Blockchain technology’s promise is extraordinary—a truly decentralized and immutable ledger that could impact everything from cryptocurrencies and health care to supply chain management and civic voting. But a close examination of both permissioned and permissionless blockchains reveals that blockchain technology is actually moving in the direction of centralization, with small groups of people influencing decisions that affect entire blockchains. This emerging reality has profound ethical ramifications for the governance of blockchains.
Benedetto Neitz, Michele, "Blockchains and the Ethical Considerations of Centralization" (2020). Publications. 865.