Do you want to know more about transaction blocks, what kind of information they can store in them and what they mean to the crypto world? Here are the basics.
What are transaction blocks?
In order to understand what a transaction block is, we need to get a better understanding of the Blockchain.
The latest is a chain of transaction blocks that are digitally “built” upon one another through having nodes solve complex mathematical sequences in chronological order.
And this brings us to the topic of the short post. Essentially, transaction blocks are digital files where one can store or record transactions.
When it comes to these blocks of transactions, information such as current time, transaction records and reference of prior blocks cannot be altered or removed once they are written.
Moreover, all transactions on each block are unique. This means that no one can copy or replace them with another block.
As far as for their contents, transaction blocks are a collection of solutions to complex, mathematical sequences. These eventually lead to the confirmed transactions which, subsequently, reward miners.