Blockchain reference

Luc asked 2 years ago

As I understand: a block is always referencing another previois block so  blockchain nodes can for example check the amount on a payers account. Suppose a popular fashion retailer that is accepting payments in bitcoins and of which their products are always priced less than 1 bitcoin, wants to pay the bill to their logistics service provider. This retailer has no other means of income. That lsp bill has always a price of multiple bitcoins. To which (income) block is the lsp payment block refering?

Ofir Beigel replied 2 years ago

The question is unclear to me:
1. Why does it matter that products are always priced less than 1 Bitcoin
2. What is an ISP and how does it relate to the question


1 Answers
Luc answered 2 years ago

I believe I misunderstood the reference field to the previous block. I bought that the reference field was used to determine the latest transacaction to be able to determine the credibility of the payer. E.g. did the payer receive enough bitcoins to pay the bill of the logistic service provider (lsp). An receipt of a payment of a piece of clothing would apparently not be enough to pay the bill of the lsp.
I understand now that I misunderstood the purpose of the reference field. I understand now that It’s only meant for transaction ordering/sequencing purposes. In fact my question is obsolete with this understanding. My apologies.  

Bitcoin Video Crash Course 

Dummy-proof explainer videos enjoyed by over 100,000 students. One email a day for 7 days, short and educational, guaranteed.

We hate spam as much as you do. You can unsubscribe with one click.