Block confirmationWhen a new block of information has been verified for addition onto the blockchain, it has one confirmation. Each additional... Read More is a process for verifying and committing a blockGroups of data within a blockchain. On cryptocurrency blockchains, blocks are made up of transaction records as users buy or sell... Read More of transactions to the blockchainA blockchain is a distributed database that is shared among the nodes of a computer network. Read More. Block confirmation occurs when a new block of information is added to the blockchain. Each subsequent block added to the blockchain adds another confirmation to the referenced block. Confirmations measures difficulty in reversing a transactionA transaction is a record of an event that occurred in the past. Transactions typically occur during the course of... Read More (through malicious means) −transactions with multiple confirmations have a higher degree of difficulty than transactions with a single confirmation. For example, cryptocurrencyA digital currency in which transactions are verified and records maintained by a decentralized system using cryptography, rather than by... exchanges utilize block confirmation to determine when a transaction is final and protect against bad actors who aim to reverse transactions after depositing (commonly referred to as double spendingDouble spending is a fraud technique that involves using the same digital currency to make two or more separate purchases.... Read More).
