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.
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,
Available at: https://scholarship.law.pitt.edu/fac_articles/402
Contracts Commons, Intellectual Property Law Commons, Internet Law Commons, Law and Economics Commons, Law and Society Commons, Property Law and Real Estate Commons, Public Economics Commons, Rule of Law Commons, Science and Technology Studies Commons, Social and Cultural Anthropology Commons, Theory, Knowledge and Science Commons