What is the blockchain ID?

The blockchain technology has revolutionized the way transactions are processed and recorded. One of the key aspects of this technology is the unique transaction ID generated for every transaction.

This transaction ID serves as a reference point for users to retrieve crucial information related to their transactions. By utilizing this ID, users can gain insights into various aspects of their transactions.

For instance, one can use the transaction ID to find out the sending or receiving address involved in the transaction. This feature is particularly useful for ensuring that funds have been sent to the correct address.

Furthermore, the transaction ID also provides information on the number of confirmations the transaction has received. Confirmations are an essential aspect of blockchain transactions as they ensure that the transaction is secure and irreversible.

Another valuable piece of information that can be retrieved using the transaction ID is the timestamp of the transaction. This allows users to know exactly when the funds were sent, providing them with a clear understanding of the transaction's timeline.