What are transactions in blockchain?

11 Oct 2022 By PAYCEC

Blockchain transactions are based on three world-class techniques. To ensure safety and sustainability, these techniques necessitate a complex coding process.

The use of cryptography ensures transparency, integrity, and classification. Public Key and Hash functions are built into Blockchain technology. A peer-to-peer network is the payment and operation process of blockchain technology. Each participating computer is referred to as a node, and it serves as a data storage server for transaction copies. The advantage of this technology is that if an earthquake or a tsunami occurs, the data is still safely saved on every blockchain-network device, making recovery simple. The greater the number of computers that have access to the blockchain, the lower the percentage of hacking that occurs. Thirdly, game theory is that each node (user) must adhere to the set-up protocols (PoW, PoS,...). These secured techniques allow blockchain payment gateway to be utilized in global transfer.

Cryptocurrency (blockchain 1.0) can be transferred via a blockchain payment gateway online in just a few seconds. PayCEC was founded to meet the needs of consumers in blockchain digital payment. This blockchain-based payment gateway is PCI DSS-compliant and has an easy-to-use interface. The interface is customized for each entrepreneur to match the theme of their brand. By sending an OTP code to the user's phone, the transaction is completely anti-fraud. Customers can also track transaction time, amount, and statistics using an organized page provided by PayCEC. Last but not least, this blockchain payment gateway provides premium support 24 hours a day, 7 days a week.

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