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what we mean by transaction finality/immutability is that once a transaction is confirmed by the network it can not be negated or “charged back” to the customer or vendor. this is verifiably proven through math, physics and mining.
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it allows a trustless environment because of its finality. we can rely on the network instead if trusting a stranger or vendor. once a transaction is made… its final! no need to save it in your bank until you think its cleared, no need to trust a middle man and have them take a cut. (cough, cough, couBANK)
Once a transaction is complete it cannot be altered. it will always remain a part of the record. since all can see all transactions all parties can trust in the data. no one can cheat.
- What do we mean when we say that blockchain has transaction finality/immutability?
Transaction finality/immutability means that once a transaction has been performed and therefore put on the blockchain, there is no way to reverse that transaction – irrespective of whether the transaction was deliberate or not.
- How does this lead to the trustless environment that blockchain creates?
This leads to the trustless environment in the blockchain because there is no third party to go through in order to achieve a successful transaction. The transaction will not be party to any scrutinization from any third party as to whether it should be valid or not.
- Once a transaction is made and accepted by the network, it can not be reversed, so it is final!
- It is supposed to help making business between two strangers, but then the other problem comes, how is the buyer sure that the supplier is going to deliver? This type of final transactions are in benefit of the seller and are limiting the options of the buyer, which in many cases leads to a poor customer service. I hope I can learn more about it in this course and how to implement it so it’s beneficial for both sides.
Transaction is like a word, flies out/done/said… You cant undo/unsayeverybody know the timechane cant be cheated!
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- It is impossible to change a transaction ones recorded on the blockchain( by consensus of the network). The information of the transaction is recorded on the public ledger for ever.
- Information is final, you can trust it won’t change. A counter party can’t cancel a transaction. In a global environment where it might not be possible to enforce a contract between economic agents because of different laws in different countries, a final and immutable recording of the transactions is necessary. sellers can be sure they will receive the value they are owed, buyers also have advantages. They can verify the level of trustworthiness of the seller using the blockchain (provenance, transaction history, perhaps user reviews recorded on chain )
- You can not reversed TX. It is final!
- It is trustless because you can do biz with strangers and no need to place trust into equation.
**1. What do we mean when we say that blockchain has transaction finality/immutability?**
Blockchain networks finalizes your transactions with trust and securely. No middle men or third parties involved during your transactions or exchange of goods through the network.
**2. How does this lead to the trustless environment that blockchain creates?**
You have different parties or individuals trusting the network for their transactions. When a transaction has been made, no one can reverse it or cancel it.
- Once you send bitcoin to someone the transaction can’t be cancelled. Charge back is not working such is the case with bank transactions.
- Everyone doing transactions trust the algorithm.
1. What do we mean when we say that blockchain has transaction finality/immutability?
Once a transaction has been made, no one and nobody can change it nor reverse it, the data inserted will stay and be the same forever.
2. How does this lead to the trustless environment that blockchain creates?
Thanks to the immutability of blockchain and the ability to verify the transaction over the network.
Once a transaction is made, can not be canceled, also the receiver can verify if that transaction is already added to his data structure.
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Blockchain is like a forward only street. it doesn’t accept traffic the wrong way, where traffic is someone wanting a refund (or some other form of the initial value being returned).
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If someone tries to hack a part of the block chain, all other parts of the node will reject it. Because every node has this ability, no third party or separate branch is needed to check it. Not needing this third party (Who needs to be trusted) leads to our system being defined as trust-less.
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What do we mean when we say that blockchain has transaction finality/immutability?
It means that once the transaction has happened, it will be on the blockchain forever & cannot be altered. -
How does this lead to the trustless environment that blockchain creates?
By being able to verify everything on the network, it makes it easier for total strangers to do business together, as it removes a lot of trust, hence the trustless environment.
- What do we mean when we say that blockchain has transaction finality/immutability?
It means that when an transaction is done it cant be undone or changed. It is final in the blockchain - How does this lead to the trustless environment that blockchain creates?
You dont need to trust anybody, you can verify that the tx is done and is final.
- What do we mean when we say that blockchain has transaction finality/immutability?
Once a transaction is done, it can never be rolled back. - How does this lead to the trustless environment that blockchain creates?
It is not a trustless environment. Here we are trusting the math and protocol. We are not trusting a company or human being per se.
- When a transaction is committed to the blockchain, it is permanent and it cannot be reversed. This makes the transaction final and immutable.
- Since transactions are permanent, it does not matter who is participating in the transaction.
- What do we mean when we say that blockchain has transaction finality/immutability?
That transactions are final and cannot be reversed later. Each transaction can be mathematically proven.
- How does this lead to the trustless environment that blockchain creates?
It means that you don’t have to trust someone you don’t know (to wire you money etc.) and then cancel the transaction. As soon as the transaction is verified on the network, it becomes immutable as a part of a whole blockchain.
1.It means that transaction is final and can’t be reversed.
2. Finality of a purchase via unreversed transaction significantly reduces the set of opprtunities to scam from the retailer’s perspective. Yet it’s not a bullet proof solution if the retailer is a fraudulent agent.
- Once transaction is completed there is no way back. It cant be cancelled or deleted.
- There is no way to tamper with transactions which creates environment of trustlessness and verification.
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What do we mean when we say that blockchain has transaction finality/immutability?
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How does this lead to the trustless environment that blockchain creates?
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When we say the blockchain has transaction finality/immutability we mean that a transcation cannot be changed, reversed or altered once its confirmed its permanent.
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It leads to a trustless environment since it is a open ledger that cannot be duplicated or changed so it minimize the amount of trust required.
- What do we mean when we say that blockchain has transaction finality/immutability?
It cannot be altered or changed in a backward manner. Once something is on the chain it is there forever. - How does this lead to the trustless environment that blockchain creates?
It is verified through the hashing power, mathematically, and since transactions cannot be erased or altered, this leads to a system of trustless use case.