Log in Create a free account
web3glossaryblockchain confirmation
Blockchain Confirmation

Summary

A blockchain confirmation refers to the process of verifying a transaction and adding it to the blockchain, ensuring that the information is immutable and secure.

Detailed Description

When a transaction is initiated on a blockchain, it is first validated by network participants (nodes) through a consensus mechanism. Once the transaction is validated and included in a block, the block is then added to the blockchain. Each new block that is added after it serves as a confirmation of the previous blocks. For a transaction to be considered fully confirmed, it is typically recommended to wait for a certain number of subsequent blocks to be added after the block containing the transaction; this increases the security and immutability of the transaction.

Category
Blockchain
Synonyms
Block Confirmation
Transaction Confirmation
Transaction Validation

Impact Details

3 impact insights hidden

Yirifi's stakeholder, regulatory-compliance, and risk-impact analysis for this term.

Create a free accountLog in

Cryptocurrency Transactions

Users send and receive cryptocurrencies, waiting for confirmations to ensure the transactions are secure.

Industries:

Finance
Retail

Platforms:

Bitcoin
Ethereum
Smart Contracts Execution

Smart contracts often require confirmations to execute actions based on conditions of previous transactions.

Industries:

Real Estate
Gaming

Platforms:

Ethereum
Binance Smart Chain
Cross-Border Payments

Businesses utilize blockchain confirmations to ensure the integrity and security of international payments.

Industries:

Banking
E-commerce

Platforms:

Ripple
Stellar

Top Metrics

Yirifi's top metrics for this term.

Create a free accountLog in

FAQs

4 FAQs hidden

Yirifi's FAQs for this term.

Create a free accountLog in