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

Due to the increasing interest in blockchain technology for fostering secure, auditable, decentralized applications, a set of challenges associated with this need be addressed. In letter, we focus on delay Proof-of-Work (PoW)-based blockchains, whereby participants validate new information appended distributed ledger via consensus confirm transactions. We propose novel end-to-end latency model based batch-service queuing theory that characterizes timers and forks first time. Furthermore, derive an estimation optimal block size analytically. Endorsed by analytical simulation results, show approximation is consistent method leads close-to-optimal performance significantly reducing overheads applications.