PROJECT TITLE :

End-to-End Latency Analysis and Optimal Block Size of Proof-of-Work Blockchain Applications

ABSTRACT:

Because of the growing interest in using blockchain technology to develop decentralized applications that are both secure and auditable, a number of difficulties that are inherent to using this technology need to be resolved. In this letter, we will be focusing on the delay that is associated with Proof-of-Work (PoW)-based blockchains. To confirm transactions, participants in a Proof-of-Work-based blockchain validate the new information that is to be appended to a distributed ledger via consensus. We present an original end-to-end latency model that is based on the theory of batch service queuing and that, for the first time, characterizes timers and forks. In addition to this, we use analysis to arrive at an estimation of the best possible block size. We show that the optimal block size approximation is a consistent method that leads to close-to-optimal performance by significantly reducing the overheads associated with blockchain applications. Our findings are supported by analytical and simulation results, which demonstrate that this method is effective.