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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,...…of the Performance and Goals of the Organization
The executives shall foresee the organizations 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.
Principle 6: Prevent Conflicting Interests
In the course of conducting business, executives and employees shall not act in a manner that contradicts the standard procedures and regulatory previsions such that it may result in a conflict of interest (DuPont, 2020). Further, employees and executives shall not profit by using information acquired by abuse of…
References
Code of Ethics Bitcoin Marketplace. Bitflyer.com. (2021). Retrieved 9 August 2021, from https://bitflyer.com/en-jp/code-of-ethics.
DuPont, Q. (2020). Guiding Principles for Ethical Cryptocurrency, Blockchain, and DLT Research. Cryptoeconomic Systems. https://doi.org/10.21428/58320208.a8364373
Tang, Y., Xiong, J., Becerril-Arreola, R., & Iyer, L. (2019). Blockchain Ethics Research. Proceedings Of The 2019 On Computers and People Research Conference. https://doi.org/10.1145/3322385.3322397
Webb, J. (2017). Alibaba, EY, IBM, and Microsoft Use the Blockchain To Create A Transparent Supply Chain. Forbes.com. Retrieved 9 March 2018, from https://www.forbes.com/sites/jwebb/2017/08/31/alibaba-ey-ibm-and-microsoft-use-the-blockchain-to-create-a-transparent-supply-chain/#6bc4602a4b37
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