Where are blockchain transactions stored?

03 Oct 2022 By PAYCEC

To answer this question, let us walk you through the process of a blockchain transaction:

  • Someone makes a transaction request which can include cryptocurrencies, contracts, records, or other information.
  • The transaction is broadcast to computers that hold a copy of the specific blockchain (also known as nodes).
  • All transactions are published to the memory pool and set as 'pending.' Miners must pay gas fees to compensate for the energy required to validate blockchain transactions.
  • Miners verify the transaction while computers in the network validate it under the rules of the specific network.
  • Validated transactions are stored in a block and secured with a lock known as the Hash.
  • A new block is added to the existing blockchain. When other computers in the network validate the lock on the block, it becomes part of the blockchain.
  • The transaction is now complete. The transaction is now part of the blockchain, meaning you cannot reverse it.

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