and common ethical sense (Tang et al., 2019). This principle aims to engrave proper social consciousness in the corporation that is complementary to the spirit of these innovations and driving this technology to serve the good of the community. This will involve participating in charity activities and social initiatives to the benefit of the community.

Principle 2: Observe Confidentiality and Proper Information Management Practices

The information of the blockchain users and holders of cryptocurrency shall be kept confidential and managed using the best practices, except the information allowed for disclosure according to internal regulations (Tang et al., 2019). The collative and user data is generated from blockchain operations. The cryptocurrency movement shall be used strategically to take advantage of the employees’ position and make it possible for the employees to address the differences associated with the growth of common interests.

Principle 3: Act in the Interest of Users

All stakeholders in the design, development, and trading of cryptocurrency will act and make decisions that render the best benefits to the users (Tang et al., 2019). Therefore, the outcome of decisions and actions should be examined to identify the impact they might have on the users. Only the best option for the customer should be implemented.

Principle 4: Standard Maintenance and Use of Soft and Hard Assets

The assists entrusted to individuals or subsidiaries shall be utilized for legitimate and productive courses alone. The use or lack thereof of company resources should be directed towards realizing the shared objective, mission, and vision, rather than serving individual interests (DuPont, 2020).

Principle 5: Periodical Communication of the Performance and Goals of the Organization

The executives shall foresee the organization’s decision-making, planning, and implementation with fairness, soundness, and diligence (Tang et al., 2019). Part of being accountable to the users of blockchain and cryptocurrency is communicating the performance through publishing data and other media in the interest of the users to communicate growth challenges, expected change plans and strategies, and how they will be impacted.