Mathematical Assessment of Blocks acceptance in Blockchain using Markov Model | Zendy

Riktesh Srivastava | Zendy

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Mathematical Assessment of Blocks acceptance in Blockchain using Markov Model

Author(s) -

Riktesh Srivastava

Publication year - 2019

Publication title -

international journal of blockchains and cryptocurrencies

Language(s) - English

Resource type - Journals

eISSN - 2516-6433

pISSN - 2516-6425

DOI - 10.1504/ijbc.2019.10021395

Subject(s) - blockchain , database transaction , computer science , queueing theory , transaction cost , queue , markov chain , value (mathematics) , transaction processing , computer security , business , database , computer network , finance , machine learning

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.

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