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BDE SC6 4th Hangout – 16.02.2017 “Insight into Virtual Currency Ecosystems” (By making use of Big Data Technology)

February 16, 2017 @ 15:00 - 16:00

WHAT : BDE – SC6 – 4th Hangout :
               “Insight into Virtual Currency Ecosystems” (By making use of Big Data Technology)
WHOM : Dr. Bernhard Haslhofer
WHEN : 16.02.2017, 15.00 pm CET



  Bitcoin is the most prominent example of a virtual cryptocurrency and the use of Blockchain. The currency is not issued by any government, bank, or organization but relies on cryptographic protocols and a distributed peer-to-peer network of users to mint, store, and transfer currency units. Transactions are almost real-time and costs are minimal compared to established payment networks, which offers novel opportunities for businesses and payment providers. Despite its publicly perceived association with electronic crime, Bitcoin’s daily transaction volume is increasing and in some areas approximates that of establish payment networks. Besides being a virtual currency and a promising distributed ledger technology (Blockchain), Bitcoin is also an effort driven by a worldwide community of developers and entrepreneurs supported by a significant venture capital investments (> 500M USD in 2015).

An outstanding feature of virtual currencies is that all ever executed transactions are anonymous (beside country restrictions) and accessible in the publicly visible blockchain and can therefore be accessed for analytics tasks. Our goal is to develop algorithmic solutions for real-time analytics of digital currency transactions to provide insight into cash flows, actors, and functionality of such currency systems from a micro- and macro-scopic perspective. The long-term goal is to provide a platform that supports stakeholders from various domains in investigating this dynamic, self-contained environment using scalable, quantitative methods.

This talk will :
  – (I) briefly introduce virtual currencies and their technical characteristics,
  – (II) present a selection of analytics features and describe their technical implementation,
  – (III) and then focus on the computational (Big Data) challenges with building such a platform.
  – (IV) Finally, it will point out some possible future research directions.



  Dr. Bernhard Haslhofer works as a Data Scientist at the Austrian Institute of Technology. His research interest lies in finding quantitative methods for gaining new insights from large-scale, connected datasets. He enjoys working in multidisciplinary settings to which he contribute methods drawn from fields like Machine Learning, Network Analytics, or Information Retrieval and Text Mining. He currently spends most of his time working on the GraphSense project, on gaining insight into characteristics of virtual currency ecosystems such as Bitcoin.


About Bernhard Haslhofer Click here 

About Graphsense click here