would need to modify existing data that is immutable.
And that would do your planned ALTER command, your risk loosing data and this in a ledger table; worst case ever.
datatype DECIMAL(38,4), I want to alter that column and change the datatype to DECIMAL(38,8)
38 is the total sice for the data type, and 4/8 a the size for decimals.
Or in other words, you are going to change 34-4 to 30-8
If you want to change the data type, add an additional columns in planned size, copy over the data and validate everything on data loss; then you can rename the columns.