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

Hukkinen TaneliMattila JuriSeppälä TimoSmolander KariGooden Tobias

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.

Proceedings of 52nd Hawaii International Conference on System Sciences (HICSS 2019).

 

 

Publication info

Date
14.01.2019
Keywords
The Transformational Impact of Blockchain, Organizational Systems and Technology, Blockchain, Design science, Ethereum, Nanogrid, Smart contract
Pages
10
Language
English
Publication on other services
scholarspace.manoa.hawaii.edu
scholarspace.manoa.hawaii.edu
Attachments
Skimping-on-Gas-HICSS-52.pdf