Notes

Display of public addresses in blockchain explorer
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Blockchain analysis tools
Bitcoin researcher Chris Dunn introduced the blockchain analysis tool HashFights to map all public bitcoin addresses and transactions in the blockchain and their relationships.



Display of transaction relationships in HashFights

Current blockchain implementations
Bitcoin payments are confirmed in a similar way to email and traditional financial transactions. In an email for example, a recipient can be notified of a transaction by seeing the email in their inbox, or by receiving the email with a link to click on if they do not want to read the email.



View of bitcoin transactions in inbox

The recipient can verify they have received the transaction by checking the transaction chain against previously sent transactions to ensure the transaction was not double-spent on them. The transaction is then added to the recipient's copy of the ledger.

For bitcoin payments, it is usual to pay a merchant first and then check the payment against the merchant's ledger (ledger of bitcoin, or LOB), to ensure the payment has not been double-spent.

A merchant who receives a payment via bitcoin can take a number of steps to accept the payment.

Validation
The merchant can choose to verify the payment against its own, which usually happens as soon as possible. The merchant creates an entry for this payment in the wallet software it uses. The wallet then checks the input and output addresses to ensure they are correct and have a previous history of bitcoin transactions. The merchant could also create an entry for the payment in the LOB on the system it uses. If the merchant does not want to keep its own LOB, they can send the payment to a service (provider) which adds the entry for them in their LOB.

The merchant could also validate the payment once the payment is actually settled in a real-world transaction. This means the merchant has the right to ask the buyer for more details on their behalf, before the payment is confirmed. This works as follows: if a buyer pays using a fixed address, it is easy to see that payment because the sender uses the same address each time, and the input and output address as well as amounts are all fixed. If the merchant then gets the payment they can search for this address in the LOB of their service to check whether it is confirmed. If the payment is confirmed then this is enough to settle. If the payment is not yet confirmed they can double-check the payment using a hash of the
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