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Extending asset management system functionality in bitcoin platform

conference contribution
posted on 2016-01-01, 00:00 authored by Dimaz WijayaDimaz Wijaya
© 2016 IEEE. Bitcoin is a digital payment system empowered by a distributed database called blockchain. The blockchain is an open ledger containing records of every transaction within Bitcoin system maintained by Bitcoin nodes all over the world. Because of its availability and robustness, the blockchain could be utilized as a record-keeping tool for information not related to any Bitcoin transactions. We propose a method of utilizing the blockchain of Bitcoin system to publish information by embedding an arbitrary size of data into Bitcoin transactions. By publishing information using the blockchain, the information also carries the characteristics of Bitcoin transaction: anonymous, decentralized, and permanent. The proposed protocol could be used to extend the functionality of asset management systems which are limited to a maximum of 80 bytes data. The proposed method also offers an efficiency of the transaction fee by 18 percent compared to Bitcoin Messaging protocol.

History

Event

Computer, Control, Informatics and Its Applications (2016 : Tangerang, Indonesia)

Pagination

97 - 101

Publisher

IEEE

Location

Tangerang, Indonesia

Place of publication

Piscataway, N.J.

Start date

2016-10-03

End date

2016-10-05

ISBN-13

9781509023233

Language

eng

Publication classification

E1.1 Full written paper - refereed

Title of proceedings

IC3INA 2016 : International Conference on Computer, Control, Informatics and its Applications : proceedings : recent progress in computer, control, and informatics : Tangerang, Indonesia, October 3rd-5th, 2016

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