Transactions in a Corda network are never transmitted globally but in a semi-private network.
They are shared only between a subset of participants who are related to the transaction.
From Initiation to Immutable Confirmation (Part 2)
This is in contrast to traditional blockchain solutions like Ethereum and Bitcoin, where all transactions are broadcasted to the entire network globally.
Transactions are digitally signed and either consume state(s) or create new state(s).
Transactions on a Corda network are composed of the following elements: Input references: This is a reference to the states the transaction is going to consume and use as an input.
Output states: These are new states created by the transaction.
ZIP files can contain code and other relevant documentation related to the transaction.
Files themselves are not made part of the transaction, instead, they are transferred and stored separately.
Why This Matters for Blockchain Technology
Commands: A command represents the information about the intended operation of the transaction as a parameter to the contract.
Each command has a list of public keys, which represents all parties that are required to sign a transaction.
Signatures: This represents the signature required by the transaction.
The total number of signatures required is directly proportional to the number of public keys for commands.
Key Points to Remember
- Transactions Transactions in a Corda network are never transmitted globally but in a semi-private network.
- They are shared only between a subset of participants who are related to the transaction.
- This is in contrast to traditional blockchain solutions like Ethereum and Bitcoin, where all transactions are broadcasted to the entire network globally.
- Transactions are digitally signed and either consume state(s) or create new state(s).
Going Deeper: Advanced Concepts
Type: There are two types of transactions namely, normal or notary changing.
Notary changing transactions are used for reassigning a notary for a state.
Timestamp: This field represents a bracket of time during which the transaction has taken place.
Also, it is expected that if strict timings are required, which is desirable in many financial services scenarios, notaries should be synced with an atomic clock.
Conclusion
Transactions represents one of the many innovative layers that make blockchain technology so powerful and transformative. As distributed systems continue to evolve, a solid understanding of these core concepts becomes increasingly valuable — not just for developers, but for anyone building, investing in, or working alongside blockchain-powered systems.
Whether you are just starting your blockchain journey or deepening existing expertise, mastering these fundamentals gives you the tools to think clearly about decentralized systems and make smarter decisions in this rapidly evolving space.