• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M
Transactions on the blockchain: how they work and how to check their status

Transactions on the blockchain: how they work and how to check their status

user avatar

by Max Nevskyi

9 months ago


Blockchain technology has revolutionized the world of digital transactions, offering a reliable and decentralized way to transfer data and value. At the heart of this technology are blockchain transactions, which ensure the security and transparency of all operations.

Contents:

How Blockchain Transactions Work

A blockchain transaction is a record added to a distributed ledger known as a blockchain. Each block includes information about transactions, a timestamp, and a link to the previous block. This structure makes the blockchain resistant to changes and secure: to alter data in one block, all subsequent blocks must be changed, which is practically impossible.

Blockchain technology enables the creation of transparent and immutable transaction records, which provides a high level of trust and security in the digital economy.said Vitalik Buterin.

Key Stages of a Blockchain Transaction:

  1. Creating the transaction: The user creates a transaction, specifying the recipient's address and the amount.
  2. Signing the transaction: The transaction is signed with the sender's private key to verify authenticity.
  3. Transmission to the network: The signed transaction is sent to the blockchain network for verification.
  4. Transaction validation: Miners or validators verify the transaction and add it to the block.
  5. Adding to the block: The verified transaction is included in a new block, which is then added to the blockchain.

Checking Transaction Status

Checking the status of a transaction on the blockchain is an important process that ensures the success of the operation. This is done using special tools called blockchain explorers.

Example of checking a transaction status on Binance:

  1. Open the blockchain explorer: Go to the blockchain explorer website for the relevant cryptocurrency, such as Etherscan for Ethereum.
  2. Enter the transaction hash: Find the search field and enter the transaction hash that was provided to you after sending.
  3. View status: Click on the search button and review the transaction information, including its status (confirmed or not), the number of confirmations, and other details.

Transaction

Benefits of Blockchain Transactions

Main benefits of blockchain transactions:

  1. Transparency: All transactions are recorded in an open ledger, accessible for verification by all users.
  2. Security: The use of cryptographic methods ensures a high level of data security.
  3. Independence from central authorities: The decentralized nature of the blockchain eliminates the need for intermediaries.
  4. Speed: Many blockchain networks allow transactions to be processed in minutes or even seconds.
  5. Low fees: Compared to traditional banking systems, blockchain transactions are often cheaper.

Main blockchain platforms and their features:

Platform Transaction Speed Transaction Fees Security Level Use Cases
Bitcoin 7 transactions per second High Very High Value storage, transfers
Ethereum 30 transactions per second Moderate High Smart contracts, dApps
Binance Smart Chain 60 transactions per second Low High Decentralized Finance (DeFi), dApps
Solana 65,000 transactions per second Very Low High DeFi, NFT, scalable dApps

Analysis and Monitoring of Transactions

Analysis and monitoring of transactions in the blockchain allow users and developers to track asset movements and identify potential issues or anomalies. There are various tools and methods for analyzing blockchain transactions.

To analyze transactions, various tools can be used. For example, Glassnode offers a platform for analyzing blockchain data and creating analytical reports. CryptoQuant is a service that provides monitoring and analysis of cryptocurrency and blockchain data.

Main aspects of analysis:

  • Transaction volume: The total number of transactions over a specified period.
  • Average transaction size: The average amount of assets transferred per transaction.
  • Number of active addresses: The number of unique addresses making transactions.

Conclusion

Blockchain transactions provide a reliable and secure way to transfer digital values, offering many advantages over traditional financial systems. Checking the status of transactions using blockchain explorers allows users to be confident in the success of their operations. As blockchain technology evolves and new platforms emerge, transactions become faster, cheaper, and more accessible to a wide range of users.

0

Share

Other articles

Turtle Club — An Innovative Liquidity Distribution Protocol in DeFi

Turtle Club is a blockchain project aimed at improving the coordination and deployment of liquidity within DeFi ecosystems, providing more efficient and transparent capital distribution.

user avatarAlexandra Smirnova

11 hours ago

Alterya from Chainalysis: an Innovative AI Solution to Combat Cryptocurrency Fraud

The growth of digital finance and cryptocurrencies has led to a surge in fraud requiring new solutions. Chainalysis has created Alterya, an AI platform that detects fraudulent transactions in real time.

user avatarMax Nevskyi

11 hours ago

Alea is an innovative PvP arena with a cryptocurrency economy and NFT heroes

Alea is an arena PvP game powered by the Unreal Engine 5 with the integration of the Ethereum blockchain. Players compete in 2v2 and 3v3 teams, controlling unique Aleators and earning tokens for winning Web3 matches.

user avatarMax Nevskyi

18 hours ago

Sorare — A Comprehensive Overview of NFT Football, Gameplay, and Blockchain Economy

Discover Sorare — a blockchain-based fantasy football game with NFT cards on Ethereum. Learn about its gameplay, economy, rare collectibles, and legal challenges.

user avatarElena Ryabokon

20 hours ago

Ragnarok: Monster World is an innovative NFT game set in the Ragnarok universe

Ragnarok: Monster World is a modern blockchain game created by ZERO X AND published by Gravity. It combines the Ragnarok universe, strategic gameplay, monster collection, and NFT integration with the ability to earn money.

user avatarMax Nevskyi

a day ago

Cornucopias Overview: A Player-Driven Blockchain Metaverse Economy

Explore Cornucopias — a Cardano-based blockchain metaverse with NFTs, player ownership, and an immersive play-to-earn economy. Learn about COPI token, land, and gameplay.

user avatarElena Ryabokon

a day ago

dapp expert logo
© 2020-2025. DappExpert. All rights reserved.
© 2020-2025. DappExpert. All rights reserved.

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.