Since the invention of Bitcoin in 2008, the field of International Relations has grappled with the impact of its underlying technology – blockchain – on broader social dynamics. This paper seeks to contribute to a niche in existing literature that views blockchain as an instrument for more effective global governance, by studying the technology’s implications for power and democracy. I adopt a theoretical perspective, rooted in the English School, and complemented by classical theories on structural power and pluralist democracy. It is applied in an exploratory qualitative study, carried out in two phases: (1) exploratory data analysis and (2) directed qualitative content analysis. The results indicate that the power dynamics that blockchain introduces are intertwined with its effect on democracy in global governance. Blockchain solutions that support existing governance apparatus could help to improve their democratic character, whereas transformational changes bring uncertainty for how emerging systems would operate and entail a risk of deepened inequality. Additionally, trust is identified as a core issue in this debate, and eroding it could have a detrimental effect on democracy. Thereby, technological expertise, being a precondition for structural power, is highlighted as a deciding factor for understanding blockchain’s impact.