- Once a block is hashed, it will be appended to the chain, and cannot be modified.
- Since the previous transactions on the chain can’t be modified, and they have been verified by many independent nodes, they can be trusted to have occured.
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- It means that once a transaction is sent it is final and cannot be changed or reversed.
- because it can be verified publicly and they can’t reverse it.
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It simply mean that you can’t revert a transaction after it was validated.
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It only mean that once a transaction is done it can’t be change this removes trust and remove all the scammers or frauds in the network.
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Finality/immutability in blockchains transactions is the fact that there are no refunds/reversals/charge backs in blockchain. The blockchain is a ledger that starts from the creation of the chain and contains blocks for every single transaction from origin to the present. Thus, there are no refunds because it is impossible to break off the most recent block and go back in time on the ledger. Once an owner deals away their cryptocurrency, the blockchain permanently imprints ownership on to the next owner. This continuity, this inability to change is literally the definition of immutability.
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The reality of finality and immutability gives blockchain a huge advantage in creating trustless environments. When both parties in a transaction know that the deal is final, it modifies their behavior. There is no hope for a reversal so the parties entering the transaction are genuinely interested in consummating the deal. In the example of retail transactions, this is great for businesses who are often victimized by fake customers who ask for fraudulent chargebacks. In this scenario, someone can essentially steal merchandise by obtaining a credit card reversal after receiving goods. Blockchain transactions have no chargebacks due to finality; thus, retail transactions/ecommerce are one of the many use cases where blockchain could improve upon the world’s current system.
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What do we mean when we say that blockchain has transaction finality/immutability?
Once tx is confirmed it cannot be changed it stays in the block forever. -
How does this lead to the trustless environment that blockchain creates?
The fact it’s been verified in the process of mining the blocks
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- What do we mean when we say that blockchain has transaction finality/immutability?
- All the transactions processed in the blockchain cannot be reversed and all transactions are permanent, once the data is stored, it cannot be removed or altered.
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- How does this lead to the trustless environment that blockchain creates?
- Transactions are processed automatically by algorithms and cannot be altered by any third parties thus it creates a trustless environment in where the math dictates the system.
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- What do we mean when we say that blockchain has transaction finality/immutability?
Because once a transaction has happen it happens ,there is no way to get it back , because its already in the blockchain ! - How does this lead to the trustless environment that blockchain creates?
This leads to a trustless environment because all users know that transactions cannot be reversed. Supply is based on mining and Consensus algorithm.
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The transaction is registered forever on the blockchain and cannot be reversed, even if is done by mistake.
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It’s objective math and protocol guarantees trust in the global network. So strangers can do business based on the blockchain
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- It means that when a transaction was finalized it cannot be changed, altered or removed.
- It leads to a trustless environment because the transactions are irreversible, no one can contest a transaction.
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Each blockchain transaction is final. It can not be manipulated nor can it be reversed. The data remains on the global network.
The benefits of this functionality is that trust is no longer an issue. Companies and customers are not at risk of losing money or being scammed. One particular example that comes to mind is when I worked for a salary sacrifice organisation. This is where a hospital payroll would send tax free dollars to my company which is then distributed to our customers. However, our company distributed funds based on a remittance, a promise to pay. Some companies we worked with were shonky non for profit organisations that never paid up and our company paid their employees with our money. Money takes so long to be transferred and migrated into our systems hence remittances were allowed.
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Homework on Finality - Questions
- What do we mean when we say that blockchain has transaction finality/immutability?
Once a transaction has taken place there is no way to reverse it.
- How does this lead to the trust-less environment that blockchain creates?
It is irreversible, therefore you can do business with strangers without trusting each other because you both trust in the network and all transactions are final.
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1 It is not reversible it’s on the digital stone, can be done, but not deleted!
2 The blockchain is the trust: it’s on a public net, and the infrastructure of this math protocol it’s irreversible.
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Once a transaction is verified in the nodes of the network and consensus is reached, this will be written in the digital stone, ledger, and there will be no way this could be undone. Information can be exchanged and be put on another digital stone, block, but its trace will remain in the chain from the origin till present time.
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As this is irreversible and written in the blocks, blockchain gives you the tool to verify the information you are in possession from its inception till it gets to you, as the information has never been reverted.
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1. What do we mean when we say that blockchain has transaction finality/ immutability?
Once a transaction has happened, it cannot be reversed.
2. How does this lead to the trustless environment that blockchain creates?
I can do business with everyone (strangers) because I don’t have to trust him/her.
He/she doesn’t have to trust me.
We only trust the network.
In this case, if I have to pay a stranger, sending him BTC, after consensus, I cannot get it back.
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- When we say Blockchain has transaction finality/immutablity it means the links/blocks that make up the transactions can not be changed, removed, or replaced as more nodes verify the transaction which rely on mathematical/computational protocols.
- This blockchain process leads to a trustees environment by allowing strangers to make transactions that can not be removed, reversed, or changed while still providing security and transparency.
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1- it means that when something included the blockchain through consensus it can never be changed ( in order to change something that happened in the past you have to access all the parties that have saved the ledger and change all of them. it is theoretically possible it is practically impossible)
2- we all know a guy that had said something in the past and behaved against that. this breaks trust. but when something is immutable we are sure they can never change their mind and act against what they have said.
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- What do we mean when we say that blockchain has transaction finality/immutability?
Once a transaction is completed and on the blockchain, it cannot be reversed.
- How does this lead to the trustless environment that blockchain creates?
You can do business globally with complete strangers, as all parties can trust the protocol and the maths of blockchain, safe in the knowledge that when the transaction is completed, it cannot be reversed. A chargeback cannot by implemented like they can with a bank transaction or credit card payment.
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- What do we mean when we say that blockchain has transaction finality/immutability?
cannot be reversed/modified. once a transaction is completed - How does this lead to the trustless environment that blockchain creates?
when the transaction is complete it is recorded in the public ledger
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- What do we mean when we say that blockchain has transaction finality/immutability? It means that it cannot be changed, it’s irreversible.
- How does this lead to the trustless environment that blockchain creates? We don’t have to worry about customers (strangers) trying to reverse the transaction after the product or service has been delivered.
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What do we mean when we say that blockchain has transaction finality/immutability?
This means that a transaction within the blockchain system is final; it can't be changed or altered in any way, shape or form. Therefore it is secure.
How does this lead to the trustless environment that blockchain creates?
It means that transactions can be done with strangers without questioning if your money will arrive safely, and that once the transaction has taken place, it can't be voided.
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