Ostrom Amongst the Machines: Blockchain as a Knowledge Commons

Authors

Herminio Bodon, University of PittsburghFollow
Pedro Bustamante, University of Pittsburgh - School of Information Sciences, StudentsFollow
Marcela Gomez, University of Pittsburgh - School of Information SciencesFollow
Prashabnt Krishnamurthy, University of PittsburghFollow
Michael J. Madison, University of Pittsburgh - School of LawFollow
Ilia Murtazashvili, University of Pittsburgh - Graduate School of Public and International AffairsFollow
Jennifer Brick Murtazashvili, University of PittsburghFollow
Tymofiy Mylovanov, University of Pittsburgh - Department of EconomicsFollow
Martin B. H. Weiss, University of Pittsburgh - School of Computing and InformationFollow

Document Type

Article

Publication Date

2019

Abstract

Blockchains are distributed ledger technologies that allow the recording of any data structure, including money, property titles, and contracts. In this paper, we suggest that Hayekian political economy is especially well suited to explain how blockchain emerged, but that Elinor Ostrom’s approach to commons governance is particularly useful to understand why blockchain anarchy is successful. Our central conclusions are that the blockchain can be thought of as a spontaneous order, as Hayek anticipated, as well as a knowledge commons, as Ostrom’s studies of self-governance anticipated.

Recommended Citation

Herminio Bodon, Pedro Bustamante, Marcela Gomez, Prashabnt Krishnamurthy, Michael J. Madison, Ilia Murtazashvili, Jennifer B. Murtazashvili, Tymofiy Mylovanov & Martin B. Weiss, Ostrom Amongst the Machines: Blockchain as a Knowledge Commons, Working Paper (2019).
Available at: https://scholarship.law.pitt.edu/fac_articles/402