To Executing Transactions in Blockchain, we look into,
- Executing an Addition Transaction
- Security encryption of the transaction
- Hashing and rehashing for security
In the last session, we started of with a simple transaction for Crypto in Blockchains. Today, we look into the factors and the elements that participate in a transaction and help in its successful Executing Transactions in Blockchain.
Executing Transactions in Blockchain - Executing an Addition Transaction
For any kind of transaction, the very first step is the creation of the block with its ledger where all information regarding the transaction are entered and saved. When a new transaction is initiated, the same is broadcasted over the network followed by the verification to ensure that the transaction is valid.
The verification process is initiated with verifying the authenticity of the transaction with the sender. The next step involves the verification of the particular block where the sender’s transaction details are stored. The confirmation of the successful verification process is followed up with confirmation of the receiver’s IP address which needs to be put in. Failure or lack of proper input information can result in rejection of the transaction.
Confirmation of the details of the receiver leads to the final step of the transaction, where the ledger Is being updated to complete Executing Transactions in Blockchain.
Executing Transactions in Blockchain – Security encryption of the transaction
Post successful transaction, the verifier will be applying the cryptography process of Hashing, to both the transactions, i.e. sender and receiver end. The basic process of the Hashing technique includes encryption of the alphanumeric characters into another set of jumbled characters that is unique for every successful transaction. For the encryption to happen, details like the input, amount and output address need to provided to generate the unique ID.
Hashing and rehashing for security- Executing Transactions in Blockchain
The best part of this Hashing technique is the fact that even of any unauthorized party tried to break into the code, they have to rehash the transaction which would generate another different key which will no be the same as the original one. Hence, any unauthorized access can be tracked.
There are other options of encryption that are available to ensure that the security is enhanced by Hashing the same transaction twice, one above the other. The hash of one transaction is rehashed with another one and then rehashed together into a smaller hash thereby saving storage space and memory utilization apart from enhancing the security.
The process of such hashing is termed as Markel Tree with the root hash for all the transactions stored at the beginning of the block to ensure the protection of sensitive data as an integral part of Executing Transactions in Blockchain.
In the next session, we deal with the further elements of the transaction that also participate in the process and a brief on their roleplay.
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