A Queueing Model for Industrial Public Blockchains and Validation

Abstract

This paper presents a queueing model for mining-based public blockchains and validations with respect to specific yet practical characteristics of public blockchains such as Bitcoin and Ethereum, primarily in terms of transaction queue size and block waiting time, as an alternative solution to the conventional industrial networks for the trustworthiness it offers. A set of variables taken into account in this model lists the network traffic intensity, the maximum number of transactions in a block, the block time, and the transaction arrival rate, to mention a few. The proposed model provides a comprehensive yet fundamental basis to assure and ultimately optimize the design of blockchain technology-based applications in specific terms of performance. Numerical simulations have been conducted and the efficacy of the proposed model is validated in a quantitative yet practical manner versus Bitcoin and Ethereum.