From Transactions to Records: Reconceptualizing Blockchain Systems through a Lifecycle Lens
How blockchains work more like filing systems than payment networks
Blockchain researchers have been focusing on visible transactions while missing the bigger picture: cryptocurrencies have a complete lifecycle—from creation through storage to disposal—much like records in traditional filing systems. By mapping Bitcoin, tokens, and NFTs through seven distinct stages, researchers show that blockchains function as record-management systems, not just transactional ones, which fundamentally changes how we should study and regulate them.
Criminal investigators and regulators trying to track cryptocurrency movements hit blind spots when they only look at transactions. Understanding the full lifecycle—including where data lives off-chain and how privacy tools obscure records—reveals where enforcement actually works and where gaps exist. This framework also helps policymakers design smarter regulations targeting specific lifecycle stages rather than treating all blockchain activity the same way.