Modeling of Blockchain Based Systems Using Queuing Theory Simulation

Abstract

Blockchain 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.