Blockchain Transactions

What is ment by the term Blockchain Transactions?

Blockchain transactions are referred to as a confirmation and is performed by the existing network. This is also referred to as mining because a confirmation is only completed after successful verification by the miner.

In addition, the reversal of a transaction is very unlikely once it has been confirmed. In general, a reversal is possible after this time.

However, it is important to note that a confirmation can only be cancelled with the consent of the network. As part of the Bitcoin network, an erroneous transaction was once resolved by distributing a new blockchain publication to users.

What is verified when confirming a transaction?

To complete  valid Blockchain transactions, the public key must be correct. This public key is a unique code that is similar to an address, e-mail address, or an account number. It consists of letters and numbers that can be uniquely identified.

To facilitate the transactions, this public key is also passed on in the form of a scannable QR code. In this way, the defectiveness of transactions is reduced and the processing time is also sped up.

After testing the public key, the transaction is written in one block. However, there must be a certain number of transactions otherwise the completion of the block is impossible.

In addition, miners must meet the framework for completing a block. After the block has been completed, it will be attached to the blockchain.

In each subsequent block, the transaction is additionally confirmed. It should also be noted that large transaction totals require multiple confirmations before the transaction is considered complete.

Redaktion

Alexander Weipprecht is the managing partner of Provimedia GmbH. As a trained IT specialist for application development, he has been advising leading companies on the following topics for more than 10 years: online marketing, SEO and software. Cryptocurrency is becoming increasingly important to businesses and investors. Through Coin Report and Krypto Magazin Germany, Alexander wants to give all people easy access to the subject matter.