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

Date
2019-01-08
Authors
Hukkinen, Taneli
Mattila, Juri
Smolander, Kari
Seppala, Timo
Goodden, Tobias
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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.
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The Transformational Impact of Blockchain, Organizational Systems and Technology, blockchain, design science, Ethereum, nanogrid, smart contract
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10 pages
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Proceedings of the 52nd Hawaii International Conference on System Sciences
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Attribution-NonCommercial-NoDerivatives 4.0 International
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