What is a blockchain transaction & how does it work?

Blockchains are public ledgers, meaning anyone can see all transactions ever made. — You can use Block Explorers to easily navigate and search your blockchain transaction history. — A transaction’s main elements are: the Transaction ID, the sending & receiving address, the associated fees and the transaction’s status.

How can I Read my blockchain transactions?

This means you can read your blockchain transactions directly inside Ledger Live. Additionally, there is also an easy link to a block explorer there too, so you can verify each transaction outside Ledger Live too. To do this, just click on “View in Explorer”.

Where is data stored in a blockchain?

Data, obviously, is stored in a database. Transactions are recorded in an account book called a ledger. A blockchain is a type of distributed database or ledger—one of today’s top tech trends —which means the power to update a blockchain is distributed between the nodes, or participants, of a public or private computer network.

How can blockchain improve data security?

Blockchain can significantly increase data security. This is why the technology is often called a “trustless network.” It means you don’t have to trust anyone to be certain that a given exchange or transaction is accurate and accurately recorded. Blockchain can make transactions more transparent and traceable.