Crypto Glossary

Posted on September 13, 2021 in

Transaction Block

The blockchain network is made up of a large number of transaction blocks that are organized chronologically. Transaction blocks are used to store each transaction that has occurred over some time. In the case of Bitcoin, a transaction block contains a record of every transaction that has taken place in the previous 10 minutes. Furthermore, each transaction block is aware of the transaction blocks that came before it. If you are attempting to track the transaction history of a certain Bitcoin, this makes searching across the ledger much easier.

What is a transaction block?

It is necessary to have a transaction block to store transaction data, which is permanently stored in file structures known as blocks. It is possible to list them as separate pages of a recording book (when real estate ownership changes) or as a ledger (when no ownership changes). 

Blocks were arranged into a linear sequence throughout time, which is regarded as a blockchain in certain circles. New transactions are continuously being converted by miners into new blocks that are put to the end of the chain, and once they have been approved by the network, they can never be modified or deleted from the chain again.

Transaction blocks and incentives

Along with other components, each block has an item in its header that identifies some or all prior transactions and a record of the block that was immediately before the present block. When a new block is created, the miner must complete the task that the network has assigned to him on his device. Each block has a unique solution, which is also put in the block’s header, which makes it easy to find. 

This assignment is tough to do and will take a significant amount of time. However, once one of the miners has found a solution to the problem, the rest of the network is quick to certify that the solution has been found and implemented correctly. There are numerous solutions for each block — it is sufficient to discover at least one of them for each block. 

Whenever a Bitcoin transaction is made, it is transmitted to the network, and all peers attempting to resolve blocks gather the transaction records and include them in the block they are attempting to resolve. Because of the rewards that are connected to each transaction, miners are compelled to include transactions in their blocks.

How a transaction works

When a transaction is generated on the Bitcoin network, it is protected by public-key cryptography, which ensures the integrity of the transaction. For Bitcoin transfers to be successful, each participant must have a pair of public keys and a pair of private keys that govern the portions of bitcoin that they possess. A public key is a set of letters and numbers that a user must provide to be eligible to receive payments from a cryptocurrency exchange. A private key, on the other hand, must be kept secret since it authorizes the expenditure of any cash acquired through the use of the linked public key. 

A user can sign transactions and transfer the value of their bitcoin to a new owner by using the private key that has been linked with their bitcoin. After that, the transaction is broadcast to the network to be included on the blockchain.

Related Articles

We offer investors a variety of opportunities in the digital assets industry. Our innovative platform provides access for anyone seeking investment returns anywhere, anytime. Our ecosystem aims at making finance an everyday enriching activity.


The Monetary Authority of Singapore ("MAS") requires us to provide this risk warning to you as a customer of Zipmex.

Before you pay Zipmex any money or DPT, you must be aware of the following.

  1. Zipmex is not currently licensed by MAS to provide DPT services. This means that you will not be able to recover all the money or DPTs you paid to Zipmex if Zipmex’s business fails.
  2. You should not transact in the DPT if you are not familiar with this DPT. This includes how the DPT is created, and how the DPT you intend to transact is transferred or held by Zipmex.
  3. You should be aware that the value of DPTs may fluctuate greatly. You should buy DPTs only if you are prepared to accept the risk of losing all of the money you put into such tokens.
  4. You should be aware that Zipmex may offer services related to DPTs which are promoted as having a stable value, commonly known as “stablecoin”.
  5. DPT held in your Hosted Wallet is not subject to the Singapore Deposit Insurance Scheme (“SDIC”) or any similar insurance or guaranty scheme of any other jurisdiction. In addition, funds stored in your Fiat Wallet do not benefit from the SDIC or any similar insurance or guaranty scheme of any other jurisdiction.

ZipUp+ products have not been approved by the Monetary Authority of Singapore (“MAS”) under the Payment Services Act 2019 and MAS has not reviewed or approved any features of these product offerings. Please review this link for the full terms and conditions and risk disclosure.