What is a transaction?
First of all to understand blockchain transactions we need to understand what is transaction…
So, Transaction is nothing but the simple process in which there is an exchange between buyers and sellers this is the simple meaning of the transaction.
In computer programming, a transaction means an order of information exchange and related work (such as file updating) that is treated as a unit for the purposes of fulfilling a request and for checking file integrity. For a transaction to be complete and database changes to make permanent, a transaction has to be completed in its entirety.
A typical transaction is a catalog merchandise order phones in by a customer and entered into a computer by a customer representative. The order transaction involves checking an inventory database, confirming that the item is available, placing the order, and confirming that the order has been placed and the expected time of shipment. If we view this as a single transaction, then all of the steps must be complete before the transaction is successful and the database is actually change to reflect the new order. If something happens before the transaction is successfully complete, any changes to the database must be kept track of so that they can be undone.
A program that manages or oversees the sequence of events that are part of a transaction is sometimes called a transaction monitor.
What is Blockchain transactions?
A blockchain is a digital currency in which the number of computers connected with each other. Which stores transactional data in copy across every PC (node) in the system. It is one type of Digital currency. This data is a distributed ledger. The data in the chains are in the form of blocks. Each block is time-stamp and its order and transactions verified. This method of storing data in duplicate creates a chain of transactions or in other words, a blockchain.
Blockchain transactions bring huge advantages in terms of transactional speed and transfer fees. A normal bank transfer can take a week to complete. The delays are the result of numerous third-parties operating verification systems. A typical international transaction includes over 36 different third-party organizations.
When we do the transaction with normal banks. And if we have to do the big transaction it would take a week to complete the transaction. But in the case of blockchain, it can be get done in 10 mins.
Normal banks don’t keep the replica of transactions. In the case of blockchain, all the computers connected in the Blockchain has the replica of each transaction.
How does the transaction work in Blockchain?
In a blockchain, every transaction has its replica on another computer. Each and every transaction has its transaction id made with a unique key. Every transaction has some key to the id of the previous transaction that transactions can be identified easily.
By doing so the blockchain becomes most secure because if someone tries to temper a particular transaction. Then he can’t because of the replica and the key of each transaction is different.