Block space refers to the capacity available within a block of a blockchain to store transactions. Each block in a blockchain can hold a limited amount of data, which is determined by factors such as block size and block time.

The total number of transactions that can fit into a block is dependent on the size of each transaction. As demand for transaction processing increases, the value of block space can also rise. This can lead to higher transaction fees, especially during peak times when many users are trying to record their transactions.

Users may pay higher fees to prioritize their transactions, which creates a competitive environment for accessing block space. Block space is crucial for scalability and efficiency in a blockchain network.

By managing how much information can be stored in a single block, networks can ensure speed and reliability in processing transactions, allowing users to rely on quick and secure confirmations for their activities.