What are Blockchain Confirmations?
Blockchain confirmation is a number of occasions that another block or transaction is chronologically positioned after the block of your transaction. Blockchain Confirmations enable users to know that their transactions over blockchain networks have been secured. When a transaction is made on a Blockchain network – for example, when you submit a couple of coins to your friend’s digital wallet address – the transaction must be registered on that blockchain’s encrypted, immutable public ledger.
The digital unchangeable public ledger is a series of digital blocks connected to each other, ordered down to a millisecond in a sequential chain, known as the “Blockchain.” After being put on the blockchain, each transaction must be checked by a mechanism called consensus. Consensus validation is carried out by miners on the network using a proof of work scheme that rewards miners with new coins in return for securing and validating transactions, as long as their new blocks are accepted by other miners on the system through a participant consensus. However, if the transaction is on the last block of the blockchain, it is always subject to rejection and reversal by the network.
The Blockchain Network can check its own background of transactions on its own Blockchain Permanent Public Ledger until reversing the transaction. So indeed, while a true transaction is not reversible, mistakenly occurred transactions can be reversed. If a person is in fear that his true transaction is in risk that it could not reverse, there is a security protocol built into all blockchains. So, this is where Blockchain Confirmation becomes useful.