Many times you might have transacted money from ATM. That particular transaction results in deduction of some amount from your bank balance and the same amount you might have received from the ATM. This transaction happens at a particular instant of time. This data of amount deduction, the user name or ID and the timestamp together is termed as transaction data. Apart from this, transaction data might also include other important data. In this article we will discuss transactional data in detail.
What is a Transaction Data
Transaction data is a data that includes following information:
- User Information
- Transaction Information
- Other Relevant Information such as Bank information, location information, security information
Transactional Data in Blockchain
In a blockchain, all the transaction records are saved as a transactional Data. Each block of a Blockchain contains thousands of transactional data and it becomes inefficient to store all the data inside each block as a series of data. This will not only decrease the search efficiency of a data but also increase the size of a block. To solve this issue, data inside a block is firstly converted into a hash data and then stored in the form of a Merkle tree.
Transaction Data in Database
In a database, we have multiple types of information. All information cannot be saved together so there was a requirement to separate these data from one another. All the data that do not change for a long time, like name and educational details, were kept together and were named as Master Data. And all the data that gets updated at regular interval of time, like online shopping data gets updated on regular interval for online shopping websites, then it is termed as Transaction or Transactional Data.
Following are the advantages of Transactional Data:
- It helps to create a transaction log
- It helps to maintain correct information of all
- It helps to keep the transaction process simple and stable