Blockchain timestamps can be inaccurate due to the lack of a global clock in the peer-to-peer network, leading to significant drift between miner timestamps.
Empirical evaluation shows that blockchain-recorded block timestamps are inaccurate, with 7.5% of cases showing negative or zero lag compared to submission time.
Using Etherscan's live list of newly appended blocks provides a more accurate processed timestamp compared to relying on individual miner clocks.
Authors of the study include Michael Pacheco, Gustavo A. Oliva, Gopi Krishnan Rajbahadur, and Ahmed E. Hassan from different research labs in Canada. The paper is available under CC BY-NC-ND 4.0 DEED license.