區塊鏈與智慧合約技術的發展催生了各種創新的交易模式，但智慧合約的漏洞問 題也日益嚴重。當智慧合約漏洞造成損失時，區塊鏈的「假名性」與跨國境運作 特性，使得傳統契約法與侵權行為法的「事後追償」功能嚴重失靈。在難以鎖定 現實世界加害人的情況下，法律無法對潛在風險製造者產生足夠的懲戒效果，導 致無法達成「最適威懾（Optimal Deterrence）」，進而使市場參與者缺乏事前防範 的誘因，最終推升整體社會的事故成本。為解決此一威懾缺口，本文除採用文獻 回顧與比較分析法探討我國與英美等國之法制現況外，更導入法律經濟分析視角， 建構包含行政成本與資力條件的多方行為人最適努力模型，尋找智慧合約漏洞預 防責任的最佳分配，進而綜合法律與經濟視角，對我國現行法制提出建議。而面 對跨國網路環境下的管轄權與執法衝突，本文亦提出未來展望，建議政策執行者 應借鑑 ICANN 的成功經驗，採取「多方利害關係人（Multi-Stakeholder）」自下而 上的治理模式，方能有效應對區塊鏈與智慧合約技術帶來的跨國法律挑戰。;The development of blockchain and smart contract technologies has catalyzed various innovative transaction models， but the issue of smart contract vulnerabilities is becoming increasingly severe. When smart contract vulnerabilities result in losses， the "pseudonymity" and cross-border operational nature of blockchain render the "ex post recourse" function of traditional contract and tort laws severely ineffective. Given the difficulty in identifying real-world wrongdoers， the legal system fails to impose a sufficient deterrent effect on potential risk creators. This failure prevents the achievement of "Optimal Deterrence，" leaving market participants without incentives to take ex ante precautions， which ultimately drives up the overall accident costs for society. To address this deterrence gap， this paper not only employs literature review and comparative analysis to examine the current legal regimes in Taiwan and Anglo-American jurisdictions， but also introduces a Law and Economics perspective. It constructs a multi-actor optimal effort model that incorporates administrative costs and solvency conditions to determine the optimal allocation of preventative liability for smart contract vulnerabilities. By synthesizing both legal and economic perspectives， this paper proposes recommendations for the current domestic legal framework. Addressing the jurisdictional and law enforcement conflicts in a cross-border internet environment， this paper also offers a future outlook. It suggests that policymakers should draw on the successful experience of ICANN and adopt a bottom-up "Multi-stakeholder" governance model to effectively tackle the transnational legal challenges posed by blockchain and smart contract technologies.
