What role does hashing play in securing transactions on a blockchain?

3 answers

• Imran WattooJan 03, 2024 · 2 years ago
  Hashing plays a crucial role in securing transactions on a blockchain. When a transaction is made, it is converted into a unique hash value using a cryptographic hash function. This hash value is then added to the blockchain, creating a digital fingerprint of the transaction. Any change in the transaction data will result in a different hash value, making it virtually impossible to alter or tamper with the transaction without being detected. This ensures the integrity and immutability of the blockchain, making it a secure and reliable system for recording transactions.
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• mjj4884Jan 22, 2024 · 2 years ago
  Hashing is like the secret sauce that keeps transactions on a blockchain secure. It takes the transaction data and transforms it into a unique string of characters, which is the hash value. This hash value is then added to the blockchain, acting as a digital seal of authenticity. If anyone tries to change even a single character in the transaction data, the hash value will be completely different, alerting the network to the tampering attempt. So, hashing acts as a powerful deterrent against fraud and ensures the trustworthiness of transactions on a blockchain.
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• Asia Y-DAug 20, 2021 · 4 years ago
  Hashing is a fundamental aspect of blockchain technology. It ensures the security of transactions by creating a digital fingerprint of each transaction. This fingerprint, known as the hash value, is unique to each transaction and is generated using a cryptographic hash function. The hash value is then added to the blockchain, making it virtually impossible to alter or tamper with the transaction without being detected. This makes blockchain a secure and transparent system for recording transactions, as any attempt to modify the data will result in a different hash value, alerting the network to the tampering attempt.
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