Transaction-Confirmation Time for Bitcoin:A Queueing Analytical Approach to Blockchain Mechanism
Bitcoin is a virtual currency based on a transaction-ledger database called blockchain.The blockchain is maintained and updated by mining process in which a number of nodes called miners compete for finding answers of very difficult puzzle-like problem.Transactions issued by users are grouped into a block,and the block is added to the blockchain when an algorithmic puzzle specialized for the block is solved.A recent study reveals that newly arriving transactions are not included in the block being under mining.In this paper,we model the mining process with a queueing system with batch service,analyzing the transaction-confirmation time.We consider an M/GB/1 with batch service,in which a newly arriving transaction cannot enter the service facility even when the number of transactions in the service facility does not reach the maximum batch size,i.e.,the block-size limit.In this model,the sojourn time of a transaction corresponds to its confirmation time.We consider the joint distribution of the number of transactions in system and the elapsed service time,deriving the mean transaction-confirmation time.In numerical examples,we show how the block-size limit affects the transaction-confirmation time.
Bitcoin Blockchain Transaction-confirmation time
Yoshiaki Kawase Shoji Kasahara
Graduate School of Information Science,Nara Institute of Science and Technology,Takayama 8916-5,Ikoma,Nara 6300192,Japan
国际会议
河北秦皇岛
英文
75-88
2017-08-21（万方平台首次上网日期，不代表论文的发表时间）