@article{wan_li_huang_2022, title={BLOCKCHAIN: A REVIEW FROM THE PERSPECTIVE OF OPERATIONS RESEARCHERS}, ISSN={["0891-7736"]}, DOI={10.1109/WSC57314.2022.10015500}, abstractNote={Blockchain is a distributed append-only digital ledger. The technology has caught much attention since the emergence of cryptocurrency, and there is an increasing number of blockchain applications in various businesses. The concept, however, is still novel to many members of the simulation and operations research community. In this tutorial, we introduce the blockchain technology and review its frontier related research. There are exciting opportunities for researchers in simulation, system analysis, and data science.}, journal={2022 WINTER SIMULATION CONFERENCE (WSC)}, author={Wan, Hong and Li, Kejun and Huang, Yining}, year={2022}, pages={283–297} }
 @article{li_liu_wan_huang_2021, title={A discrete-event simulation model for the Bitcoin blockchain network with strategic miners and mining pool managers}, volume={134}, ISSN={["1873-765X"]}, DOI={10.1016/j.cor.2021.105365}, abstractNote={As the first and most famous cryptocurrency-based blockchain technology, Bitcoin has attracted tremendous attention from both academic and industrial communities in the past decade. A Bitcoin network is comprised of two interactive parties: individual miners and mining pool managers, each of which strives to maximize its own utility. In particular, individual miners choose which mining pool to join and decide on how much mining power to commit under limited constraints on the mining budget and mining power capacity; managers of mining pools determine how to allocate the mining reward and how to adjust the membership fee. In this work we investigate the miners’ and mining pool managers’ decisions in repeated Bitcoin mining competitions by building a Monte-Carlo discrete-event simulation model. Our simulation model (i) captures the behavior of these two parties and how their decisions affect each other, and (ii) characterizes the system-level dynamics of the blockchain in terms of the mining difficulty level and total mining power. In addition, we study the sensitivity of system performance metrics with respect to various control parameters. Our analysis may provide useful guidelines to mining activity participants in the Bitcoin network.}, journal={COMPUTERS & OPERATIONS RESEARCH}, author={Li, Kejun and Liu, Yunan and Wan, Hong and Huang, Yining}, year={2021}, month={Oct} }
 @article{wan_li_huang_2020, title={BLOCKCHAIN: A REVIEW FROM THE PERSPECTIVE OF OPERATIONS RESEARCHERS}, ISSN={["0891-7736"]}, DOI={10.1109/WSC48552.2020.9383924}, abstractNote={Blockchain is a distributed, append-only digital ledger (database). The technology has caught much attention since the emergence of cryptocurrency, and there is an increasing number of blockchain applications in a wide variety of businesses. The concept, however, is still novel to many members of the simulation and operations research community. In this tutorial, we introduce the blockchain technology and review its frontier operations-and-data-related research. There are exciting opportunities for researchers in simulation, system analysis, and data science.}, journal={2020 WINTER SIMULATION CONFERENCE (WSC)}, author={Wan, Hong and Li, Kejun and Huang, Yining}, year={2020}, pages={75–89} }
 @article{li_liu_wan_zhang_2020, title={CAPTURING MINER AND MINING POOL DECISIONS IN A BITCOIN BLOCKCHAIN NETWORK: A TWO-LAYER SIMULATION MODEL}, ISSN={["0891-7736"]}, DOI={10.1109/WSC48552.2020.9383980}, abstractNote={Motivated by the growing interests in Bitcoin blockchain technology, we build a Monte-Carlo simulation model to study the miners’ and mining pool managers’ decisions in the Bitcoin blockchain network. Our simulation model aims to capture the dynamics of participants of these two different parties and how their decisions collectively affect the system dynamics. Given the limited amount of monetary budget and mining power capacity, individual miners decide on which mining pools to join and determine how much hashing power to invest. Mining pool managers need to determine how to appropriately allocate the mining reward and how to adjust the membership fee. In addition to the aforementioned miner and pool behavior, we also characterize the system-level dynamics of the blockchain in terms of mining difficulty level and total hashing power.}, journal={2020 WINTER SIMULATION CONFERENCE (WSC)}, author={Li, Kejun and Liu, Yunan and Wan, Hong and Zhang, Ling}, year={2020}, pages={3152–3163} }