What Is A Transaction ID?

A transaction ID (TXID) or transaction hash is a unique identifier assigned to each transaction on the blockchain. It is a distinct string of characters that undergoes verification before being added to the blockchain.

Upon addition to the blockchain, a transaction receives a unique ID generated by applying a hash function to essential transaction details, such as the sender’s address, receiver’s address, and the cryptocurrency amount involved.

To locate the transaction on a block explorer, depending on the blockchain used, one can search for the transaction ID. Various block explorers are available, each offering different features and services. Transaction IDs play a crucial role in transaction verification, record-keeping, and troubleshooting.

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