Title: Mathematical assessment of blocks acceptance in blockchain using Markov model
Authors: Riktesh Srivastava
Addresses: Skyline University College, Sharjah, UAE
Abstract: Blockchain, introduced in bitcoin system is disrupting the way transactions are done in businesses via charging small transaction fees. It is observed that the acceptance of blocks in the blockchain is based on transaction value. Transmittals through blockchain are favoured due to low transaction cost and grander security. However, attempt of implementing blockchain to revolutionise business processes writhes from problem of waiting time for blocks. In this paper, the transaction-confirmation-time is appraised using queuing theory, where the approval rate of blocks in blockchain is concocted using Markov queue model. Four specific use cases of 1, 3, 6 and 60 confirmations are considered for practical purposes.
Keywords: blockchain; transaction-confirmation time; distributed consensus mechanism; Markov model; waiting time.
International Journal of Blockchains and Cryptocurrencies, 2019 Vol.1 No.1, pp.42 - 53
Received: 02 Jun 2018
Accepted: 19 Nov 2018
Published online: 28 Aug 2019 *