Trustless systems are excellent for the reduction of fraudulent practices that’s rife in the traditional financial sector.
Bitcoin’s trustless system is bound to be world changing and will truly disrupt the financial sector as well as change the way the world does business.
1 Like
-
it means that a transaction is final and cannot be reversed. it is immutable because it will always exist among the blockchain. It cannot be altered.
-
this leads to a trustless environment that blockchain creates because no person or entity can reverse any transaction and creates trust to both parties involved in the transaction.
1 Like
No transactions are reversible. Whatever is done is there permanently, and its recorded. I would also add that with fiat currencies transactions are not technically considered final because you paid with a paper certificate and not actual money.
Nothing needs to run through a third party verification to be final, nor could a third party reverse the transaction. No scams could easily be done (though I suppose thousands of malevolent techies could join forces and do something, but the likelihood is soooooo much less than just a company or an individual scamming another person online.)
1 Like
-
Once a transaction is processed it is final or nonrefundable and remains on the chain forever
-
This now allows people to put their trust into the network rather than the person which is more reliable.
1 Like
- Blockchain has transaction finality and it means that once a transaction is done, it cannot be reversed. If it’s done, it’s done.
- Finality leads to the trust less environment created by blockchain because in blockchain nothing once added cannot be changed or removed.
1 Like
-
It is impossible to reverse a transaction. It is there for everyone to see and it is official.
-
It allows strangers to make transactions with each other without fear. There is no stop payment or lack of funds. It is official and documented.
1 Like
- What do we mean when we say that blockchain has transaction finality/immutability?
Answer: means there is no possibility of reversing the transaction. - How does this lead to the trustless environment that blockchain creates?
Answer: It leads to a trustless environment by removing bad actors… people who purposely “change their minds” after receiving the benefits of a transaction.
1 Like
1: there is no inbuilt ‘charge-back’ feature, transactions cannot be reversed and are physically impossible to change
2: The risk of fraud is reduced and the ability to do business or transact with anyone is possible with the quantity of value known at all times
1 Like
- The transaction has finality means that once done it cannot be reversed because it goes into the blockchain to be submitted forever.
- A trustless environment is achievable due to being able to do business with with strangers because of the protocols blockchain follows so that all users are following the rules.
1 Like
- Once transaction has been confirmed you cannot reverse transaction. It’s done!
- It’s the base of a trustless environment. When doing business with strangers you don’t trust the other party.
1 Like
-
Finality is the concept of the irreversibility of the transaction. If that transaction has been made and accepted, it cannot be canceled and it stays on the blockchain forever.
-
Transactions are visible to everyone on the blockchain and they are irreversible. This allows strangers to trust each other because a block has been created and this is immutable!
1 Like
- What do we mean when we say that blockchain has transaction finality/immutability?
Once the transaction has happened its done, no way to get back.
- How does this lead to the trustless environment that blockchain creates?
The transaction is final, it can’t be changed or get it back, you can trust stranger every part can be verified by network, there’s not a 3rd party.
1 Like
- What do we mean when we say that blockchain has transaction finality/immutability?
The transactions are permanent and can’t be deleted. They can’t be altered. - How does this lead to the trustless environment that blockchain creates?
The block can be trusted because it is based on math and protocol. It is verifiable mathematically.
1 Like
- once the transaction happens you cannot reverse the transaction.
- if the Block is made it cannot be changed so then users can trust the transactions.
1 Like
-
Transactions are final and cannot be reversed.
-
By using the Blockchain, its protocols remove the need for trust allowing strangers to conduct business on a verified system.
1 Like
1 - There is no way of reversing the transaction once it is done.
2 - Because there is no way to reverse transactions for the purpose of fraud. Leading to a trustless environment between sender and receiver
1 Like
- What do we mean when we say that blockchain has transaction finality/immutability?
We mean that transactions are permanent and unchangeable once they’re entered into the blockchain.
- How does this lead to the trustless environment that blockchain creates?
When using blockchain, you know that any transaction that occurs will be irreversible. Although not suitable for every situation, it has an excellent use case, such as preventing phony chargebacks for example.
2 Likes
-
What do we mean when we say that blockchain has transaction finality/immutability?
Once a transaction is done it is irreversible. -
How does this lead to the trustless environment that blockchain creates?
By being irreversible, we can be confident that every transaction written in the blockchain has been validated and can be verified.
1 Like
-
Blockchain finality essentially means all transactions are final.
-
When all transactions are final on the block chain we trust the network and the protocol enough that enables a trustless system so that strangers can do business.
1 Like
1- When you say btc has finality/immutability you mean that all transactions have a proof of work since all transactions are verified mathematically.
2- Trust is not needed in the enviroment because the network verifies itself.
1 Like