A smart contract is an agreement enforced by blockchain technology. It supposedly allows the parties involved to conduct transactions more efficiently than a traditional contract, which is based on legal (costly) enforcement. This chapter challenges this claim. Given the need for an efficiency-enhancing adaptation of institutional arrangements—a chief problem of Oliver Williamson’s transaction cost economics—smart contracts may incur higher transaction costs than traditional contracts.
Do Smart Contracts Incur Higher Transaction Costs than Traditional Contracts? / M. Vatiero (ECONOMIC ANALYSIS OF LAW IN EUROPEAN LEGAL SCHOLARSHIP). - In: Law and Economics of the digital transformation / [a cura di] K. Mathis, A. Tor. - [s.l] : Springer, 2023. - ISBN 978-3-031-25058-3. - pp. 21-32 (( 8. Annual Law and Economics Lucerne 2022 [10.1007/978-3-031-25059-0_2].
Do Smart Contracts Incur Higher Transaction Costs than Traditional Contracts?
M. Vatiero
2023
Abstract
A smart contract is an agreement enforced by blockchain technology. It supposedly allows the parties involved to conduct transactions more efficiently than a traditional contract, which is based on legal (costly) enforcement. This chapter challenges this claim. Given the need for an efficiency-enhancing adaptation of institutional arrangements—a chief problem of Oliver Williamson’s transaction cost economics—smart contracts may incur higher transaction costs than traditional contracts.
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