Where are blockchain transactions stored?

03 Oct 2022

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.

Read more:

• Crypto payment gateway
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