Pope John Paul II Journal of Philosophy

The rapid evolution of blockchain technology has resulted in over $14 billion lost in 2021 alone due to privacy breaches and security hacks, with cumulative losses in the tens of billions of dollars. Additionally, the environmental impact of blockchain, particularly from proof-of-work consensus mechanisms, has led to an estimated 114 megatons of CO2 emissions annually, contributing to global health risks from increased air pollution and carbon emissions. Employing the analytic method, this study examines existing literature and case studies to further understand the multifaceted ethical dimensions of blockchain. Findings reveal that while blockchain technology can revolutionize transparency and decentralization, it coincidentally raises significant ethical problems, such as compromised data privacy, facilitation of illicit activities, and substantial environmental costs due to its high energy consumption. This research recommends the strict formulation of ethically developed guidelines by policymakers and innovators. The constitution serves as a good model, as it is considerably formulated with ethical and financial foresight. Innovators and policymakers should adhere to the legal and ethical frameworks of their respective countries, ensuring ethical governance in blockchain technology.

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