{"id":2569,"date":"2018-10-28T08:13:28","date_gmt":"2018-10-28T08:13:28","guid":{"rendered":"https:\/\/www.wasteyourtime.co\/?p=2569"},"modified":"2020-07-16T13:26:58","modified_gmt":"2020-07-16T12:26:58","slug":"blockchain","status":"publish","type":"post","link":"https:\/\/traders-paradise.com\/magazine\/2018\/10\/blockchain\/","title":{"rendered":"Blockchain transaction &#8211; How It Works?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_74 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/blockchain\/#What_is_a_blockchain_transaction_how_it_works_how_is_it_useful_for_everyday_life\" >What is a blockchain transaction, how it works, how is it useful for everyday life<\/a><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/blockchain\/#By_Guy_Avtalyon\" >By Guy Avtalyon<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/blockchain\/#The_first_blockchain_transaction\" >The first blockchain transaction<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/blockchain\/#Lena_sends_John_10BTC\" >Lena sends John 10BTC.<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/blockchain\/#Is_the_blockchain_a_data_structure\" >Is the blockchain a data structure?<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/blockchain\/#Blockchain_Transactions_are_nothing_special\" >Blockchain Transactions are nothing special.<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/blockchain\/#Is_blockchain_transaction_safe\" >Is blockchain transaction safe?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/blockchain\/#What_is_blockchain_in_essence\" >What is blockchain in essence?\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/blockchain\/#Advantages_of_blockchain_transactions\" >Advantages of blockchain transactions<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/blockchain\/#What_is_recording_in_blockchain\" >What is recording in blockchain?<\/a><\/li><\/ul><\/nav><\/div>\n<h4><span class=\"ez-toc-section\" id=\"What_is_a_blockchain_transaction_how_it_works_how_is_it_useful_for_everyday_life\"><\/span><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-2549\" src=\"https:\/\/traders-paradise.com\/magazine\/wp-content\/uploads\/what-is-blockchain-technology-e1540452391572.jpg\" alt=\"What is Blockchain Technology?\" width=\"700\" height=\"345\" \/><br \/>\nWhat is a blockchain transaction, how it works, how is it useful for everyday life<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<h6><span class=\"ez-toc-section\" id=\"By_Guy_Avtalyon\"><\/span><a href=\"https:\/\/www.linkedin.com\/in\/guy-avtalyon-67941b54\/\">By Guy Avtalyon<\/a><span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p>A blockchain transaction is a public record of all bitcoin transactions that have ever been executed. A block represents the current part of a blockchain. It records the recent information. When a block is completed, it becomes part of the blockchain. As a\u00a0permanent database creating a new block. Blocks are connected to each other like a chain in real, consecutive order. Every following block contains a hash of the previous block. Blockchain Technology is one of the hottest and most interesting technologies in the present market.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_first_blockchain_transaction\"><\/span><strong>The first blockchain transaction<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The first transaction in the real-world took place on 22 May 2010. Laszlo Hanyecz made it. He\u00a0bought two pizzas in Jacksonville, Florida for 10,000 BTC. In five days, the price grew 900%, rising from $0.008 to $0.08 for 1 bitcoin.<\/p>\n<p>From a technical point of view, the most fundamental definition of a transaction is an atomic event that is allowed by the underlying protocol.<\/p>\n<p>Speaking about bitcoin, transactions are ordinarily individual payments.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Lena_sends_John_10BTC\"><\/span><b><i>Lena sends John 10BTC.<\/i><\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">If the word transaction conjures up a financial transaction in your mind, this is appropriate. The bitcoin blockchain is basically a list of all the bitcoin transactions since Bitcoin began. Bitcoin is only one of many blockchains. Not all blockchains limit their utility to payment transactions. Let&#8217;s say, transactions are payments when you think of the blockchain as a distributed ledger. The ledger that keeps a record of who owes who how much bitcoin.\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Is_the_blockchain_a_data_structure\"><\/span><strong>Is the blockchain a data structure?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>No, if you consider the blockchain as a data structure then a transaction would be just one of the events that update the data store.\u00a0But there is a huge difference. Before invent of blockchain you had a situation that one event was able to update only one data table on one the particular machine. With blockchain, such a single event is updating a data table on every machine connected in the chain no matter where it is on the planet.<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Blockchain_Transactions_are_nothing_special\"><\/span><span style=\"font-weight: 400;\"><strong>Blockchain Transactions are nothing special<\/strong>. <\/span><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><span style=\"font-weight: 400;\">It is the same as in any other database. To keep it simple, a blockchain transaction is a transaction record in a blockchain. Just like you store a record in MySQL database. It&#8217;s exactly the same.\u00a0 The blockchain is a database. Transactions get stored in the form of blocks and the blocks form a chain to form the blockchain.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Is_blockchain_transaction_safe\"><\/span><b>Is blockchain transaction safe?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Blockchain transactions are safer and more effective for most companies. And hence the demand for quality blockchain platforms which can be tapped for ensuring greater security.<\/p>\n<p>Blockchain transactions are analogous to a wire transfer or cash transaction. Payment is done directly from one party to another. All without going through another financial institution. And without any third-party oversight. Payment processing is done over a private network of computers.\u00a0 Every single transaction is recorded in a blockchain, which is public.<\/p>\n<p>Say, blockchain transactions are a feature of blockchain technology\u2019s mainstream feature &#8211; cryptocurrencies.<\/p>\n<p>Cryptocurrencies rely on the blockchain. Each block in the chain holds records. The records are the information of each and every transaction! The transaction\u2019s information gets stored on blockchain ledgers.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_is_blockchain_in_essence\"><\/span><b>What is blockchain in essence?\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><b><i> A distributed ledger<\/i><\/b><\/li>\n<li><b><i> A consensus protocol<\/i><\/b><\/li>\n<li><b><i> A membership protocol<\/i><\/b><\/li>\n<\/ul>\n<p>Blockchains transactions require consensus.<br \/>\nThis means the participants must agree on who&#8217;s going to extend the blockchain, and how!<\/p>\n<p>Public blockchains such as Bitcoin, Ethereum use consensus that looks like a crypto-lottery. For example, miners have proof-of-work which is crypto-puzzle and in that way get their lottery tickets. The one who wins this &#8220;game&#8221; gets the reward. The reward is permission to add one block to the blockchain and, also, such can print new money.<br \/>\nAll miners try to approach to the longest chain.<\/p>\n<p>This procedure is using to get consensus. It will take time, around 10 minutes.\u00a0Transactions are not taken as fully confirmed for about one to two hours. After that point, they are adequate \u201cdeep\u201d enough in the ledger.<\/p>\n<p>Introducing an opposing account of the ledger, called as a fork, would be computationally exclusive. This stoppage is a susceptibility to the system. And also an important obstacle to the use of bitcoin-based systems. It is necessary for fast-paced transactions, such as monetary trading.<\/p>\n<p>But we have to be honest,\u00a0in spite of privacy-enhancing technologies such as encryption and identity management, someone can see blockchain transactions throughout network nodes.\u00a0These produce metadata. So statistical analysis can reveal information even from encrypted data.\u00a0As a result, it can allow for pattern recognition.<\/p>\n<p>But quite frankly, away from someone cracking the cryptology. The blockchain transaction is one of the most secure digital capabilities available.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Advantages_of_blockchain_transactions\"><\/span><strong>Advantages of blockchain transactions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Maintaining records of transactions is an essential function of all businesses. Hence, these records have to track the past performance of the company. \u00a0And also, help with forecasting and planning for the future. And most organizations\u2019 records take a lot of time and effort to create. That&#8217;s why the creation and storage processes are prone to errors. And these transactions have to be executed immediately. Yes, the settlement can take more time, from several hours to several days.<\/p>\n<p>On the blockchain, the process of transaction verification and is recording.\u00a0 Let&#8217;s say, it is immediate and permanent. Because the ledger has distribution across several nodes. So, this provides the data to replicate and store instantaneously. On each node across the system.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_is_recording_in_blockchain\"><\/span><strong>What is recording in blockchain?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Recording in the blockchain means to note details of the transaction such as price, asset, and ownership. And also, they are verified and settled within seconds across all nodes. But, when registering the change on anyone ledger, you are registering simultaneously on all other copies of the ledger. Because each transaction is transparent.\u00a0 And permanently <a href=\"https:\/\/traders-paradise.com\/magazine\/2018\/10\/blockchain-technology\/\">recorded<\/a> across all ledgers. It is open for anyone to see. So there is no need for third-party verification.\u00a0<\/span><\/p>\n<p>Blockchain technology will disrupt the way we write. And enforce contracts, execute transactions, and maintain records.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What is a blockchain transaction, how it works, how is it useful for everyday life By Guy Avtalyon A blockchain transaction is a public record of all bitcoin transactions that have ever been executed. A block represents the current part of a blockchain. It records the recent information. When a block is completed, it becomes [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":2532,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[1017,1012],"tags":[75,596,590,607,2298,2297,592],"class_list":["post-2569","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-how-to-start-trading-beginners","category-traders-secrets","tag-bitcoin","tag-blockchain-opportunities","tag-blockchain-technology","tag-blockchain-transaction","tag-blockchain-transaction-how-it-works","tag-is-the-blockchain-a-data-structure","tag-use-blockchain"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Blockchain transaction - How It Works? - Traders-Paradise<\/title>\n<meta name=\"description\" content=\"A blockchain transaction is a small unit stored in public records. 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