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Going beyond Cryptocurrencies: The Social Representation of Blockchain

Author

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  • Luiz Antonio Joia

    (Brazilian School of Public and Business Administration, Getulio Vargas Foundation, Rio de Janeiro 22231-010, Brazil)

  • Juliana Aparecida Pinto Vieira

    (Brazilian School of Public and Business Administration, Getulio Vargas Foundation, Rio de Janeiro 22231-010, Brazil)

Abstract

This study investigates the social representation of Blockchain from the perspective of professionals in Brazil, herein considered as a proxy for emerging markets, and then compares the results found with the existing academic literature on the concept of Blockchain. To do that, the social representation theory was applied, operationalized through the words evocation technique. Security, bitcoin and decentralization were the categories located in the central nucleus of the social representation of Blockchain, while innovation, data, network, cryptocurrency, and technology were the categories located in the peripheral system. Based on the results obtained, there was a perceived strong association of Blockchain with bitcoin, one of its applications, and a dissonance between the existing academic literature and the perception of Brazilian professionals about the concept of Blockchain, as the latter is a privilege of the technical and operational issues of Blockchain to the detriment of its strategic potential. This dissonance can cause Blockchain initiatives to have results below expectations. Finally, Brazilian professionals did not realize the potential for inclusion of Blockchain in an emerging market such as Brazil and did not notice the need and relevance of a specific legal governance for Blockchain, an issue also forgotten by academia.

Suggested Citation

  • Luiz Antonio Joia & Juliana Aparecida Pinto Vieira, 2021. "Going beyond Cryptocurrencies: The Social Representation of Blockchain," Sustainability, MDPI, vol. 13(24), pages 1-18, December.
    • Handle: RePEc:gam:jsusta:v:13:y:2021:i:24:p:14054-:d:706684
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    References listed on IDEAS

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    1. David Yermack, 2017. "Corporate Governance and Blockchains," Review of Finance, European Finance Association, vol. 21(1), pages 7-31.
    2. Jesse Yli-Huumo & Deokyoon Ko & Sujin Choi & Sooyong Park & Kari Smolander, 2016. "Where Is Current Research on Blockchain Technology?—A Systematic Review," PLOS ONE, Public Library of Science, vol. 11(10), pages 1-27, October.
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    Cited by:

    1. Yujun Park & Seongcheol Kim, 2024. "Do artists perceive blockchain as a new revenue opportunity? A social representation study of the Korean music industry," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 11(1), pages 1-11, December.
    2. Shafaq Khan & Mohammed Shael & Munir Majdalawieh & Nishara Nizamuddin & Mathew Nicho, 2022. "Blockchain for Governments: The Case of the Dubai Government," Sustainability, MDPI, vol. 14(11), pages 1-22, May.

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