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Simulation Model for Blockchain Systems Using Queuing Theory

1
School of Computer Science, University of Electronic Science & Technology, Chengdu 611731, China
2
Department of Computer Science, Sukkur IBA University, Sukkur 65200, Pakistan
3
Department of Electrical Engineering, Sukkur IBA University, Sukkur 65200, Pakistan
*
Author to whom correspondence should be addressed.
Electronics 2019, 8(2), 234; https://doi.org/10.3390/electronics8020234
Received: 26 January 2019 / Revised: 10 February 2019 / Accepted: 13 February 2019 / Published: 19 February 2019
(This article belongs to the Special Issue Distributed Computing and Storage)
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Abstract

In recent years, blockchains have obtained so much attention from researchers, engineers, and institutions; and the implementation of blockchains has started to revive a large number of applications ranging from e-finance, e-healthcare, smart home, Internet of Things, social security, logistics and so forth. In the literature on blockchains, it is found that most articles focused on their engineering implementation, while little attention has been devoted to the exploration of theoretical aspects of the system; however, the existing work is limited to model the mining process only. In this paper, a queuing theory-based model is proposed for understanding the working and theoretical aspects of the blockchain. We validate our proposed model using the actual statistics of two popular cryptocurrencies, Bitcoin and Ethereum, by running simulations for two months of transactions. The obtained performance measures parameters such as the Number of Transactions per block, Mining Time of Each Block, System Throughput, Memorypool count, Waiting Time in Memorypool, Number of Unconfirmed Transactions in the Whole System, Total Number of Transactions, and Number of Generated Blocks; these values are compared with actual statistics. It was found that the results gained from our proposed model are in good agreement with actual statistics. Although the simulation in this paper presents the modeling of blockchain-based cryptocurrencies only, the proposed model can be used to represent a wide range of blockchain-based systems. View Full-Text
Keywords: Blockchain simulation; Blockchain queuing theory; Bitcoin simulation; Ethereum simulation; cryptocurrency simulations Blockchain simulation; Blockchain queuing theory; Bitcoin simulation; Ethereum simulation; cryptocurrency simulations
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Memon, R.A.; Li, J.P.; Ahmed, J. Simulation Model for Blockchain Systems Using Queuing Theory. Electronics 2019, 8, 234.

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