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

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
• Checking Transaction Status
• Benefits of Blockchain Transactions
• Analysis and Monitoring of Transactions
• Conclusion

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.

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.

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.

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.