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

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dc.contributor.authorHukkinen, Taneli
dc.contributor.authorMattila, Juri
dc.contributor.authorSmolander, Kari
dc.contributor.authorSeppala, Timo
dc.contributor.authorGoodden, Tobias
dc.date.accessioned2019-01-03T00:54:05Z
dc.date.available2019-01-03T00:54:05Z
dc.date.issued2019-01-08
dc.description.abstractIn 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.
dc.format.extent10 pages
dc.identifier.doi10.24251/HICSS.2019.823
dc.identifier.isbn978-0-9981331-2-6
dc.identifier.urihttp://hdl.handle.net/10125/60123
dc.language.isoeng
dc.relation.ispartofProceedings of the 52nd Hawaii International Conference on System Sciences
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 International
dc.rights.urihttps://creativecommons.org/licenses/by-nc-nd/4.0/
dc.subjectThe Transformational Impact of Blockchain
dc.subjectOrganizational Systems and Technology
dc.subjectblockchain, design science, Ethereum, nanogrid, smart contract
dc.titleSkimping on Gas – Reducing Ethereum Transaction Costs in a Blockchain Electricity Market Application
dc.typeConference Paper
dc.type.dcmiText

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