Anatomy and Lifecycle of a Bitcoin Transaction

8 Pages Posted: 12 Jun 2019

See all articles by Karthik Sai RadhaKrishna Puranam

Karthik Sai RadhaKrishna Puranam

Faculty of Science and Technology, ICFAI Foundation for Higher Education, Hyderabad, Telangana, INDIA

Mani Chandra Teja Gaddam

Faculty of Science and Technology, ICFAI Foundation for Higher Education, Hyderabad, Telangana, INDIA

Vara Prasad Rao K

Faculty of Science and Technology, ICFAI Foundation for Higher Education, Hyderabad, Telangana, INDIA

Sandeep Kumar Panda

Faculty of Science and Technology, ICFAI Foundation for Higher Education, Hyderabad, Telangana, INDIA

G Sudhaamsh Mohan Reddy

Faculty of Science and Technology, ICFAI Foundation for Higher Education, Hyderabad, Telangana, INDIA

Date Written: February 18, 2019

Abstract

Blockchain is a trusted, distributed, peer to peer, open, public, techno-cryptographic ledger to manage and transfer the value of digital assets, to provide immutability, anonymity and security. Bitcoin is a decentralized virtual, digital and programmable currency. Wallet is an interface to user in bitcoin network where we can store send and receive funds. This paper follows a novel approach in elaborating the underlying technical concepts of a transaction which comprises of locking and unlocking scripts, verification. Additionally, it also presents the details of block header that incorporates the concepts of difficulty, Merkle tree and proof of work. The paper highlights the mechanism of resolving ambiguity when there is more than one chain is available.

Suggested Citation

Puranam, Karthik Sai RadhaKrishna and Gaddam, Mani Chandra Teja and K, Vara Prasad Rao and Panda, Sandeep Kumar and Reddy, G Sudhaamsh Mohan, Anatomy and Lifecycle of a Bitcoin Transaction (February 18, 2019). Proceedings of International Conference on Sustainable Computing in Science, Technology and Management (SUSCOM), Amity University Rajasthan, Jaipur - India, February 26-28, 2019. Available at SSRN: https://ssrn.com/abstract=3355106 or http://dx.doi.org/10.2139/ssrn.3355106

Karthik Sai RadhaKrishna Puranam (Contact Author)

Faculty of Science and Technology, ICFAI Foundation for Higher Education, Hyderabad, Telangana, INDIA ( email )

India

Mani Chandra Teja Gaddam

Faculty of Science and Technology, ICFAI Foundation for Higher Education, Hyderabad, Telangana, INDIA ( email )

India

Vara Prasad Rao K

Faculty of Science and Technology, ICFAI Foundation for Higher Education, Hyderabad, Telangana, INDIA ( email )

India

Sandeep Kumar Panda

Faculty of Science and Technology, ICFAI Foundation for Higher Education, Hyderabad, Telangana, INDIA ( email )

India

G Sudhaamsh Mohan Reddy

Faculty of Science and Technology, ICFAI Foundation for Higher Education, Hyderabad, Telangana, INDIA ( email )

India

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