In my previous article, I explained blockchain and its characteristics. This article is the continuation of the previous. In this article, we will try to understand how does blockchain transactions work.
Due to the nature of blockchain, you can say they can give you a trustworthy way to store the data. This could be monetary transactions between anonymous on the internet or the ability to secure your data and can be accessible to the one who is allowed. But remember blockchain is not the place to store large data. Most data stored on blockchain focused on transactions and states of objects.
How does the blockchain transactions work?
It begins with someone doing a single or group of transactions. A transaction is typically sending data in the form of a contract. Depending on the blockchain implementation you are using it can also involve cryptocurrency being sent from one account to another.
The transaction is sent to a large peer-to-peer network of computers. They are generally distributed all over the world. Each computer is called a node and they all have a copy of existing data then the transaction is executed and validated based on pre-shared contract and script. This ensures that all nodes execute using the same set of rules. When the transaction has executed the result is added to the blockchain since this is done at each node, you would have to compromise every node in the chain in order to compromise the transaction.
Transaction in Blockchain
- All transactions are atomic, this means full operation run or nothing at all.
- All transactions run independently, no two operations can interact and interfere with each other
- Inspectable, Every single transaction that comes to blockchain comes with the actual address of the caller
- Immortal, all data from objects are permanent. The only way to remove an object from a blockchain is only when it’s programmed to remove itself.
I hope this articles helps.