BlockA block is a specific type of construct in a blockchain that stores transactional information blocks typically contain transaction information... Read More confirmation is a process for verifying and committing a block of transactions to the blockchainAs a distributed ledger technology (DLT), a blockchain is a digital ledger that can create an immutable record of transactions.... 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, cryptocurrencyCryptocurrency is decentralized digital currency secured by cryptography. Cryptocurrency utilizes cryptographic protocols to record ownership and prevent counterfeits (when ownership... Read More 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).
