Besides recording transfers of currency, the Bitcoin blockchain is being used to save metadata — i.e. arbitrary pieces of data which do not affect transfers of bitcoins. This can be done by using different techniques, and for different purposes. For instance, a growing number of protocols embed metadata in the blockchain to certify and transfer the ownership of a variety of assets beyond cryptocurrency. A point of debate in the Bitcoin community is whether metadata negatively impact on the effectiveness of Bitcoin with respect to its primary function. This paper is a systematic analysis of the usage of Bitcoin metadata over the years. We discuss all the known techniques to embed metadata in the Bitcoin blockchain; we then extract metadata, and analyse them from different angles.

A Journey into Bitcoin Metadata

Bartoletti, Massimo;Pompianu, Livio
2019-01-01

Abstract

Besides recording transfers of currency, the Bitcoin blockchain is being used to save metadata — i.e. arbitrary pieces of data which do not affect transfers of bitcoins. This can be done by using different techniques, and for different purposes. For instance, a growing number of protocols embed metadata in the blockchain to certify and transfer the ownership of a variety of assets beyond cryptocurrency. A point of debate in the Bitcoin community is whether metadata negatively impact on the effectiveness of Bitcoin with respect to its primary function. This paper is a systematic analysis of the usage of Bitcoin metadata over the years. We discuss all the known techniques to embed metadata in the Bitcoin blockchain; we then extract metadata, and analyse them from different angles.
Bitcoin; Blockchain; Measurements; Software; Information Systems; Hardware and Architecture; Computer Networks and Communications
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11584/261530
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