A Mining Strategy for Minimizing Waiting Time in Blockchains for Time-Sensitive Applications

Blockchain, as proposed in Bitcoin, focuses on securing financial transactions. However, recent years, the use of blockchain has expanded to a wide range networks and application domains. This includes time-sensitive applications which need transactions be processed fast enough meet delay requirements. Reducing transaction waiting time mining process is key successful adoption such applications. In this paper, we propose strategy that aimed at minimizing average per by ensuring certain minimum required block size, based arrival rate, service maximum size. We derive an expression for determine optimal rule. Numerical results show can reduced up 15 % using compared traditional miners immediately start next round already pool.