How blockchain transactions work?

Assalamualaikum

Greetings to you all!

Transactions are most important things we have to make daily many times at STEEM blockchain but at a blockchain how these transactions work I am going to share with you.

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Blockchain transactions are building block of blockchain which enables for more safe, transparent, and decentralized exchange of data so here I am explaining whole working of transactions in different steps.

1. Network Participants:First of all there is network of computers which we call nodes is established and present in every blockchain and each node have copy of a blockchain.

2. Transaction Initiation:Now first for starting transactions proces when a user wants to make any kind of transaction like sending or purchasing tokens or for exchange of sky data first there is creation of transactions request takes place.

3. Transaction Data:For creation of transaction request most significant and essential information is required which are addresses of sender and recipient and amount involved in transaction amount and some other particular details.

4. Digital Signature:Private keys are used by sender for the generation of a particular and unique digital signature and it is useful in verification of ownership and authorization of transaction.

5. Transaction Broadcast:After the signing of transactions then its broadcasting starts to network which is all done and verified by nodes which are computers.

6. Verification: Nodes are important to check the transaction validity so ensures that the sender has significant and enough funds and the transaction is also showing its legitimacy.

7. Block Creation:After that verified transactions are arranged together into a block sp that it may add to the blockchain.

8. Block Hash:A hash is always a unique identifier which is given to each block and it is responsible for making its stronger connection with previous block and in this way chain created.

9. Blockchain Update:Each node is responsible for updating its blockchain copy by another block which is new.

10. Transaction Confirmation: If the block has been added the. the transaction said to be confirmed and it becomes easy for recipient to approach the assets or data which has been transferred.

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There are some of Key aspects of blockchain transactions which are under!!

• Decentralized: Transactions occur in decentralized and direct way without any intermediate entities between participants.

• Immutable: Transactions are permanent and no one can change them so we can say that these are immutable.

• Transparent: All transactions are transparent so that anyone can see them.

Working of transactions at blockchain is very easy to understand if you guys are going to follow these simple steps I have explained today as well as it is also important to keep in mind some of the key features and some of the most significant aspects of blockchain technology.

Have a blessed day