Smart contracts have been proposed as a means of revolutionizing transacting between human actors and contributing to blockchain platforms substituting for many current institutions. However, the technical nature of blockchain platforms and smart contracts requires levels of certainty and foresight sufficient for contracts to be complete. We examine the technical and economic characteristics of blockchains and smart contracts to identify sources of uncertainty that may pose challenges to the ability of these technologies to displace existing institutional arrangements, in particular, the courts and other arbitration arrangements. Despite the development of alternative automated blockchain institutions such as the Kleros dispute resolution system, the case for smart contracts and blockchain applications to supplant real-world institutions remains weak. Inherent incompleteness due to limits to information availability, human cognition, and communication means that traditional contract governance institutions will continue to complement blockchain smart contract governance arrangements. The more complex and unique the transaction, the higher the value at risk, the harder to anticipate and precisely specify contingencies and measure and observe outcomes. Furthermore, the longer the time frame between agreement and execution, the less likely it is that smart contracting will be more efficient than traditional contracting.

中文翻译：

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区块链和智能合约机构的不确定性和争议解决

智能合约已被提议作为一种彻底改变人类行为者之间交易的手段，并为替代许多当前机构的区块链平台做出贡献。然而，区块链平台和智能合约的技术性质需要足够的确定性和远见才能完成合约。我们研究了区块链和智能合约的技术和经济特征，以确定可能对这些技术取代现有制度安排（特别是法院和其他仲裁安排）的能力构成挑战的不确定性来源。尽管开发了替代的自动化区块链机构，例如 Kleros 争议解决系统，智能合约和区块链应用程序取代现实世界机构的理由仍然薄弱。由于信息可用性、人类认知和沟通的限制，固有的不完整性意味着传统的合约治理机构将继续补充区块链智能合约治理安排。交易越复杂和独特，风险价值就越高，就越难预测和精确指定或有事项以及衡量和观察结果。此外，协议和执行之间的时间框架越长，智能合约比传统合约更有效的可能性就越小。和通信意味着传统合约治理机构将继续补充区块链智能合约治理安排。交易越复杂和独特，风险价值就越高，就越难预测和精确指定或有事项以及衡量和观察结果。此外，协议和执行之间的时间框架越长，智能合约比传统合约更有效的可能性就越小。和通信意味着传统合约治理机构将继续补充区块链智能合约治理安排。交易越复杂和独特，风险价值就越高，就越难预测和精确指定或有事项以及衡量和观察结果。此外，协议和执行之间的时间框架越长，智能合约比传统合约更有效的可能性就越小。