It means that once a transaction is initialized and verified it cannot be reversed. It’s there forever.
The transaction is recorded on the blockchain therefore a part of the blockchain making it verifiable and immutable, trust is not required by anybody that it happened.
1- transactions that’ve been made can’t be changed or reversed,
2- alle transactions made can be verified by evryone, it’s like an open ledger, because of mining and pow.
It means that transaction can never be changed, reversed or deleted.
In a retail transaction for example: the merchant can rely on the fact that the consumer will not be able to dispute a transaction.
[Answer 1]: It means that all transactions on blockchain are final. There is nothing held pending clearance or in suspense. The transaction gets added to the block or the ledger with no delay. This makes the blocks in blockchain network immutable. For example, if a payment has made by a customer, the record of the payment will get added to the block and will exist forever. The record will not only certify that the payment was made, but it will also finalize that the payment was received.
When finality is achieved with absolutely not involving any clearance agency, the payment is not only made but it is also actually received by the intended recipient. This leads to the users of blockchain to trust the network/system than trusting the person, and it enables doing business even with complete strangers.
Transactions made on the blockchain are irreversible and cannot be undone
Strangers are able to do transactions with one another without trust.
What’s done is done, there is no going back. Blockchain transactions only move forward, as does time.
One cannot say that something did not happen as there is mathematical and physical proof that something did occur on the blockchain network.
What do we mean when we say that blockchain has transaction finality/immutability?
Transaction finality/immutability means that once a transaction has happened, it’s final. There is no way to reverse the transaction.
How does this lead to the trustless environment that blockchain creates?
Transactions are stored in the blockchain and cannot be reversed, removing the need to trust a central entity and allowing strangers to do business with one another without the fear of being scammed.
once a transaction has been made you cannot reverse it, it is final.
i do not have to know the person I make a deal with, i trust the system, the protocol and the written blockchain that comes with the transaction, it is safe and final.
What do we mean when we say that blockchain has transaction finality/immutability? Once a transaction is sent out, it cannot the reversed or changed.
How does this lead to the trustless environment that blockchain creates? You can do business with a stranger and trust the systems process and verify it mathematically.
What do we mean when we say that blockchain has transaction finality/immutability?
Transaction finality/immutability means that once a transaction is accepted it cannot be removed or altered. It is in a public ledger forever.
How does this lead to the trustless environment that blockchain creates?
It leads to a trustless environment simply because of consensus, provenance and finality. you don’t have to trust a stranger to not refund or cancel or try to change terms or worry about a 3rd party. The network is the third party and is set up to protect itself and the users.
It means that transactions, once confirmed, are unchangeable and are final. They will forever remain on the Blockchain and there is no way of retrieving/reversing it.
It prevents people from doing chargebacks, as all transactions are mathematically verified- trust in the network. Transactions cannot be reversed or duplicated. There is no creating of new funds (other than those that are mined).
Once a transaction is made, cannot be reversed.
Strangers can trust each other/based on math/physics. No one can change.
Blockchain having transaction finality/immutability means that once a transaction has been sent it can no longer be retracted or changed.
Strangers anywhere around the world can send funds via the blockchain without having to worry about any security concerns because of the simple fact that blockchain transactions have finality/immutability which protects both the sender and the receiver of the funds thus giving peace of mind.
What do we mean when we say that blockchain has transaction finality/immutability?
Once transaction is made it is there for life, Irreversible
How does this lead to the trustless environment that blockchain creates?
no worry about charge back, transactions are final
Transaction finality means, that once a transaction is validated by the blockchain, it cannot be reversed. Every transaction verified by the blockchain will be visible and traceable forever.
If every transaction is protocolled in the blockchain forever - unchangeable - merchants and customers both can rely on the verifiability of each other’s actions. With blockchain technology, business scams will be a thing of the past.
What do we mean when we say that blockchain has transaction finality/immutability?
Because of the uneditable nature of blockchain transactions, once a transaction has been verified, it cannot be redacted and remains a matter of public record forever.
How does this lead to the trustless environment that blockchain creates?
Being uneditable and the impossibility of forging blockchain transactions, we can be sure of the authenticity of any data within the ledger.
What do we mean when we say that blockchain has transaction finality/immutability?
A transaction if validated and recorded on the blockchain is final and cannot be altered.
How does this lead to the trustless environment that blockchain creates?
Nodes on the network can verify transactions and there is no need to trust the other party on the other side of the transaction.