research-article

Learning Blockchain Delays: A Queueing Theory Approach

Authors:

Saulo Ricci,

Eduardo Ferreira,

Daniel Sadoc Menasche,

Artur Ziviani,

Jose Eduardo Souza,

Alex Borges VieiraAuthors Info & Claims

ACM SIGMETRICS Performance Evaluation Review, Volume 46, Issue 3

Pages 122 - 125

https://doi.org/10.1145/3308897.3308952

Published: 25 January 2019 Publication History

Get Access

Abstract

Despite the growing interest in cryptocurrencies, the delays incurred to confirm transactions are one of the factors that hamper the wide adoption of systems such as Bitcoin. Bitcoin transactions usually are confirmed in short periods (minutes), but still much larger than conventional credit card systems (seconds). In this work, we propose a framework encompassing machine learning and a queueing theory model to (i) identify which transactions will be confirmed; and (ii) characterize the confirmation time of confirmed transactions. The proposed queueing theory model accounts for factors such as the activity time of blocks and the mean time between transactions. We parameterize the model for transactions that are confirmed within minutes, suggesting that its integration into a more general framework is a step towards building scalability to Bitcoin.

References

[1]

Biais, B., Bisiere, C., Bouvard, M., and Casamatta, C. The blockchain folk theorem, 2018. Toulouse School of Economics.

Crossref

Google Scholar

[2]

Easley, D., O'Hara, M., and Basu, S. From mining to markets: The evolution of Bitcoin transaction fees. SSRN (2017).

Google Scholar

[3]

Harchol-Balter, M. Performance modeling and design of computer systems: queueing theory in action. Cambridge University Press, 2013.

Crossref

Google Scholar

[4]

Hu, Y., Manzoor, A., Ekparinya, P., Liyanage, M., Thilakarathna, K., Jourjon, G., Seneviratne, A., and Ylianttila, M. E. A Delay-Tolerant Payment Scheme Based on the Ethereum Blockchain. arXiv:1801.10295 (2018).

Google Scholar

[5]

Huberman, G., Leshno, J. D., and Moallemi, C. C. Monopoly without a monopolist. SSRN (2017).

Google Scholar

[6]

Kasahara, S., and Kawahara, J. Priority mechanism of Bitcoin and its e ect on transaction-con rmation process. arXiv (2016).

Google Scholar

[7]

Kawase, Y., and Kasahara, S. Transaction-Con rmation Time for Bitcoin: A Queueing Analytical Approach to Blockchain Mechanism. In Queueing Theory and Network Applications (2017), Springer, pp. 75{88.

Crossref

Google Scholar

[8]

Koops, D. Predicting the con rmation time of bitcoin transactions. arXiv preprint arXiv:1809.10596 (2018).

Google Scholar

[9]

Li, Q.-L., Ma, J.-Y., and Chang, Y.-X. Blockchain queueing theory. arXiv:1808.01795 (2018).

Google Scholar

[10]

Pontiveros, B. B. F., Norvill, R., and State, R. Monitoring the transaction selection policy of Bitcoin mining pools. In NOMS (2018), IEEE, pp. 1{6.

Google Scholar

Cited By

View all

Wu JDu HChen JRen W(2024)Solving Confirmation Time in Sharded Blockchain with PFQNElectronics10.3390/electronics1307122013:7(1220)Online publication date: 26-Mar-2024
https://doi.org/10.3390/electronics13071220
Malakhov IMarin ARossi SMenasché D(2024)Confirmed or Dropped? Reliability Analysis of Transactions in PoW BlockchainsIEEE Transactions on Network Science and Engineering10.1109/TNSE.2024.336008011:4(3276-3288)Online publication date: Jul-2024
https://doi.org/10.1109/TNSE.2024.3360080
Doger MUlukus S(2024)PoW Security-Latency and Transaction Rate2024 IEEE International Symposium on Information Theory (ISIT)10.1109/ISIT57864.2024.10619090(2856-2861)Online publication date: 7-Jul-2024
https://doi.org/10.1109/ISIT57864.2024.10619090
Show More Cited By

Recommendations

The effects of individual-level espoused national cultural values on the willingness to use Bitcoin-like blockchain currencies
Abstract
Some have called bitcoin a real bubble, while, according to others, it is the most radical invention of the twenty-first century. Nevertheless, there is a consensus regarding the disruptive potential of blockchain technology, which is ...
Highlights
- Espoused national cultural values affect the use of blockchain currencies.
- ...
Machine Learning and Blockchain Intersection in Cryptocurrency Price Prediction
Blockchain – ICBC 2023
Abstract
Since the introduction of Bitcoin in 2008 as the first practical decentralized cryptocurrency, the interest in cryptocurrencies and their underlying technology, Blockchain, has skyrocketed. Security, anonymity, and lack of a central controlling ...
Double-spending fast payments in bitcoin
CCS '12: Proceedings of the 2012 ACM conference on Computer and communications security

Bitcoin is a decentralized payment system that relies on Proof-of-Work (PoW) to verify payments. Nowadays, Bitcoin is increasingly used in a number of fast payment scenarios, where the time between the exchange of currency and goods is short (in the ...

Comments

Information & Contributors

Information

Published In

cover image ACM SIGMETRICS Performance Evaluation Review

ACM SIGMETRICS Performance Evaluation Review Volume 46, Issue 3

December 2018

174 pages

ISSN:0163-5999

DOI:10.1145/3308897

Editor:
Nidhi Hegde
Borealis AI

Issue’s Table of Contents

Permission to make digital or hard copies of part or all of this work for personal or classroom use is granted without fee provided that copies are not made or distributed for profit or commercial advantage and that copies bear this notice and the full citation on the first page. Copyrights for third-party components of this work must be honored. For all other uses, contact the Owner/Author.

Publisher

Association for Computing Machinery

New York, NY, United States

Publication History

Published: 25 January 2019

Published in SIGMETRICS Volume 46, Issue 3

Check for updates

Author Tags

Qualifiers

Research-article

Contributors

Other Metrics

View Article Metrics

Bibliometrics & Citations

Bibliometrics

Article Metrics

42
Total Citations
View Citations
710
Total Downloads

Downloads (Last 12 months)88
Downloads (Last 6 weeks)5

Reflects downloads up to 30 Aug 2024

Other Metrics

View Author Metrics

Citations

Cited By

View all

Wu JDu HChen JRen W(2024)Solving Confirmation Time in Sharded Blockchain with PFQNElectronics10.3390/electronics1307122013:7(1220)Online publication date: 26-Mar-2024
https://doi.org/10.3390/electronics13071220
Malakhov IMarin ARossi SMenasché D(2024)Confirmed or Dropped? Reliability Analysis of Transactions in PoW BlockchainsIEEE Transactions on Network Science and Engineering10.1109/TNSE.2024.336008011:4(3276-3288)Online publication date: Jul-2024
https://doi.org/10.1109/TNSE.2024.3360080
Doger MUlukus S(2024)PoW Security-Latency and Transaction Rate2024 IEEE International Symposium on Information Theory (ISIT)10.1109/ISIT57864.2024.10619090(2856-2861)Online publication date: 7-Jul-2024
https://doi.org/10.1109/ISIT57864.2024.10619090
Abdennadher SCheffi WAmin ANaveed M(2024)Performance analysis of a blockchain process modeling: Application of distributed ledger technology in trading, clearing and settlement processesJournal of Open Innovation: Technology, Market, and Complexity10.1016/j.joitmc.2024.10034810:3(100348)Online publication date: Sep-2024
https://doi.org/10.1016/j.joitmc.2024.100348
Marcozzi MMostarda L(2024)Analytical model for performability evaluation of Practical Byzantine Fault-Tolerant systemsExpert Systems with Applications: An International Journal10.1016/j.eswa.2023.121838238:PAOnline publication date: 15-Mar-2024
https://dl.acm.org/doi/10.1016/j.eswa.2023.121838
Zhai ZShen SMao Y(2024)An explainable deep reinforcement learning algorithm for the parameter configuration and adjustment in the consortium blockchainEngineering Applications of Artificial Intelligence10.1016/j.engappai.2023.107606129:COnline publication date: 16-May-2024
https://dl.acm.org/doi/10.1016/j.engappai.2023.107606
Kandpal MKeshari NYadav AYadav MBarik R(2024)Modelling of blockchain based queuing theory implementing preemptive and non-preemptive algorithmsInternational Journal of System Assurance Engineering and Management10.1007/s13198-024-02276-015:6(2554-2570)Online publication date: 2-Mar-2024
https://doi.org/10.1007/s13198-024-02276-0
Yang YShieh WLin C(2023)Applying the Fuzzy BWM to Determine the Cryptocurrency Trading System under Uncertain Decision ProcessAxioms10.3390/axioms1202020912:2(209)Online publication date: 16-Feb-2023
https://doi.org/10.3390/axioms12020209
Yang Z(2023)Analysis of the current application of blockchain in social mediaThird International Symposium on Computer Engineering and Intelligent Communications (ISCEIC 2022)10.1117/12.2660967(72)Online publication date: 2-Feb-2023
https://doi.org/10.1117/12.2660967
Malakhov IMarin ARossi S(2023)Analysis of the confirmation time in proof-of-work blockchainsFuture Generation Computer Systems10.1016/j.future.2023.04.016147(275-291)Online publication date: Oct-2023
https://doi.org/10.1016/j.future.2023.04.016
Show More Cited By

View Options

Get Access

Login options

Check if you have access through your login credentials or your institution to get full access on this article.

Cited By

Recommendations

The effects of individual-level espoused national cultural values on the willingness to use Bitcoin-like blockchain currencies

Machine Learning and Blockchain Intersection in Cryptocurrency Price Prediction

Double-spending fast payments in bitcoin

Comments

Published In

Publisher

Publication History

Check for updates

Author Tags

Qualifiers

Other Metrics

Article Metrics

Other Metrics

Cited By

Login options

Full Access

PDF

eReader

Abstract

References

Cited By

Recommendations

The effects of individual-level espoused national cultural values on the willingness to use Bitcoin-like blockchain currencies

Machine Learning and Blockchain Intersection in Cryptocurrency Price Prediction

Double-spending fast payments in bitcoin

Comments

Information

Published In

Publisher

Publication History

Check for updates

Author Tags

Qualifiers

Contributors

Other Metrics

Bibliometrics

Article Metrics

Other Metrics

Citations

Cited By

Get Access

Login options

Full Access

View options

PDF

eReader

Figures

Other

Share

Share this Publication link

Share on social media

Affiliations