How transactions are done in blockchain?

31 Oct 2022 By PAYCEC

Transactions are done in blockchain following step by step:

Step 1: 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 record any consumer information, such as who, what, when, where, how much, and even the requirement — for example, the quantity of sugar in a beverage.

Step 2: Each block is linked to the preceding and subsequent blocks.

These pieces establish a data chain as an asset moves from one location to another or ownership is transferred. The blocks validate the exact timing and sequence of transactions, and they are securely linked together to prevent any new block from being placed between two existing blocks.

Step 3: Transactions are linked together in an immutable chain known as a blockchain.

Each new block reinforces the prior block's verification and, as a result, the entire blockchain. This renders the blockchain tamper-proof, giving it the key strength of immutability. This eliminates the risk of bad actor tampering — and establishes a trusted ledger of transactions for you and other network users.