Analysis of the Transaction Confirmation Process and Fairness in Proof-of-Work Blockchains

Abstract

In recent years, blockchain technology has emerged as a pivotal tool for implementing distributed ledgers. This thesis provides an in-depth exploration of blockchains that rely on one of the most widely adopted consensus mechanisms: Proof-of-Work (PoW). In PoW-based systems, a fundamental tension exists between the operating costs borne by users - such as transaction fees - and the quality of service they receive, measured by transaction confirmation time and the likelihood of confirmation success.