Exploring Blockchain Data Analysis and Its Communications Architecture: Achievements, Challenges, and Future Directions: A Review Article

Abstract

Blockchain technology is relatively young but has the potential to disrupt several industries. Since the emergence of Bitcoin, also known as Blockchain 1.0, there has been significant interest in this technology. The introduction of Ethereum, or Blockchain 2.0, has expanded the types of data that can be stored on blockchain networks. The increasing popularity of blockchain technology has given rise to new challenges, such as user privacy and illicit financial activities, but has also facilitated technical advancements. Blockchain technology utilizes cryptographic hashes of user input to record transactions. The public availability of blockchain data presents a unique opportunity for academics to analyze it and gain a better understanding of the challenges in blockchain communications. Researchers have never had access to such an opportunity before. Therefore, it is crucial to highlight the research problems, accomplishments, and potential trends and challenges in blockchain network data analysis and communications. This article aims to examine and summarize the field of blockchain data analysis and communications. The review encompasses the fundamental data types, analytical techniques, architecture, and operations related to blockchain networks. Seven research challenges are addressed: entity recognition, privacy, risk analysis, network visualization, network structure, market impact, and transaction pattern recognition. The latter half of this section discusses future research directions, opportunities, and challenges based on previous research limitations.