Behind Block Explorers: Public Blockchain Measurement and Security Implication

Abstract

Blockchain data has become a popular subject in studying various aspects of blockchains including the security of underlying mechanisms. However, the main chain block data, usually available from block explorer services, does not serve as a sufficient source of transaction and block dynamics that are only visible from a large-scale event measurement. In this paper, the transaction and block arrival events of the two popular public blockchains, i.e., Bitcoin and Ethereum, are measured to investigate the hidden dynamics of blockchain networks. We share our key findings and security implications including a false universal assumption of previous mining related studies and an invalid transaction propagation problem that can be exploited to launch a Denial-of-Service attack on a network.