The “dark side” of smart contracts: A contract theory perspective
从契约理论出发，论证智能合约虽能降低交易治理成本，但可能因阻碍事后适应性调整而增加交易成本，揭示其局限与挑战。
Abstract Smart contracts govern transactions using the blockchain as the enforcing medium. They may be a cheaper form of governance of transactions compared to traditional contracts, the hierarchy of firms, and relational contracts. However, I argue that smart contracts do not eliminate transaction costs; rather, they can increase them, particularly when considering the issue of ex‐post efficiency‐enhancing adaptation. Thus, while smart contracts offer a new theoretical and practical way to govern transactions, they are not without challenges and limitations.