Transaction

A transaction is the process of transferring data from one address in blockchain to another address. In Bitcoin, it is about transferring Bitcoins from one address to another address. All the transactions happening in blockchain are registered from the start of the chain till the current time; this information is shared across the network and all the P2P nodes. The transaction is confirmed by miners, who are economically compensated for their work.

Each transaction in a blockchain goes through a number of confirmations, as they are the consensus of a transaction. Without confirmation, no transaction can be validated.