Policy Formation without Authority: Towards Resilient Financial Infrastructure for Emerging Economies

Abstract

We document the design and development of a modular blockchain IT artefact, affording stakeholders in emerging economies the ability to deploy and collectively govern resilient financial infrastructure. The artefact comprises a smart contract system implementing an iterative policy framework through which stakeholders engage in collective deliberation on the compilation, redistribution and inflation of a native asset class. Stakeholders submit and elect 'schemes' implementing policy measures, such as taxation, through voting sessions weighted by 'reputation scoring'. We aim to contribute towards the emerging discourse on the utility of blockchain technology in emerging economies.