Methods and systems for compressing transaction identifiers

Compressing transaction identifiers by a mining node in a blockchain network by receiving transaction data regarding a blockchain transaction 300 having a transaction identifier 302. The transaction identifier is appended to a global transaction identifier list at a position associated with an index and a fixed-length prefix value 306 is generated from the transaction identifier using a function, wherein the function has an equiprobable distribution of results across a range of fixed-length prefix values. A memory location associated with the fixed-length prefix value is identified and the index is stored in a data structure at the memory location. The transaction identifier is truncated to a shortened transaction identifier 308; and the fixed-length prefix value concatenated with the shorted transaction identifier is outputted as a compressed transaction identifier 304. Also included is the resolving of a compressed transaction identifier in a blockchain network.