The approximate time required by a Blockchain based system to produce a new block is often termed block time. Factors such as transactions per second (TPS) plays a crucial role in determining the block time for any given Blockchain.
The completed block appears on the ledger as a verified copy for the transactional data while paying its way for a new block to sit on top, extending the chain. Increasing the size of the block significantly lowers the block time.
Although some propose it is ideal to keep a higher block time, as it provides adequate time to the systems connected in the decentralized platform to update for the new block.