Skimping on Gas – Reducing Ethereum Transaction Costs in a Blockchain Electricity Market Application
- Taneli Hukkinen, Department of Computer Science, Aalto University, Espoo, Finland
- Juri Mattila, The Research Institute of the Finnish Economy (ETLA), Helsinki, Finland
- Kari Smolander, Department of Computer Science, Aalto University, Espoo, Finland
- Timo Seppala, Department of Industrial Engineering and Management, Aalto University, Espoo, Finland
- Tobias Goodden, Fortum Oyj, Espoo, Finland
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.
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