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What do we mean when we say that blockchain has transaction finality/immutability?
Confirmed. Transaction is on the blockchain and there is no way to reversed. -
How does this lead to the trustless environment that blockchain creates?
Because the transactions cannot be duplicate or reverse it eliminate the worry of both sides.
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Once the transaction goes through, it can never be reversed.
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It allows for people to trust implicitly in the algorithm, and allows for strangers to interact peer to peer.
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- Once the transaction has happened it will be on the blockchain forever which creates finality/ immutability.
2.Transactions can be verified mathematically and cannot reverse a transaction which leads to the trustless enviroment.
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It cannot be changed or reversed. Transactions are final.
All transactions are mathematically verifiable.
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Benefits of Using Blockchain
Q1. What do we mean when we say that blockchain has transaction finality/immutability?
Answer 1. Once transaction has been made its final â impossible to change.
Q2. How does this lead to the trustless environment that blockchain creates?
Answer 2. No trust involved â rely on protocols and mathematical transactions.
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- What do we mean when we say that blockchain has transaction finality/immutability?
Once the transaction is finalized there is nothing you can do. - How does this lead to the trustless environment that blockchain creates?
Transactions are verified and proven by mathematical protocols. Because of this people can now make transactions with each other and they donât have to worry about it being reversed.
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When we say blockchain has transaction finality/immutability it means that once a transaction has happened it is final and cannot be taken back. It will be on the blockchain forever with no way to reverse it.
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This leads to the trustless enviroment that blockchain creates by being able to verify everything through proof of work. Making it impossible for someone to deny a transaction taking place.
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Once the data of happening is written into the block it can not be erased. The transaction can not be cancelled (that brings no charge-back option).
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Every information is confirmed by the network, so the network decides about smth is true or not. No 3rd parties involved in decision making.
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Once it is confirmed, it is done and final
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What do we mean when we say that blockchain has transaction finality/immutability?
Once a transaction on blockchain has happened it has happened. There is no way to cancel or get it back. No way to scam or get a charge back like in normal internet transactions. -
How does this lead to the trustless environment that blockchain creates?
Leads to trustlessness because there is no way to reverse the transaction. Transactions are added to blockchain forever. All transactions are public forever and anyone can see it. The trust in in the network and mathematics and not a centralized organization or a person.
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What do we mean when we say that blockchain has transaction finality/immutability?
Once a transaction has happened it is immutable (cannot be reversed, duplicated nor manipulated)
- How does this lead to the trustless environment that blockchain creates?
The Blockchain protocol is not opinion based nor reliant on emotion. Once a transaction has taken place, miners use their own computing power to verify/consensus and add it to the Blockchain.
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The transaction cannot be reversed in any way.
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The blockchain cannot be manipulated or reversed because it doesnât have a central authority who would deicide those things.
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- No transaction can be rescinded or changed.
- The networks finality insures mathematical accuracy and prevents scamming.
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What do we mean when we say that blockchain has transaction finality/immutability?
Finality and immutability means that a transaction can not be reversed
How does this lead to the trustless environment that blockchain creates?
In the world of business this would allow two strangers to send/recieve money with a guarantee that it was theirs - preventing things like fraudulent chargebacks via the banks/central governance
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Finality means that once a transaction is done on the blockchain it cannot be reversed or changed so there is no longer need for trust. You trust the network that the transaction is genuine.
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Complete strangers can trust each other because they rely on the mathematics behind and not on the unknown person they are interacting with.
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What do we mean when we say that blockchain has transaction finality/immutability?
It is set in digital stone. Cannot be altered and manipulated. -
How does this lead to the trustless environment that blockchain creates?
Trust the the network will verify based on math and protocols in place. Dont trust; verify!
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- What do we mean when we say that blockchain has transaction finality/immutability?
Because it is physically impossible to reverse a transaction. Once someone is sent cryptocurrency, it is theirs. The transaction will forever exist on the blockchain.
- How does this lead to the trustless environment that blockchain creates?
They say it is trustless because it is final and there is no way to reverse a transaction and get money back by using a chargeback. Merchants donât have to trust people for this reason. Personally I have a hard time agreeing with this because this aspect simply shifts the trust back to the customer. For example, chargebacks were started because in the past merchants were scamming people by getting the money and not delivering the merchandise. Then over time it started being customers that were scamming merchants by starting a chargeback for merchandise they actually received. However, what I am seeing now is an increasing number of merchants wanting Bitcoin for payment because they do plan on scamming the customer! An excellent example is a business in Canada I tried to buy from. They actually had good reviews at one time and took either credit cards or offered a 30% discount if someone paid with Bitcoin. I decided to pay the extra 30% and pay by credit card. Merchandise didnât arrive. I emailed the business multiple times and got no answer. Then I checked the reviews again. Apparently because they could no longer get one item they were selling, they decided to scam instead of going out of business. When I checked reviews again, all the more current reviews were bad and saying they never delivered and ignored any questions sent asking why. Fortunately I was able to start a chargeback. People who paid with Bitcoin could not and were scammed unless they went to Canada, found them, and then sued. So I would call this more of a trust shift that trustless. In my opinion, the more accurate trustless aspect of blockchain is on applications such as supply chain management where someone can use the blockchain to verify they are being told the truth rather than trusting the supplier to tell them the truth.
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What do we mean when we say that blockchain has transaction finality/immutability?
It means that once the transaction has been completed, it cannot be changed or removed. -
How does this lead to the trustless environment that blockchain creates?
We know that once a transaction has been completed it cannot be undone or changed by any side, so it is possible to deal with stranges without the need for a third party.
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- Finality on blockchain means if transaction happens there is no way to get it back, it is on blockchain forever with no way to reverse it.
- You don´t need to trust person, organisation, because you believe or trust in system, math. You can make business with strangers you don´t knowâŚ
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- No point of return once the transaction occurs and it is going to remain in blockchain and cannot be reversed.
- You trust the math and protocol rather than a person.
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