What does the term "immutability" in blockchain signify?

The term "immutability" in the context of blockchain signifies that once transactions are recorded on the blockchain, they cannot be altered or deleted. This characteristic is fundamental to the trustworthiness and security of blockchain technology. The decentralized structure of blockchain ensures that each block of transactions is linked to the previous block through cryptographic hashing. This means that if any details of a transaction were to be changed, it would require altering all subsequent blocks, which is practically impossible due to the consensus mechanisms and the distributed nature of the network.

This immutability fosters a high level of confidence among users since they can be assured that once a transaction is validated and entered into the blockchain, it will stand as a permanent record. It prevents fraud and enhances reliability, making blockchain a strong candidate for applications requiring transparent and traceable transaction histories, such as in finance, supply chain management, and traceable records.

The other options do not accurately capture the essence of immutability. For instance, the idea of changing transaction details with consensus implies that alterations can be made, which contradicts the concept of permanence. Similarly, while data integrity checks are crucial in maintaining the accuracy of the information recorded, they do not directly define immutability. Lastly, on-chain modifications suggest that