Please use this identifier to cite or link to this item: http://hdl.handle.net/10125/60123

Skimping on Gas – Reducing Ethereum Transaction Costs in a Blockchain Electricity Market Application

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Title:Skimping on Gas – Reducing Ethereum Transaction Costs in a Blockchain Electricity Market Application
Authors:Hukkinen, Taneli
Mattila, Juri
Smolander, Kari
Seppala, Timo
Goodden, Tobias
Keywords:The Transformational Impact of Blockchain
Organizational Systems and Technology
blockchain, design science, Ethereum, nanogrid, smart contract
Date Issued:08 Jan 2019
Abstract:In recent years, information systems have not been largely evaluated by their operating costs, but mainly by their strategic benefit and competitive advantage. As blockchain-based decentralized applications become more commonplace, representing a shift towards fully consumption-based distributed computing, a new mode of thinking is required of developers, with meticulous attention to computational resource efficiency. This study improves on a blockchain application designed for conducting microtransactions of electricity in a nanogrid environment. By applying the design science research methodology, we improve the efficiency of the application’s smart contract by 11 %, with further improvement opportunities identified. Despite the results, we find the efficiency remains inadequate for public Ethereum deployment. From the optimization process, we extrapolate a set of general guidelines for optimizing the efficiency of Ethereum smart contracts in any application.
Pages/Duration:10 pages
URI:http://hdl.handle.net/10125/60123
ISBN:978-0-9981331-2-6
DOI:10.24251/HICSS.2019.823
Rights:Attribution-NonCommercial-NoDerivatives 4.0 International
https://creativecommons.org/licenses/by-nc-nd/4.0/
Appears in Collections: The Transformational Impact of Blockchain


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