Challenges and hurdles of extracting Bitcoin transaction data to relational databases

Rebeca Tonu

Abstract: Bitcoin, a cryptocurrency introduced in 2009, has garnered considerable interest, particularly in the digital realm. Its secure transaction capabilities have ushered in a new era and facilitated the growth of e-commerce. The process of extracting data from Bitcoin blocks is a critical one, involving access to the blockchain to ensure transparency and uphold the operational integrity of Bitcoin’s financial transactions. This presentation delves into our exploratory efforts to find the best methods for processing and potentially integrating data from the Bitcoin blockchain into relational databases, despite facing complex challenges. Additionally, we introduce a novel approach based on CUDA technology, which significantly improves parallelism and efficiency in retrieving, processing, and storing blockchain transaction data in databases, aiming to surpass the performance of traditional CPU-based methods.