What is a Confirmation time in Blockchain ?

Today we’re going to discuss what is a confirmation time in Blockchain. 

Confirmation time is defined as the time between the moment a blockchain transaction is submitted to the network and the time it is finally recorded in a confirmed block. In other words, it represents the total time the user has to wait until their transaction is collected and confirmed by the miner node.

Depending on the type of blockchain and network architecture, this time can be reduced by offering higher transaction fees, so miners will be incentivized to give your transaction a higher priority.

Confirmation time can be used as a metric to measure the average speed of a blockchain network. However, the actual time between submission and confirmation may vary due to individual factors and fluctuating demand, so it is more reasonable to calculate its efficiency and speed using the average confirmation time according to the current state of the blockchain. blocks

After a miner includes a transaction in a block, the block needs to be validated by other nodes in the network. When a block is confirmed to be valid, the transaction is considered a single confirmation, meaning that each new block that is mined on top of it will represent another confirmation.

The most recent blocks in the blockchain are not considered completely secure, so it is recommended to wait for additional block confirmations before considering a transaction successful and irreversible. This is especially true for parties that receive cryptocurrency payments, such as merchants and online service providers.

The actual number of confirmations before a transaction is considered final varies and is directly dependent on the computational power (hash rate) dedicated to securing each blockchain network. For example, Bitcoin users generally consider at least 6 block confirmations to be extremely secure, but other chains with less power behind them will require significantly more than that.