{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,7,30]],"date-time":"2025-07-30T15:46:20Z","timestamp":1753890380674,"version":"3.41.2"},"reference-count":48,"publisher":"Frontiers Media SA","license":[{"start":{"date-parts":[[2024,8,30]],"date-time":"2024-08-30T00:00:00Z","timestamp":1724976000000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"content-domain":{"domain":["frontiersin.org"],"crossmark-restriction":true},"short-container-title":["Front. Blockchain"],"abstract":"<jats:p>This study aims to investigate the interoperability of the Bitcoin blockchain by comparing the US dollar prices of five cryptocurrencies derived from the Bitcoin price with their corresponding market prices. The deviation rate between the derived price and the market price, referred to as the arbitrage return rate, is examined with respect to its adherence to the efficient market hypothesis and martingale theory principles, specifically regarding mean-reversion and serial independence. Hurst exponents are estimated using R\/S and DFA methods, and their dynamics are analyzed using a sliding window technique. Our findings demonstrate that the Bitcoin blockchain effectively facilitates transactions among the five cryptocurrencies, though evidence suggests a potential structural change in Bitcoin blockchain interoperability following April 2023.<\/jats:p>","DOI":"10.3389\/fbloc.2024.1410191","type":"journal-article","created":{"date-parts":[[2024,8,30]],"date-time":"2024-08-30T04:55:05Z","timestamp":1724993705000},"update-policy":"https:\/\/doi.org\/10.3389\/crossmark-policy","source":"Crossref","is-referenced-by-count":0,"title":["Exploring bitcoin cross-blockchain interoperability: estimation through Hurst exponent"],"prefix":"10.3389","volume":"7","author":[{"given":"Zheng","family":"Nan","sequence":"first","affiliation":[],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"1965","published-online":{"date-parts":[[2024,8,30]]},"reference":[{"key":"B1","doi-asserted-by":"crossref","first-page":"29","DOI":"10.1145\/3366626.3368129","article-title":"Enabling enterprise blockchain interoperability with trusted data transfer (industry track)","volume-title":"Proceedings of the 20th international middleware conference industrial track","author":"Abebe","year":"2019"},{"key":"B2","doi-asserted-by":"publisher","first-page":"476","DOI":"10.1111\/jtsa.12170","article-title":"Multivariate wavelet whittle estimation in long\u2010range dependence","volume":"37","author":"Achard","year":"2016","journal-title":"J. Time Ser. Analysis"},{"key":"B3","doi-asserted-by":"publisher","first-page":"102132","DOI":"10.1016\/j.irfa.2022.102132","article-title":"Multivariate long memory structure in the cryptocurrency market: the impact of COVID-19","volume":"82","author":"Assaf","year":"2022","journal-title":"Int. Rev. Financial Analysis"},{"key":"B4","doi-asserted-by":"publisher","first-page":"72","DOI":"10.1111\/1368-423x.00102","article-title":"Critical values for multiple structural change tests","volume":"6","author":"Bai","year":"2003","journal-title":"Econ. J."},{"volume-title":"Style investing","year":"2012","author":"Barberis","key":"B5"},{"key":"B6","doi-asserted-by":"publisher","first-page":"1","DOI":"10.1016\/j.econlet.2017.09.013","article-title":"The inefficiency of Bitcoin revisited: a dynamic approach","volume":"161","author":"Bariviera","year":"2017","journal-title":"Econ. Lett."},{"key":"B7","doi-asserted-by":"publisher","first-page":"82","DOI":"10.1016\/j.physa.2017.04.159","article-title":"Some stylized facts of the Bitcoin market","volume":"484","author":"Bariviera","year":"2017","journal-title":"Phys. A Stat. Mech. Its Appl."},{"key":"B8","doi-asserted-by":"publisher","first-page":"271","DOI":"10.1093\/jjfinec\/nby001","article-title":"Measuring the frequency dynamics of financial connectedness and systemic risk","volume":"16","author":"Barun\u00edk","year":"2018","journal-title":"J. Financial Econ."},{"key":"B9","doi-asserted-by":"publisher","first-page":"236","DOI":"10.1016\/j.future.2021.11.004","article-title":"Hermes: fault-tolerant middleware for blockchain interoperability","volume":"129","author":"Belchior","year":"","journal-title":"Future Gener. Comput. Syst."},{"key":"B10","doi-asserted-by":"publisher","first-page":"1","DOI":"10.1145\/3471140","article-title":"A survey on blockchain interoperability: past, present, and future trends","volume":"54","author":"Belchior","year":"","journal-title":"ACM Comput. Surv."},{"key":"B11","unstructured":"Stablecoins and cryptocurrency returns: what is the role of Tether?\n            BianchiD.\n            RossiniL.\n            IacopiniM.\n          2020"},{"key":"B12","first-page":"57","volume-title":"Caught in chains: claim-first transactions for cross-blockchain asset transfers","author":"Borkowski","year":"2018"},{"key":"B48","doi-asserted-by":"publisher","first-page":"e19","DOI":"10.1017\/dap.2022.11","article-title":"How can interoperability stimulate the use of digital public services? An analysis of national interoperability frameworks and e-Government in the European Union","volume":"4","author":"Campmas","year":"2022","journal-title":"Data and Policy"},{"key":"B13","doi-asserted-by":"publisher","first-page":"793","DOI":"10.1111\/j.1540-6261.1985.tb05004.x","article-title":"Does the stock market overreact?","volume":"40","author":"De Bondt","year":"1985","journal-title":"J. Finance"},{"key":"B14","doi-asserted-by":"publisher","DOI":"10.1016\/j.frl.2018.12.011","article-title":"Bitcoin price\u2013volume: a multifractal cross-correlation approach","volume":"31","author":"El Alaoui","year":"2019","journal-title":"Finance Res. Lett."},{"key":"B36","unstructured":"National Interoperability Framework Observatory (NIFO) (2024)2020"},{"key":"B15","doi-asserted-by":"publisher","first-page":"383","DOI":"10.2307\/2325486","article-title":"Efficient capital markets: a review of theory and empirical work","volume":"25","author":"Fama","year":"1970","journal-title":"J. Finance"},{"key":"B16","doi-asserted-by":"publisher","first-page":"1089","DOI":"10.1111\/j.1540-6261.1990.tb02428.x","article-title":"Stock returns, expected returns, and real activity","volume":"45","author":"Fama","year":"1990","journal-title":"J. Finance"},{"key":"B17","doi-asserted-by":"publisher","first-page":"283","DOI":"10.1016\/S0304-405X(98)00026-9","article-title":"Market efficiency, long-term returns, and behavioral finance","volume":"49","author":"Fama","year":"1998","journal-title":"J.Finan. Econ."},{"key":"B18","doi-asserted-by":"publisher","first-page":"13","DOI":"10.1016\/j.econmod.2020.11.013","article-title":"Returns and volume: frequency connectedness in cryptocurrency markets","volume":"95","author":"Fousekis","year":"2021","journal-title":"Econ. Model."},{"key":"B19","doi-asserted-by":"publisher","first-page":"407","DOI":"10.1016\/s1057-5219(01)00061-8","article-title":"Anomalies in finance: what are they and what are they good for?","volume":"10","author":"Frankfurter","year":"2001","journal-title":"Int. Rev. Financial Analysis"},{"key":"B20","doi-asserted-by":"publisher","first-page":"102644","DOI":"10.1016\/j.frl.2021.102644","article-title":"When tether says Jump Bitcoin asks How low?","volume":"47","author":"Grobys","year":"2022","journal-title":"Finance Res. Lett."},{"volume-title":"Open digital asset protocol","year":"2021","author":"Hargreaves","key":"B21"},{"key":"B22","doi-asserted-by":"publisher","first-page":"1","DOI":"10.1080\/1351847X.2021.1949369","article-title":"How stable are stablecoins?","author":"Hoang","year":"2021","journal-title":"Eur. J. Finance"},{"key":"B23","doi-asserted-by":"publisher","first-page":"770","DOI":"10.1061\/TACEAT.0006518","article-title":"Long-term storage capacity of reservoirs","volume":"116","author":"Hurst","year":"1951","journal-title":"Trans. Am. Soc. Civ. Eng."},{"key":"B24","doi-asserted-by":"publisher","first-page":"65","DOI":"10.1111\/j.1540-6261.1993.tb04702.x","article-title":"Returns to buying winners and selling losers: implications for stock market efficiency","volume":"48","author":"Jegadeesh","year":"1993","journal-title":"J. Finance"},{"key":"B25","doi-asserted-by":"crossref","first-page":"1203","DOI":"10.1109\/ICDCS.2018.00120","article-title":"Towards a novel architecture for enabling interoperability amongst multiple blockchains","volume-title":"2018 IEEE 38th international conference on distributed computing systems (ICDCS)","author":"Jin","year":"2018"},{"key":"B26","doi-asserted-by":"publisher","first-page":"105976","DOI":"10.1016\/j.ipl.2020.105976","article-title":"About blockchain interoperability","volume":"161","author":"Lafourcade","year":"2020","journal-title":"Inf. Process. Lett."},{"key":"B27","first-page":"1","article-title":"Market efficiency, market anomalies, causes, evidences, and some behavioral aspects of market anomalies","volume":"2","author":"Latif","year":"2011","journal-title":"Res. J. Finance Account."},{"key":"B28","unstructured":"Hurst exponent using R code | R-bloggers\n            LeeS.-H.\n          2022"},{"key":"B29","doi-asserted-by":"publisher","first-page":"59","DOI":"10.1257\/089533003321164958","article-title":"The efficient market hypothesis and its critics","volume":"17","author":"Malkiel","year":"2003","journal-title":"J. Econ. Perspect."},{"key":"B30","doi-asserted-by":"publisher","first-page":"909","DOI":"10.1029\/WR004i005p00909","article-title":"Noah, joseph, and operational hydrology","volume":"4","author":"Mandelbrot","year":"1968","journal-title":"Water Resour. Res."},{"key":"B31","doi-asserted-by":"publisher","first-page":"4510","DOI":"10.1016\/j.csda.2006.07.033","article-title":"Estimation of Hurst exponent revisited","volume":"51","author":"Mielniczuk","year":"2007","journal-title":"Comput. Statistics and Data Analysis"},{"volume-title":"Hyperledger cactus whitepaper","year":"2020","author":"Montgomery","key":"B32"},{"key":"B33","unstructured":"Market efficiency of the bitcoin exchange rate: evidence from Co-integration tests\n            NanZ.\n            KaizojiT.\n          2017"},{"key":"B34","doi-asserted-by":"publisher","first-page":"273","DOI":"10.1016\/j.irfa.2019.06.003","article-title":"Market efficiency of the bitcoin exchange rate: weak and semi-strong form tests with the spot, futures and forward foreign exchange rates","volume":"64","author":"Nan","year":"2019","journal-title":"Int. Rev. Financial Analysis"},{"key":"B35","doi-asserted-by":"crossref","first-page":"163","DOI":"10.1007\/978-981-15-4498-9_9","article-title":"The optimal foreign exchange futures hedge on the bitcoin exchange rate: an application to the US dollar and the euro","volume-title":"Advanced studies of financial technologies and cryptocurrency markets","author":"Nan","year":"2020"},{"key":"B37","doi-asserted-by":"publisher","first-page":"82","DOI":"10.1063\/1.166141","article-title":"Quantification of scaling exponents and crossover phenomena in nonstationary heartbeat time series","volume":"5","author":"Peng","year":"1995","journal-title":"Chaos An Interdiscip. J. Nonlinear Sci."},{"key":"B38","doi-asserted-by":"publisher","first-page":"1143","DOI":"10.1109\/tbme.2003.817636","article-title":"Comparison of detrended fluctuation analysis and spectral analysis for heart rate variability in sleep and sleep apnea","volume":"50","author":"Penzel","year":"2003","journal-title":"IEEE Trans. Biomed. Eng."},{"key":"B39","doi-asserted-by":"publisher","first-page":"474","DOI":"10.3934\/qfe.2017.4.474","article-title":"Volatility analysis of bitcoin price time series","volume":"1","author":"Pichl","year":"2017","journal-title":"Quantitative Finance Econ."},{"key":"B40","doi-asserted-by":"publisher","first-page":"e23","DOI":"10.1017\/s0269888920000314","article-title":"Cross-chain interoperability among blockchain-based systems using transactions","volume":"35","author":"Pillai","year":"2020","journal-title":"Knowl. Eng. Rev."},{"key":"B41","first-page":"203","article-title":"Hurst exponent and financial market predictability","author":"Qian","year":"2004","journal-title":"IASTED Conf. Financial Eng. Appl."},{"key":"B42","doi-asserted-by":"publisher","first-page":"369","DOI":"10.2307\/3003046","article-title":"Proof that properly discounted present values of assets vibrate randomly","volume":"4","author":"Samuelson","year":"1973","journal-title":"Bell J. Econ. Manag. Sci."},{"key":"B47","doi-asserted-by":"publisher","first-page":"285","DOI":"10.1145\/234313.234424","article-title":"Interoperability","volume":"28","author":"Wegner","year":"1996","journal-title":"ACM Computing Surveys."},{"key":"B43","doi-asserted-by":"publisher","first-page":"54","DOI":"10.1016\/j.physa.2018.12.038","article-title":"Multifractal behavior of price and volume changes in the cryptocurrency market","volume":"520","author":"Stosic","year":"2019","journal-title":"Phys. A Stat. Mech. Its Appl."},{"key":"B44","doi-asserted-by":"crossref","first-page":"167","DOI":"10.1017\/CBO9780511598951.011","article-title":"Rational choice and the framing of decisions","volume-title":"Decision making: descriptive, normative, and prescriptive interactions","author":"Tversky","year":"1988"},{"key":"B45","doi-asserted-by":"publisher","first-page":"243","DOI":"10.1109\/ICSA.2017.33","article-title":"A taxonomy of blockchain-based systems for architecture design","author":"Xu","year":"2017","journal-title":"IEEE Int. Conf. Softw. Archit. (ICSA)"},{"key":"B46","doi-asserted-by":"crossref","first-page":"3","DOI":"10.1007\/978-3-662-64331-0_1","article-title":"SoK: communication across distributed ledgers","volume-title":"Financial cryptography and data security","author":"Zamyatin","year":"2021"}],"container-title":["Frontiers in Blockchain"],"original-title":[],"link":[{"URL":"https:\/\/www.frontiersin.org\/articles\/10.3389\/fbloc.2024.1410191\/full","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2024,8,30]],"date-time":"2024-08-30T04:55:19Z","timestamp":1724993719000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.frontiersin.org\/articles\/10.3389\/fbloc.2024.1410191\/full"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2024,8,30]]},"references-count":48,"alternative-id":["10.3389\/fbloc.2024.1410191"],"URL":"https:\/\/doi.org\/10.3389\/fbloc.2024.1410191","relation":{},"ISSN":["2624-7852"],"issn-type":[{"type":"electronic","value":"2624-7852"}],"subject":[],"published":{"date-parts":[[2024,8,30]]},"article-number":"1410191"}}