Blockchain and transaction Processing time using M/M/1 Queue Model
Riktesh Srivastava
Riktesh Srivastava, School of Business, Skyline University College, Sharjah, UAE.
Manuscript received on 24 January 2019 | Revised Manuscript received on 30 March 2019 | Manuscript published on 30 January 2019 | PP: 399-401 | Volume-7 Issue-6, March 2019 | Retrieval Number: E2034017519©BEIESP
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© The Authors. Blue Eyes Intelligence Engineering and Sciences Publication (BEIESP). This is an open access article under the CC-BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/)
Abstract: The blockchain is an irrefutably a clever invention, where the digital information gets distributed across multiple nodes. The concept was hosted in bitcoin cryptocurrency systems for distribution of coins in a distributed ledger system. Introduction of smart contracts in Ethereum blockchain explored various distinct applications ranging from financial services, supply chain management, healthcare amid others. However, current set of literatures focus more on development and realization of blockchain and petite work is done on mathematical models, performance analysis and optimization of blockchain systems. In this paper, mathematical model is developed using M/M/1 queue model to evaluate transaction processing time. In M/M/1, M symbolizes Markovian arrival and departure of transactions in blocks. The arriving and departure of the blocks are denoted by symbols , µ respectively and operates under exponential assumptions. Three different conditions of , µ are taken into consideration of complete evaluation of blocks acceptance and the mathematical tactic will open a sequence of possibly favorable research in queueing theory of blockchain systems. The research founds its limitation in acceptance rate is always one unit larger than the arrivals of blocks (termed as an ergodic condition) for stable working of the complete system
Keywords: M/M/1 queue, Blockchain, Transaction processing time, Ergodicity
Scope of the Article: Natural Language Processing