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The statement that "blockchain transactions are irreversible in that, once they are recorded, the data in any given block cannot be altered retroactively without altering all subsequent blocks" is misleading. Blockchain records can be altered, typically through consensus achieved by the network via a consensus mechanism. I recommend revising the statement to clarify that blockchains, in conjunction with their consensus mechanism or decentralized network, prevent illegitimate alterations to past data, thereby preventing malicious activity, such as double spending, transaction reversal, fraudulent blocks, transaction censorship, and counterfeiting digital assets. HistorianAtNight (talk) 22:07, 10 December 2024 (UTC)[reply]
A blockchain is the collective blockchain that the network agrees to. Generally speaking, if a blockchain's network chooses to alter past transaction data it can do so through its consensus mechanism. For a PoS, this just requires a certain amount of nodes agreeing to a new version of the blockchain. This can be done for legitimate or malicious purposes called a 51% attack. For an example, if an entity controls more than half of the nodes in the network, it can rewrite blockchain data by getting the majority of nodes to adopt the altered version, and updating the network's blockchain. Any version of the blockchain that does not conform to the new version will be ignored. It can be done on PoW consensus mechanisms as well, but through mining power.
Consequently, blockchain transactions are resistant to alteration because, once recorded, the data in any given block cannot be changed retroactively without altering all subsequent blocks and obtaining network consensus to accept these changes. This protects blockchains against nefarious activities such as creating assets "out of thin air", double-spending, counterfeiting, fraud, and theft. HistorianAtNight (talk) 00:26, 20 December 2024 (UTC)[reply]
level-5 vital article is rated B-class on Wikipedia's content assessment scale.
This article was the subject of a Wiki Education Foundation-supported course assignment, between 5 September 2024 and 13 December 2024. Further details are available on the course page. Student editor(s): Mak9991 (article contribs).
