Efficiency evaluation of blockchain-based IoT network

In recent years, blockchain has gained increasing attention of researchers. Blockchain scenarios show that their security and credibility are higher than centralized scenarios. Blockchain technology is also used in many domains including healthcare, finance, smart grid, and so on. However, research about the efficiency evaluation of blockchain networks is still lacking. If the efficiency of the blockchain network can be evaluated before implementation, the performance of the blockchain network will be improved. This is very meaningful. What’s more, the usage of blockchain in healthcare networks is increasing. So, in this paper, the application area of blockchain is the IoT network. Continuous-time Markov chain (CTMC) models are constructed in PRISM to assess the efficiency of blockchain-based IoT networks. The consensus mechanism of the the network is the Practical Byzantine Fault Tolerance (PBFT) mechanism. The influence of node number, problem nodes, and internet speed are analyzed. The optimized strategies are given.