Tokens and Distributed Ledgers in Digital Payment Systems

In this article, we consider the roles of tokens and distributed ledgers in digital payment systems. We present a brief taxonomy of digital payment systems that use tokens, and we address the different models for how distributed ledger technology can support digital payment systems in general. We offer guidance on the salient features of digital payment systems, which we comprehend in terms of consumer privacy, token issuance, and accountability for system operators.Comment: 6 page

Money: Who Has a Stake in the Most Value-Centric Common Design Material?

Money is more than just a numeric value. It embodies trust and moral gravity, and it offers flexible ways to transact. However, the emergence of Central Bank Digital Currency (CBDC) is set to bring about a drastic change in the future of money. This paper invites designers to reflect on their role in shaping material and immaterial monetary change. In this rapidly changing landscape, design could be instrumental in uncovering and showcasing the diverse values that money holds for different stakeholders. Understanding these diversities could promote a more equitable and inclusive financial, social, and global landscape within emergent forms of cash-like digital currency. Without such consideration, certain forms of money we have come to know could disappear, along with the values people hold upon them. We report on semi-structured interviews with stakeholders who have current knowledge or involvement in the emerging field of Central Bank Digital Currency (CBDC). Our research indicates that this new form of money presents both challenges and opportunities for designers. Specifically, we emphasise the potential for Central Bank Digital Currency (CBDC) to either positively or negatively reform values through its design. By considering time, reflecting present values, and promoting inclusion in its deployment, we can strive to ensure that Central Bank Digital Currency (CBDC) represents the diverse needs and perspectives of its users.Comment: 19 pages, 1 figur

The forgotten preconditions for a well-functioning internet

For decades, proponents of the Internet have promised that it would one day provide a seamless way for everyone in the world to communicate with each other, without introducing new boundaries, gatekeepers, or power structures. What happened? This article explores the system-level characteristics of a key design feature of the Internet that helped it to achieve widespread adoption, as well as the system-level implications of certain patterns of use that have emerged over the years as a result of that feature. Such patterns include the system-level acceptance of particular authorities, mechanisms that promote and enforce the concentration of power, and network effects that implicitly penalize those who do not comply with decisions taken by privileged actors. We provide examples of these patterns and offer some key observations, toward the development of a general theory of why they emerged despite our best efforts, and we conclude with some suggestions on how we might mitigate the worst outcomes and avoid similar experiences in the future

Data management for platform-mediated public services: Challenges and best practices

Data harvesting and profiling have become a de facto business model for many businesses in the digital economy. The surveillance of individual persons through their use of private sector platforms has a well-understood effect on personal autonomy and democratic institutions. In this article, we explore the consequences of implementing data-rich services in the public sector and specifically the dangers inherent to undermining the universality of the reach of public services, the implicit endorsement of the platform operators by government, and the inability of members of the public to avoid using the platforms in practice. We propose a set of good practices in the form of design principles that infrastructure services can adopt to mitigate the risks, and we specify a set of design primitives that can be used to support the development of infrastructure that follows the principles. We argue that providers of public infrastructure should adopt a practice of critical assessment of the consequences of their technology choices.Comment: 19 page