Given the potential benefits of blockchain, it is imperative to incorporate a stable decentralized governance structure capable of promoting network value and reliability through a set of community-agreed rules and behaviors. Political scientist Elinor Ostrom’s polycentric approach to...

This paper presents the implementation of a derivative market on a public blockchain. Managing derivatives on a distributed system requires a careful re-design of the derivatives business model. The implementation presented here provides many of the features financial professionals are used to,...