Complex network analysis of the bitcoin blockchain network

Bishenghui TAO, Ivan Wang Hei HO, Hong Ning DAI

Research output: Book Chapters | Papers in Conference ProceedingsConference paper (refereed)Researchpeer-review

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 languageEnglish
Title of host publication2021 IEEE International Symposium on Circuits and Systems, ISCAS 2021 - Proceedings
PublisherInstitute of Electrical and Electronics Engineers Inc.
ISBN (Electronic)9781728192017
DOIs
Publication statusPublished - May 2021
Externally publishedYes
Event53rd IEEE International Symposium on Circuits and Systems, ISCAS 2021 - Daegu, Korea, Republic of
Duration: 22 May 202128 May 2021

Publication series

NameProceedings - IEEE International Symposium on Circuits and Systems
Volume2021-May
ISSN (Print)0271-4310

Conference

Conference53rd IEEE International Symposium on Circuits and Systems, ISCAS 2021
Country/TerritoryKorea, Republic of
CityDaegu
Period22/05/2128/05/21

Bibliographical note

Funding Information:
This work was supported in part by the General Research Fund (Project No. 15201118) established under the University Grant Committee (UGC) of the Hong Kong Special Administrative Region (HKSAR), China.

Publisher Copyright:
© 2021 IEEE

Keywords

  • Bitcoin
  • Blockchain
  • Complex network
  • Network analysis

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