Do Smart Contracts Incur Higher Transaction Costs Than Traditional Contracts?

Massimiliano Vatiero

doi:10.1007/978-3-031-25059-0_2

Do Smart Contracts Incur Higher Transaction Costs Than Traditional Contracts?

Massimiliano Vatiero

https://doi.org/10.1007/978-3-031-25059-0_2

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Publication Date: Jan 1, 2023

Citations: 1

Affiliation: Dalle Molle Institute for Artificial Intelligence Research, University of Trento

#Traditional Contracts #Smart Contracts + Show 4 more

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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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