Blockchain Blocks: A Set of Records

Blockchain

The type of records or data stored inside of a block depends on the type of blockchain.

Bitcoin, for example, is referred to as a transactional blockchain, meaning that it stores transactional data such as the sender, the recipient, and the amount of coins to be transacted within a block.

And as of June 2019, the average Bitcoin block size was around 1.2 megabytes. And with the average bitcoin transaction size being roughly 570 bytes, Bitcoin stores around 2,100 organised transactions per block, give or take.

And although transaction-focused blockchains are common, blockchain technology is not limited to facilitating transactional data, in fact, we’re seeing it being used more and more to transform and revolutionise businesses across all industry sectors, storing anything from patient records for the health sector to smart contracts for industries such as Insurance.

We’ll look at smart contracts in more detail, in an upcoming article.

Source: Simply explained, Savjee

In partnership with TFBC

Take the full course, for free!

Recognised and co-certified by both the British CPD Service and the Dubai Blockchain Center, our new Fundamentals of Blockchain course is the perfect choice for anyone looking to learn more about this disuptive new approach to systems development.

Start learning