What is a transaction hash
Transaction hash
A transaction hash is a unique identifier that represents a particular transaction on the blockchain. It is a cryptographic hash function applied to the transaction data, which includes details such as the sender's and receiver's addresses, the amount being transferred, and any additional data or metadata.
Note: Transaction Hash may be shortened to Tx Hash.
The primary purposes of a transaction hash
Identification: Each transaction on the blockchain has a unique hash that distinguishes it from all other transactions. This hash serves as an identifier for the transaction.
Verification: The transaction hash is used to verify the integrity of the transaction data. If any part of the transaction data is modified, even a single bit, the resulting hash will be completely different. This property makes it possible to detect any tampering or corruption of the transaction data.
Indexing and lookup: Blockchain explorers and wallets use transaction hashes as a way to lookup and reference specific transactions. Users can search for a particular transaction hash to view its details, such as the sender, receiver, amount, and status (confirmed or unconfirmed).
When a new transaction is broadcasted to the blockchain network, its hash is calculated, and the transaction is then included in a block by miners or validators. Once the block is confirmed and added to the blockchain, the transaction hash becomes a permanent record, and the transaction is considered complete and irreversible.
Transaction hashes are an essential component of blockchain technology, providing a secure and tamper-evident way to identify and verify transactions, and enabling transparency and auditability within the cryptocurrency ecosystem.
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