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Transaction Type

    Transaction type is a classification of blockchain transactions that determines how the transacting parties interact with each other. The three main categories of blockchain technology transactions are assets, smart contracts, and privacy. The “assets” category encompasses all asset transfers and financial transactions, including cryptocurrency transfers between accounts, tokenized transactions, voting transactions, and settling invoices. The “smart contracts” category encompasses transactions involving the exchange of digital assets between parties, token swaps, or agreements, including financial instruments, property rights, and relationship agreements. It can also include tokenized transactions. The “privacy” category encompasses transactions involving data encryption and anonymization, payload data, hashed data, and digital signatures.