Transaction Latency in Blockchain Networks: Insights from Queuing Theory
Guoli Xie, Yungui Chen, Jialun Fang, Liwei Tian · 2024
With the widespread application of blockchain technology, ensuring that its network can efficiently process a large volume of transactions has become crucial. This paper employs the M/M/1 model from queuing theory to analyze transaction processing latency in blockchain networks. By constructing an analytical framework based on the M/M/1 model, we have quantified the waiting and service latencies of transactions in the transaction pool and explored how key parameters such as transaction arrival rate, block interval, and block capacity affect these latencies. The study finds that block capacity is inversely related to average transaction latency, while block interval and transaction arrival rate correlate positively with average transaction latency. This study provides theoretical support for understanding the latency issues in transaction processing within blockchain networks and offers practical guidelines for optimizing transaction processing procedures and enhancing network throughput.