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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
Rights:Attribution-NonCommercial-NoDerivatives 4.0 International
Appears in Collections: The Transformational Impact of Blockchain

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