Extending asset management system functionality in bitcoin platform

Abstract

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.