T-homotopy and refinement of observation (V) : Strom model structure for branching and merging homologies

We check that there exists a model structure on the category of flows whose weak equivalences are the S-homotopy equivalences. As an application, we prove that the generalized T-homotopy equivalences preserve the branching and merging homology theories of a flow. The method of proof is completely different from the one of the third part of this series of papers.