A mining strategy for minimizing waiting time in blockchains for time-sensitive applications
Blockchain, as proposed in Bitcoin, focuses on securing financial transactions. However, in recent years, the use of blockchain has expanded to a wide range of networks and application domains. This includes time-sensitive applications which need transactions to be processed fast enough to meet dela...
| Main Authors: | , , |
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| Other Authors: | |
| Format: | Journal Article |
| Language: | English |
| Published: |
2022
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| Subjects: | |
| Online Access: | https://hdl.handle.net/10356/161371 |
| _version_ | 1811679277836402688 |
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| author | Ramezan, Gholamreza Leung, Cyril Miao, Chunyan |
| author2 | School of Computer Science and Engineering |
| author_facet | School of Computer Science and Engineering Ramezan, Gholamreza Leung, Cyril Miao, Chunyan |
| author_sort | Ramezan, Gholamreza |
| collection | NTU |
| description | Blockchain, as proposed in Bitcoin, focuses on securing financial transactions. However, in recent years, the use of blockchain has expanded to a wide range of networks and application domains. This includes time-sensitive applications which need transactions to be processed fast enough to meet delay requirements. Reducing the transaction waiting time in the mining process is key to the successful adoption of blockchain in such applications. In this paper, we propose a mining strategy that is aimed at minimizing the average waiting time per transaction by ensuring a certain minimum required block size, based on the average transaction arrival rate, mining service rate, and maximum block size. We derive an expression for the average transaction waiting time of the proposed mining strategy and determine the optimal mining rule. Numerical results show that the average waiting time per transaction can be reduced by up to 15% using the proposed mining strategy compared to the traditional strategy in which miners immediately start the next mining round using the transactions already waiting in the pool. |
| first_indexed | 2024-10-01T03:06:36Z |
| format | Journal Article |
| id | ntu-10356/161371 |
| institution | Nanyang Technological University |
| language | English |
| last_indexed | 2024-10-01T03:06:36Z |
| publishDate | 2022 |
| record_format | dspace |
| spelling | ntu-10356/1613712022-08-30T01:41:17Z A mining strategy for minimizing waiting time in blockchains for time-sensitive applications Ramezan, Gholamreza Leung, Cyril Miao, Chunyan School of Computer Science and Engineering Engineering::Computer science and engineering Applications Domains Arrival Rates Blockchain, as proposed in Bitcoin, focuses on securing financial transactions. However, in recent years, the use of blockchain has expanded to a wide range of networks and application domains. This includes time-sensitive applications which need transactions to be processed fast enough to meet delay requirements. Reducing the transaction waiting time in the mining process is key to the successful adoption of blockchain in such applications. In this paper, we propose a mining strategy that is aimed at minimizing the average waiting time per transaction by ensuring a certain minimum required block size, based on the average transaction arrival rate, mining service rate, and maximum block size. We derive an expression for the average transaction waiting time of the proposed mining strategy and determine the optimal mining rule. Numerical results show that the average waiting time per transaction can be reduced by up to 15% using the proposed mining strategy compared to the traditional strategy in which miners immediately start the next mining round using the transactions already waiting in the pool. Published version This work was supported in part by the Natural Sciences and Engineering Research Council (NSERC) of Canada under Grant RGPIN-2020-05410 and by the UBC PMC-Sierra Professorship in Networking and Communications. 2022-08-30T01:41:17Z 2022-08-30T01:41:17Z 2022 Journal Article Ramezan, G., Leung, C. & Miao, C. (2022). A mining strategy for minimizing waiting time in blockchains for time-sensitive applications. Wireless Communications and Mobile Computing, 2022, 1-8. https://dx.doi.org/10.1155/2022/4352406 1530-8669 https://hdl.handle.net/10356/161371 10.1155/2022/4352406 2-s2.0-85127168360 2022 1 8 en Wireless Communications and Mobile Computing © 2022 Gholamreza Ramezan et al. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. application/pdf |
| spellingShingle | Engineering::Computer science and engineering Applications Domains Arrival Rates Ramezan, Gholamreza Leung, Cyril Miao, Chunyan A mining strategy for minimizing waiting time in blockchains for time-sensitive applications |
| title | A mining strategy for minimizing waiting time in blockchains for time-sensitive applications |
| title_full | A mining strategy for minimizing waiting time in blockchains for time-sensitive applications |
| title_fullStr | A mining strategy for minimizing waiting time in blockchains for time-sensitive applications |
| title_full_unstemmed | A mining strategy for minimizing waiting time in blockchains for time-sensitive applications |
| title_short | A mining strategy for minimizing waiting time in blockchains for time-sensitive applications |
| title_sort | mining strategy for minimizing waiting time in blockchains for time sensitive applications |
| topic | Engineering::Computer science and engineering Applications Domains Arrival Rates |
| url | https://hdl.handle.net/10356/161371 |
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