Complex network analysis of the bitcoin blockchain network

Bishenghui Tao; Ivan Wang Hei Ho; Hong Ning Dai

doi:10.1109/ISCAS51556.2021.9401533

Complex network analysis of the bitcoin blockchain network

Bishenghui Tao, Ivan Wang Hei Ho, Hong Ning Dai

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › peer-review

17 Citations (Scopus)

Abstract

In this paper, we conduct a complex-network analysis of the Bitcoin network. In particular, we design a new sampling method namely random walk with flying-back (RWFB) to conduct effective data sampling. We then conduct a comprehensive analysis of the Bitcoin network in terms of the degree distribution, clustering coefficient, the shortest path length, the assortativity, and the rich-club coefficient. There are several important observations from the Bitcoin network, such as small-world phenomenon and non-rich-club effect. This work brings up an in-depth understanding of the current Bitcoin blockchain network and offers implications for future directions in malicious activity and fraud detection in cryptocurrency blockchain networks.

Original language	English
Title of host publication	2021 IEEE International Symposium on Circuits and Systems, ISCAS 2021 - Proceedings
ISBN (Electronic)	9781728192017
DOIs	https://doi.org/10.1109/ISCAS51556.2021.9401533
Publication status	Published - 2021
Externally published	Yes
Event	53rd IEEE International Symposium on Circuits and Systems, ISCAS 2021 - Daegu, Korea, Republic of Duration: 22 May 2021 → 28 May 2021

Publication series

Name	Proceedings - IEEE International Symposium on Circuits and Systems
Volume	2021-May
ISSN (Print)	0271-4310

Conference

Conference	53rd IEEE International Symposium on Circuits and Systems, ISCAS 2021
Country/Territory	Korea, Republic of
City	Daegu
Period	22/05/21 → 28/05/21

Keywords

Bitcoin
Blockchain
Complex network
Network analysis

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10.1109/ISCAS51556.2021.9401533

Cite this

@inproceedings{86ad6dc038554a3599812b18ca9164a9,

title = "Complex network analysis of the bitcoin blockchain network",

abstract = "In this paper, we conduct a complex-network analysis of the Bitcoin network. In particular, we design a new sampling method namely random walk with flying-back (RWFB) to conduct effective data sampling. We then conduct a comprehensive analysis of the Bitcoin network in terms of the degree distribution, clustering coefficient, the shortest path length, the assortativity, and the rich-club coefficient. There are several important observations from the Bitcoin network, such as small-world phenomenon and non-rich-club effect. This work brings up an in-depth understanding of the current Bitcoin blockchain network and offers implications for future directions in malicious activity and fraud detection in cryptocurrency blockchain networks.",

keywords = "Bitcoin, Blockchain, Complex network, Network analysis",

author = "Bishenghui Tao and Ho, {Ivan Wang Hei} and Dai, {Hong Ning}",

note = "Publisher Copyright: {\textcopyright} 2021 IEEE; 53rd IEEE International Symposium on Circuits and Systems, ISCAS 2021 ; Conference date: 22-05-2021 Through 28-05-2021",

year = "2021",

doi = "10.1109/ISCAS51556.2021.9401533",

language = "English",

series = "Proceedings - IEEE International Symposium on Circuits and Systems",

booktitle = "2021 IEEE International Symposium on Circuits and Systems, ISCAS 2021 - Proceedings",

}

Tao, B, Ho, IWH & Dai, HN 2021, Complex network analysis of the bitcoin blockchain network. in 2021 IEEE International Symposium on Circuits and Systems, ISCAS 2021 - Proceedings., 9401533, Proceedings - IEEE International Symposium on Circuits and Systems, vol. 2021-May, 53rd IEEE International Symposium on Circuits and Systems, ISCAS 2021, Daegu, Korea, Republic of, 22/05/21. https://doi.org/10.1109/ISCAS51556.2021.9401533

Complex network analysis of the bitcoin blockchain network. / Tao, Bishenghui; Ho, Ivan Wang Hei; Dai, Hong Ning.
2021 IEEE International Symposium on Circuits and Systems, ISCAS 2021 - Proceedings. 2021. 9401533 (Proceedings - IEEE International Symposium on Circuits and Systems; Vol. 2021-May).

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › peer-review

TY - GEN

T1 - Complex network analysis of the bitcoin blockchain network

AU - Tao, Bishenghui

AU - Ho, Ivan Wang Hei

AU - Dai, Hong Ning

PY - 2021

Y1 - 2021

N2 - In this paper, we conduct a complex-network analysis of the Bitcoin network. In particular, we design a new sampling method namely random walk with flying-back (RWFB) to conduct effective data sampling. We then conduct a comprehensive analysis of the Bitcoin network in terms of the degree distribution, clustering coefficient, the shortest path length, the assortativity, and the rich-club coefficient. There are several important observations from the Bitcoin network, such as small-world phenomenon and non-rich-club effect. This work brings up an in-depth understanding of the current Bitcoin blockchain network and offers implications for future directions in malicious activity and fraud detection in cryptocurrency blockchain networks.

AB - In this paper, we conduct a complex-network analysis of the Bitcoin network. In particular, we design a new sampling method namely random walk with flying-back (RWFB) to conduct effective data sampling. We then conduct a comprehensive analysis of the Bitcoin network in terms of the degree distribution, clustering coefficient, the shortest path length, the assortativity, and the rich-club coefficient. There are several important observations from the Bitcoin network, such as small-world phenomenon and non-rich-club effect. This work brings up an in-depth understanding of the current Bitcoin blockchain network and offers implications for future directions in malicious activity and fraud detection in cryptocurrency blockchain networks.

KW - Bitcoin

KW - Blockchain

KW - Complex network

KW - Network analysis

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U2 - 10.1109/ISCAS51556.2021.9401533

DO - 10.1109/ISCAS51556.2021.9401533

M3 - Conference contribution

AN - SCOPUS:85108988544

T3 - Proceedings - IEEE International Symposium on Circuits and Systems

BT - 2021 IEEE International Symposium on Circuits and Systems, ISCAS 2021 - Proceedings

T2 - 53rd IEEE International Symposium on Circuits and Systems, ISCAS 2021

Y2 - 22 May 2021 through 28 May 2021

ER -

Complex network analysis of the bitcoin blockchain network

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Keywords

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