Foundations of Blockchain

Signatures in transaction

Digital signatures are used in transactions due to their properties that ensure the integrity of the transaction contents and non-repudiation of any events in the transaction. A transaction embedded into the block will contain a certain action that is being signed by someone who possesses the private key. Owning the private key thus proves the identity of the signer.

The following code shows a simple transaction with transaction id, signature, and public key. The transaction can only be signed by the owner of the corresponding private key of the public key. The transactions of Bitcoin and other blockchain platforms have several fields in the transaction to perform value transfer, while transactions of cryptocurrency ...