Visible to the public Modeling of Blockchain Based Systems Using Queuing Theory Simulation

TitleModeling of Blockchain Based Systems Using Queuing Theory Simulation
Publication TypeConference Paper
Year of Publication2018
AuthorsMemon, Raheel Ahmed, Li, Jianping, Ahmed, Junaid, Khan, Asif, Nazir, M. Irshad, Mangrio, M. Ismail
Conference Name2018 15th International Computer Conference on Wavelet Active Media Technology and Information Processing (ICCWAMTIP)
Keywordsaccountability, auditability, bitcoin, Bitcoin queuing simulation, blockchain, blockchain based systems, Blockchain simulation, Blockchain using jsimgraph, composability, Computational modeling, data mining, Internet, leading technology, M/M/n/L queuing system, Metrics, network accountability, Online banking, Peer-to-peer computing, pubcrawl, Queueing analysis, queueing theory, Queuing theory for blockchain, queuing theory simulation, Resiliency, smart home, social networking (online), social networks
AbstractBlockchain is the one of leading technology of this time; it has started to revolutionize several fields like, finance, business, industry, smart home, healthcare, social networks, Internet and the Internet of Things. It has many benefits like, decentralized network, robustness, availability, stability, anonymity, auditability and accountability. The applications of Blockchain are emerging, and it is found that most of the work is focused on its engineering implementation. While the theoretical part is very less considered and explored. In this paper we implemented the simulation of mining process in Blockchain based systems using queuing theory. We took the parameters of one of the mature Cryptocurrency, Bitcoin's real data and simulated using M/M/n/L queuing system in JSIMgraph. We have achieved realistic results; and expect that it will open up new research direction in theoretical research of Blockchain based systems.
Citation Keymemon_modeling_2018