Mathematical assessment of blocks acceptance in blockchain using Markov model

Srivastava, R (2019) Mathematical assessment of blocks acceptance in blockchain using Markov model. International Journal of Blockchains and Cryptocurrencies, 1 (1). p. 42. ISSN 2516-6425

[thumbnail of Mathematical_Assessment_of_Blocks_accept.pdf] Text
Mathematical_Assessment_of_Blocks_accept.pdf - Published Version

Download (332kB)


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

Affiliation: Skyline University College
SUC Author(s): Srivastava, R
All Author(s): Srivastava, R
Item Type: Article
Uncontrolled Keywords: blockchain; transaction-confirmation time; distributed consensus mechanism; Markov model; waiting time.
Subjects: A Business and Management > AW Information Systems
Divisions: Skyline University College > School of Business
Depositing User: Mr SUC Library
Date Deposited: 01 Jul 2022 13:38
Last Modified: 01 Jul 2022 13:38
Publisher URL:
Publisher OA policy:
Related URLs:

Actions (login required)

View Item
View Item
Statistics for SkyRep ePrint 542 Statistics for this ePrint Item