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

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

Standard

Skimping on Gas – Reducing Ethereum Transaction Costs in a Blockchain Electricity Market Application. / Hukkinen, Jussi; Mattila, Juri; Smolander, Kari; Seppälä, Timo; Goodden, Tobias.

Proceedings of 52nd Hawaii International Conference on System Sciences: HICSS 2019. 2019. p. 6875-6884.

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

Harvard

Hukkinen, J, Mattila, J, Smolander, K, Seppälä, T & Goodden, T 2019, Skimping on Gas – Reducing Ethereum Transaction Costs in a Blockchain Electricity Market Application. in Proceedings of 52nd Hawaii International Conference on System Sciences: HICSS 2019. pp. 6875-6884, Annual Hawaii International Conference on System Sciences , Grand Wailea, United States, 08/01/2019.

APA

Hukkinen, J., Mattila, J., Smolander, K., Seppälä, T., & Goodden, T. (2019). Skimping on Gas – Reducing Ethereum Transaction Costs in a Blockchain Electricity Market Application. In Proceedings of 52nd Hawaii International Conference on System Sciences: HICSS 2019 (pp. 6875-6884)

Vancouver

Hukkinen J, Mattila J, Smolander K, Seppälä T, Goodden T. Skimping on Gas – Reducing Ethereum Transaction Costs in a Blockchain Electricity Market Application. In Proceedings of 52nd Hawaii International Conference on System Sciences: HICSS 2019. 2019. p. 6875-6884

Author

Hukkinen, Jussi ; Mattila, Juri ; Smolander, Kari ; Seppälä, Timo ; Goodden, Tobias. / Skimping on Gas – Reducing Ethereum Transaction Costs in a Blockchain Electricity Market Application. Proceedings of 52nd Hawaii International Conference on System Sciences: HICSS 2019. 2019. pp. 6875-6884

Bibtex - Download

@inbook{6518fdab87284d1fb9a0d346147e5141,
title = "Skimping on Gas – Reducing Ethereum Transaction Costs in a Blockchain Electricity Market Application",
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.",
keywords = "Blockchain, Design Science, Ethereum, Nanogrid, Smart Contract",
author = "Jussi Hukkinen and Juri Mattila and Kari Smolander and Timo Sepp{\"a}l{\"a} and Tobias Goodden",
year = "2019",
month = "1",
day = "8",
language = "English",
pages = "6875--6884",
booktitle = "Proceedings of 52nd Hawaii International Conference on System Sciences",

}

RIS - Download

TY - CHAP

T1 - Skimping on Gas – Reducing Ethereum Transaction Costs in a Blockchain Electricity Market Application

AU - Hukkinen, Jussi

AU - Mattila, Juri

AU - Smolander, Kari

AU - Seppälä, Timo

AU - Goodden, Tobias

PY - 2019/1/8

Y1 - 2019/1/8

N2 - 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.

AB - 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.

KW - Blockchain

KW - Design Science

KW - Ethereum

KW - Nanogrid

KW - Smart Contract

UR - https://scholarspace.manoa.hawaii.edu/handle/10125/60123

M3 - Chapter

SP - 6875

EP - 6884

BT - Proceedings of 52nd Hawaii International Conference on System Sciences

ER -

ID: 31502271