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

Research output: Chapter in Book/Report/Conference proceedingChapterScientificpeer-review

Researchers

Research units

  • The Research Institute of the Finnish Economy (ETLA)
  • Fortum Oyj

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.

Details

Original languageEnglish
Title of host publicationProceedings of 52nd Hawaii International Conference on System Sciences
Subtitle of host publicationHICSS 2019
Publication statusPublished - 8 Jan 2019
MoE publication typeA3 Part of a book or another research book
EventAnnual Hawaii International Conference on System Sciences - Grand Wailea, United States
Duration: 8 Jan 201911 Jan 2019
Conference number: 52

Conference

ConferenceAnnual Hawaii International Conference on System Sciences
Abbreviated titleHICSS
CountryUnited States
CityGrand Wailea
Period08/01/201911/01/2019

    Research areas

  • Blockchain, Design Science, Ethereum, Nanogrid, Smart Contract

Download statistics

No data available

ID: 31502271