What is a transaction hash/hash ID?
A transaction hash (or hash ID) is a unique identifier assigned to a specific transaction recorded on a blockchain. It is generated using cryptographic hash functions, which take the transaction data and produce a fixed-length string of characters that uniquely represents that data.
Here's a bit more detail:
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Uniqueness: Each transaction hash is unique to its transaction. Even a small change in the transaction details will result in a completely different hash.
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Traceability: You can use the transaction hash to look up details about the transaction on a blockchain explorer. This includes information such as the sender and receiver addresses, transaction amount, and timestamps.
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Immutability: Once a transaction is confirmed and added to the blockchain, its hash cannot be altered without invalidating the entire block. This contributes to the security and integrity of the blockchain.
Overall, the transaction hash is crucial for tracking and verifying transactions in blockchain networks.
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