Cardinal Metrics in Blockchain Functioning

Abstract

Blockchain technology has been acquiring pace in deployments and implementations across globe vide association with large number of domains apart from widely known finance domain. These deployments are variegated in designs, have various architectures and possess functional differences. The commonality exists in deriving the benefits of blockchain technology through various technical variants of the widely known bitcoin blockchain architecture. Though still in evolving stage, the blockchain technology has been able to make an absolute mark in the industries, corporate and governance mechanisms to affirm that it’s part of a definite future. With devices estimate up to 50 billion in ecosystem of Internet-of-Things by 2025, the blockchain technology is soon going to be an integral part of future smart world. The deployment of any blockchain architecture might be able to accomplish the functional requirements as per design but the measurement of desired blockchain performance persists on a lot of parameters which need a balance and fine tuning established on purpose it has been designed for. In current times, transaction commit delays are being observed in bitcoin ecosystem. This paper identifies parameter effects on a bitcoin blockchain and measures the performance vide a bitcoin simulator effecting into tuning parameters like block size, blocks and number of nodes to analyze performance. The tuning effects into blockchain performance has been quantified, analyzed and discussed with focus on measuring and reducing the transaction propagation delays in a bitcoin environment. The paper concludes with heat map modeling plotted on Jupyter notebook with datasets derived.