What kind of transactions are recorded in blockchain?

11 Oct 2022 By PAYCEC

Every transaction is recorded in the blockchain system following a complicated process. First of all, Each transaction is identified as a data "block." These transactions show the progression of an asset, which can be tangible (a product) or intangible (a service) (a service). The data block can store any consumer information, such as who, what, when, where, how much, and even the requirement — for example, the percentage of sugar in a beverage. Next, Each block is linked to the previous and subsequent blocks. These blocks form a data chain as an asset moves from one location to another or ownership is transferred. The blocks confirm the exact time and sequence of transactions, and they are securely linked together to prevent any new block from being inserted between two existing blocks.

Finally, Transactions are linked together in an immutable chain known as a blockchain. Each new block strengthens the previous block's verification and, as a result, the entire blockchain. This renders the blockchain tamper-proof, giving it the critical strength of immutability. This eliminates the possibility of malicious actor tampering — and creates a trusted ledger of transactions for you and other network members.