Analysis of Bitcoin fork by colored Petri nets

Conference paper

Zhou, Z., Liu, D., Shmeleva, T.R. and Zaitsev, D. 2024. Analysis of Bitcoin fork by colored Petri nets. 2024 IEEE International Conference on Systems, Man, and Cybernetics (SMC). IEEE. https://doi.org/10.1109/SMC54092.2024.10831492
AuthorsZhou, Z., Liu, D., Shmeleva, T.R. and Zaitsev, D.
TypeConference paper
Abstract

Bitcoin is under the threat of fork since it operates with a distributed ledger. Predicting the fork probability in advance is beneficial for taking early action to avoid malicious attacks. In this study, we compose a colored Petri net model of Bitcoin. Our model consists of a given number of nodes, and each node has five subpages representing the node structure: proof of work, broadcast blocks, verify blocks, and the process of adding blocks to blockchain, respectively. Simulation results of fork probability can be easily obtained and analyzed by observing the data in the measuring components of subpages. The results show that our model correctly simulates the fork probability: on recent Bitcoin data, compared with the results of the wide-known SimBlock simulator, a difference of some 4.3% has been obtained. Thus, taking into account vivid graphical representation, our model has certain advantages for the developing techniques of attack avoidance.

KeywordsBitcoin; blockchain; colored Petri net; simulation; fork
Year2024
Conference2024 IEEE International Conference on Systems, Man, and Cybernetics (SMC)
PublisherIEEE
Digital Object Identifier (DOI)https://doi.org/10.1109/SMC54092.2024.10831492
Web address (URL)https://ieeexplore.ieee.org/document/10831492
Accepted author manuscript
License
File Access Level
Open
Publisher's version
File Access Level
Restricted
Journal citationpp. 4291-4296
ISBN9781665410205
Web address (URL) of conference proceedingshttps://www.ieeesmc2024.org/home
Output statusPublished
Publication dates20 Jan 2025
Publication process dates
Deposited31 Mar 2025
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