diff --git a/bigchaindb/common/schema/transaction.yaml b/bigchaindb/common/schema/transaction.yaml
index e856271d..86e5947b 100644
--- a/bigchaindb/common/schema/transaction.yaml
+++ b/bigchaindb/common/schema/transaction.yaml
@@ -55,9 +55,8 @@ properties:
 
       See: `Metadata`_.
   version:
-    type: integer
-    minimum: 1
-    maximum: 1
+    type: string
+    pattern: "^0\\."
     description: |
         BigchainDB transaction schema version.
 definitions:
diff --git a/bigchaindb/common/transaction.py b/bigchaindb/common/transaction.py
index 2837cc63..f2180f0b 100644
--- a/bigchaindb/common/transaction.py
+++ b/bigchaindb/common/transaction.py
@@ -10,6 +10,7 @@ from bigchaindb.common.exceptions import (KeypairMismatchException,
                                           InvalidHash, InvalidSignature,
                                           AmountError, AssetIdMismatch)
 from bigchaindb.common.utils import serialize, gen_timestamp
+import bigchaindb.version
 
 
 class Input(object):
@@ -409,7 +410,7 @@ class Transaction(object):
     TRANSFER = 'TRANSFER'
     GENESIS = 'GENESIS'
     ALLOWED_OPERATIONS = (CREATE, TRANSFER, GENESIS)
-    VERSION = 1
+    VERSION = bigchaindb.version.__version__
 
     def __init__(self, operation, asset, inputs=None, outputs=None,
                  metadata=None, version=None):
diff --git a/tests/common/test_transaction.py b/tests/common/test_transaction.py
index 038d82df..6bf1b44e 100644
--- a/tests/common/test_transaction.py
+++ b/tests/common/test_transaction.py
@@ -675,7 +675,7 @@ def test_create_create_transaction_single_io(user_output, user_pub, data):
             }
         ],
         'operation': 'CREATE',
-        'version': 1,
+        'version': Transaction.VERSION,
     }
 
     tx = Transaction.create([user_pub], [([user_pub], 1)], metadata=data,
@@ -713,7 +713,7 @@ def test_create_create_transaction_multiple_io(user_output, user2_output, user_p
         },
         'inputs': [input],
         'operation': 'CREATE',
-        'version': 1
+        'version': Transaction.VERSION
     }
     tx = Transaction.create([user_pub, user2_pub],
                             [([user_pub], 1), ([user2_pub], 1)],
@@ -760,7 +760,7 @@ def test_create_create_transaction_threshold(user_pub, user2_pub, user3_pub,
             },
         ],
         'operation': 'CREATE',
-        'version': 1
+        'version': Transaction.VERSION
     }
     tx = Transaction.create([user_pub], [([user_pub, user2_pub], 1)],
                             metadata=data, asset=data)
@@ -845,7 +845,7 @@ def test_create_transfer_transaction_single_io(tx, user_pub, user2_pub,
             }
         ],
         'operation': 'TRANSFER',
-        'version': 1
+        'version': Transaction.VERSION
     }
     inputs = tx.to_inputs([0])
     transfer_tx = Transaction.transfer(inputs, [([user2_pub], 1)],
@@ -903,7 +903,7 @@ def test_create_transfer_transaction_multiple_io(user_pub, user_priv,
             }
         ],
         'operation': 'TRANSFER',
-        'version': 1
+        'version': Transaction.VERSION
     }
 
     transfer_tx = Transaction.transfer(tx.to_inputs(),
@@ -957,8 +957,23 @@ def test_cant_add_empty_output():
 
 
 def test_cant_add_empty_input():
+    import bigchaindb.version
     from bigchaindb.common.transaction import Transaction
     tx = Transaction(Transaction.CREATE, None)
 
     with raises(TypeError):
         tx.add_input(None)
+
+
+def test_validate_version(utx):
+    import bigchaindb.version
+    from .utils import validate_transaction_model
+    from bigchaindb.common.exceptions import SchemaValidationError
+
+    assert utx.version == bigchaindb.version.__version__
+
+    validate_transaction_model(utx)
+
+    utx.version = '1.0.0'
+    with raises(SchemaValidationError):
+        validate_transaction_model(utx)