Nash Equilibrium and Social Optimization of Transactions in Blockchain System Based on Discrete-Time Queue

Abstract

Blockchain technology has been used in many fields such as data management, cloud computing and Internet of Things with the features of decentralization, transparency and immutability. In order to study the performance of a blockchain system with a light-load traffic, we establish a discrete-time non-exhaustive vacation queue with batch service and gated service. In this model, we regard transaction initiation, mining processing and block verification as arrival, vacation and service period, respectively. By using an embedded Markov chain method and a regeneration cycle approach, we derive the average response time of transactions. Experiment results with analysis and simulation show that the average response time of transactions is impacted by the arrival rate of transactions. Finally, we study the Nash equilibrium behavior and the socially optimal behavior of transactions, and present a pricing policy for transactions to maximize the social profit. INDEX TERMS Blockchain system, discrete-time vaction queue, regeneration cycle, response time, pricing policy.

Blockchain Supply Information Sharing Management System Based on Embedded System

“…In order to study the performance of a light-loaded blockchain system, Qi J established a discrete-time non-exhaustive vacation queue with batch processing services and gated services. By using the embedded Markov chain method and the regeneration cycle method, we derive the average response time of the transaction [3]. Although experts have thoroughly analyzed the architecture of the blockchain supply information sharing management system, some theories do not have practical significance.…”

“…(2) The innovation of research methods, proposed the construction of blockchain technology and supply chain model, which has strong theoretical value and enriches the research on the architecture of blockchain supply information sharing management system. (3) The innovation in practice and the research on the construction of information sharing mode in supply chain management are of great significance for Chinese enterprises to respond to market globalization competition and improve their competitiveness and management level.…”

Discrete-Time Analysis of Wireless Blockchain Networks

“…In both cases, the queuing delay is affected in a non-straightforward manner, and the most appropriate setting depends on factors like the arrivals rate, the number of miners, the implemented consensus mechanism, or the mining time (alternatively, the mining difficulty). Batch service queue models for BC have recently been introduced in [20], followed by the approaches in [21]- [25].…”

“…This approach was later generalized by the same authors in [24]. Finally, a further evaluation was provided in [25], where a slightly different discretetime queue model was used to study game-theoretical aspects related to the pricing associated with mining transactions.…”