Optimal Transaction Queue Waiting in Blockchain Mining

TL;DR

This paper investigates an optimal transaction selection strategy for blockchain miners to minimize transaction waiting times, proposing a scheme that outperforms traditional methods by about 10%.

Contribution

It introduces a new mining scheme with an optimal decision rule to reduce transaction waiting times in blockchain systems.

Findings

Average waiting time reduced by about 10%

Derived an expression for waiting time under the proposed scheme

Optimal decision rule improves transaction throughput

Abstract

Blockchain systems are being used in a wide range of application domains. They can support trusted transactions in time critical applications. In this paper, we study how miners should pick up transactions from a transaction pool so as to minimize the average waiting time per transaction. We derive an expression for the average transaction waiting time of the proposed mining scheme and determine the optimum decision rule. Numerical results show that the average waiting time per transaction can be reduced by about 10% compared to the traditional no-wait scheme in which miners immediately start the next mining round using all transactions waiting in the pool.