Blog 4 - Ostroms principles and blockchain.
Ostrom proposed that a Commons can create value if a set of rules are consistently applied and respected by all of its members. She compiled eight specific rules for managing the commons. Her examples focused on small groups, and her ideas were groundbreaking, winning her the Nobel Prize in Economics in 2009.
Can we use blockchain tech to scale Ostroms rules and implement them in such a way that we don't have the cost, risk and trust issues or requiring a third party person or organisation to provide governance over these rules ? We will consider this in our next blog.