Blockchain Inefficiency in the Bitcoin Peers Network

We investigate Bitcoin network monitoring the dynamics of blocks and transactions. We unveil that 43\% of the transactions are still not included in the Blockchain after 1h from the first time they were seen in the network and 20\% of the transactions are still not included in the Blockchain after 30 days, revealing therefore great inefficiency in the Bitcoin system. However, we observe that most of these `forgotten' transactions have low values and in terms of transferred value the system is less inefficient with 93\% of the transactions value being included into the Blockchain within 3h. The fact that a sizeable fraction of transactions is not processed timely casts serious doubts on the usability of the Bitcoin Blockchain for reliable time-stamping purposes and calls for a debate about the right systems of incentives which a peer-to-peer unintermediated system should introduce to promote efficient transaction recording.Comment: 15 pages, 8 figures, 3 table

Blockchain inefficiency in the Bitcoin peers network

We investigate Bitcoin network observing transactions broadcasted into the network during a week from 04/05/2016 and then monitoring their inclusion into the blockchain during the following seven months.We unveil that 42% of the transactions are still not included in the Blockchain after 1 h from their appearance and 20% of the transactions are still not included in the Blockchain after 30 days, therefore revealing a great inefficiency in the Bitcoin system. However, we observe that most of these “forgotten” transactions have low values and in terms of transferred value the system is less inefficient with 93% of the transactions value being included into the Blockchain within 3 h and 98.8% within a day. The fact that a sizeable fraction of transactions is not processed timely casts serious doubts on the usability of the Bitcoin Blockchain for reliable time-stamping purposes. It also calls for a debate about the right systems of incentives which a peer-to-peer unintermediated system should introduce to promote efficient transaction recording

Blockchain inefficiency in the Bitcoin peers network

We investigate Bitcoin network observing transactions broadcasted into the network during a week from 04/05/2016 and then monitoring their inclusion into the blockchain during the following seven months.We unveil that 42% of the transactions are still not included in the Blockchain after 1 h from their appearance and 20% of the transactions are still not included in the Blockchain after 30 days, therefore revealing a great inefficiency in the Bitcoin system. However, we observe that most of these “forgotten” transactions have low values and in terms of transferred value the system is less inefficient with 93% of the transactions value being included into the Blockchain within 3 h and 98.8% within a day. The fact that a sizeable fraction of transactions is not processed timely casts serious doubts on the usability of the Bitcoin Blockchain for reliable time-stamping purposes. It also calls for a debate about the right systems of incentives which a peer-to-peer unintermediated system should introduce to promote efficient transaction recording

An Overview of a Blockchain Application in Education Using Hyperledger Project

[EN] During the last years, blockchain has been getting interest by both academic and professional researchers. This is primarily due to the innovative techniques in which records are effectively stored in a distributed manner. Started as a value transfer mechanism, blockchain now has several applications in a vast array of fields including healthcare, banking, and Internet of Things (IoTs). Despite the considerable amount of interest given to these fields, little is known about the possible applications of blockchain in education. Because of COVID-19 outbreak and the rise in the need of online and automated solutions in academia, this paper proposes an overview of a blockchain solution in education. This technology relies on the unique features it offers, such as decentralization, data integrity, and security. The presented solution aims to reduce the paperwork needed to perform tasks, secure the stored data, increase transparency, as well as to offer new recruitment possibilities and statistics capabilities to the current educational system.Falah, B.; Touhs, H.; Karroumi, S.; Abufardeh, S. (2021). An Overview of a Blockchain Application in Education Using Hyperledger Project. En 7th International Conference on Higher Education Advances (HEAd'21). Editorial Universitat Politècnica de València. 993-1001. https://doi.org/10.4995/HEAd21.2021.12932993100

Decentralization in Bitcoin and Ethereum Networks

Blockchain-based cryptocurrencies have demonstrated how to securely implement traditionally centralized systems, such as currencies, in a decentralized fashion. However, there have been few measurement studies on the level of decentralization they achieve in practice. We present a measurement study on various decentralization metrics of two of the leading cryptocurrencies with the largest market capitalization and user base, Bitcoin and Ethereum. We investigate the extent of decentralization by measuring the network resources of nodes and the interconnection among them, the protocol requirements affecting the operation of nodes, and the robustness of the two systems against attacks. In particular, we adapted existing internet measurement techniques and used the Falcon Relay Network as a novel measurement tool to obtain our data. We discovered that neither Bitcoin nor Ethereum has strictly better properties than the other. We also provide concrete suggestions for improving both systems.Comment: Financial Cryptography and Data Security 201

Blockchain Technologies: The Foreseeable Impact on Society and Industry

The authors describe blockchain's fundamental concepts, provide perspectives on its challenges and opportunities, and trace its origins from the Bitcoin digital cash system to recent applications