Beyond bitcoin: A critical look at blockchain-based systems

Abstract

After more than eight years since the launch of Bitcoin, the decentralized transaction ledger functionality implemented through the blockchain technology is being used not only for cryptocurrencies, but to register, confirm and transfer any kind of contract and property. In this work, we analyze the most relevant functionalities and known issues of this technology, with the intent of pointing out the possible behaviours that are not as efficient and reliable as they should be when thinking with a broader outlook.