Confirmation time refers to the amount of time it takes for a transaction to be verified and added to the blockchain. Confirmation time in blockchain is measured as the duration between the submission/initiation of a transaction to the network and its final inclusion in a confirmed block. It is essential for ensuring the integrity and security of transactions in cryptocurrency. Confirmation time is not to be confused with block time, which is the time it takes to process a block in a cryptocurrency blockchain.
A crucial concept in decentralised systems like blockchain, which rely on a network of nodes to validate and record transactions, confirmation time helps to provide confidence that users’ transactions are irreversible and resistant to tampering. Each block added to the chain increases the level of security and trust in the transaction, as the probability of a transaction being reversed or altered decreases with each additional block.
