To blockchain or not to blockchain, these are the questions: A structured analysis of blockchain decision schemes

Abstract

Blockchain technology has garnered significant attention in recent years, prompting researchers, entrepreneurs, and businesses to seek viable ways to validate the application of blockchain within their specific use cases. Blockchain decision schemes (BDSs) can assist in this decision-making process, offering a potentially more cost-effective alternative to domain experts. Flow chart blockchain decision schemes (FC-BDSs) constitute 77.5% of all BDSs, and this paper systematically reviews these by standardising and aggregating the most prominent schemes into an open-source package. Central to our approach is the definition of an FC-BDS as a directed acyclic graph (DAG). Upon this mathematical foundation, we engage in a meticulous exploration and analysis of various elements within FC-BDSs. We present an in-depth analysis of the structure of FC-BDSs, exploring features such as vertex count, question categorisation, and outcome distribution. Notably, the majority of FC-BDS questions ask about data and participation (34.1%) above other domains such as security (18.6%) and performance (10.8%). Observations regarding outcomes shows an overall balance in suggesting the usage or avoidance of blockchains; however, there is a discrepancy between the average questions required to reach these outcomes, revealing potential biases within schemes. Further analysis using similarity metrics (based on both structural and semantic features) identifies significant overlaps between FC-BDSs, with some schemes showing over 90% similarity. These observations could be attributed to a more informal publishing routine for FC-BDSs, and help trace the evolution of FC-BDSs over time. The insights drawn from this research provide valuable insights into the broader BDSs landscape, and stand to make significant strides towards the standardisation of FC-BDSs, thereby promoting a more coherent and effective utilisation of these decision-making tools in the realm of blockchain technology application.