Reducing gas costs using Smart Contract Optimization in a Private Blockchain

Abstract

This paper examines the importance of smart contract and its challenges, including random events, fuel costs, multiple uses, decision-making, and savings limitations. It is suggested to optimize smart contracts using advanced technology to re duce gas costs. This paper uses a construction company’s management cycle as a case study and reviews related literature. The plan is a blockchain-based contract that can manage payments, provide resources, and monitor projects. The importance of smart rules in today’s blockchain innovation is the focus of this paper. Unchangeable conditions, gas prices, changes, application decisions, and security restrictions are some of the effects of the smart system. To solve these problems, this paper proposes a good solution using oil refining. The developers then checked the history of the development organization, which encountered problems in tracking and analyzing equipment and labor costs, installation delays, and error data guidance in the development organization. For example, with the expansion of hubs, the price of gas remains uninterrupted. By dividing assets, payments, and project management, blockchain-based smart contracts simplify the project management cycle and reduce the possibility of theft and fraud.