- It means that every transaction that’s made is irreversible.
- We no longer have to trust a person or a company, all transactions are final once they meet the contract/script requirements.
- Transactions recorded on the blockchain cannot be reversed, and will be “displayed” there forever.
- Blockchain removes the counterparty risk -> no need to trust the other side of the transaction.
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What do we mean when we say that blockchain has transaction finality/immutability?
The concept for which every transaction is not reversible. -
How does this lead to the trustless environment that blockchain creates?
The transactions are based on the code and the infrastructure, publicly auditable, not on blind trust.
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that means once transaction is completed, it is not changeable.
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We do not need trust to do transaction with strangers because each transaction is verified by mining.
WHAT DO WE MEAN WHEN WE SAY THAT BLOCKCHAIN HAS TRANSACTION FINALITY/IMMUTABILITY?
Blockchain transactions cannot be amended, reversed or appendaged for in doing so, “trustlessness” would have to be removed which is the foundation of the blockchain technology.
HOW DOES THIS LEAD TO THE TRUSTLESS ENVIRONMENT THAT BLOCKCHAIN CREATES?
Trust creates an opaqueness that is subject to private interpretation which is what blockchain has eliminated.
- What do we mean when we say that blockchain has transaction finality/immutability?
Once a transaction has gone through and is verified it cannot be changed and is listed forever. - How does this lead to the trustless environment that blockchain creates?
Everything that has ever happened on the blockchain is viewable on the blockchchain at all times.
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The transaction has finality means that it cannot be reversed or changed or deleted from visability. Once a transaction is on the blockchain it is there forever and is forever visible by anyone.
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This leads to the trustless environment because you can do business with strangers and do not have to trust them. They cannot take the money back or change in anyway the transaction
- Transactions can not be altered in anyway once they are confirmed on the blockchain
2.Anyone can check the blockchain to view the transaction, and also we are not relying on a centralized entity like a bank for this process, much better and safer on the blockchain.
1.- it means that the information or data can’t be change or altered in any way.
2.- if every transaction and movement can be track, so there is a prove that it happened and so we don’t need to use or included the trust factor anymore.
- The confirmation of the transaction that is finality, is secured can be trust and it cant be changed.
- It Aloud to do more secure business with estrangers.
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After the transaction is through, there is no way to get it back, thats how finality works and because it is in the blockchain, it cant be changed, therefore it is immutable.
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Frauds in terms for chargebacks can’t happen.
- It means that once a block is mined confirming a transaction, it cannot be undone/reversed
- It means that you don’t have to trust an organization, you can check yourself on the blockchain
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Once a transaction has been processed it cannot be changed or reversed.
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It means information and transactions cannot be changed or manipulated. If someone sends you money then you can be certain that it’s in your control.
1.when a transaction is added it can’t be removed,so if a scammer want to have their money back they can’t.
2.when a transaction is done it’s done it’s registerd so the strangers can trade between them freely
- What do we mean when we say that blockchain has transaction finality/immutability?
Transaction finality/immutability means that was a transaction has been completed it is there forever and can never be reversed or removed.
- How does this lead to the trustless environment that blockchain creates?
A trustless environment is achieved because this is decentralized and everything is proven through math.
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Transaction finality/immutability means that once a transaction has happened, it cannot be retracted.
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This leads to the trustless environment that blockchain creates in that through mathematical verification, the use case as intended is completed and remains honest. One cannot change their mind and retract the transaction. The trust is determined in the trustless infrastructure of the network.
1.- ONE WAY TRANSACTIONS.
2.-ALL PARTIES INVOLVED ARE CONFIDENT ON THE PROTOCOL.
Summary
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(1) Example-My first bitcoin transaction the other day through Coinbase where I sent the bitcoin off to a wallet address. The transaction was recorded and it just took a few minutes to clear if that and a record of transaction was made available through Coinbase and a snapshot can be taken of wallet addresses involved in the block of transactions. Transparency by providing a snapshot and finality cause you just can’t get that bitcoin back once it is sent. (2) Strangers can do business through using a series of letters and numbers making up wallet addresses and sometimes we even get into encrypted transactions and transactions where two people don’t have to know anything about each other other. Complete strangers can agree and do deals from a to b.
1.Once the block has been mined and the transaction confirmed nobody can reverse it
2. There is no chargeback, with his pro and cons, depending on the use case. Blockchain might not be suitable for all your needs. It’s up to you to evaluate…
What do we mean when we say that blockchain has transaction finality/immutability?
Block chain transaction finality means once the transaction is done it cannot be reversed,
Immutability means once the transaction Data is in a block it cannot be amended or removed, only can be added to.
- How does this lead to the trust less environment that blockchain creates?
Finality and immutability means not any data in the block can be manipulated that means anyone can verify the data. Basically anyone can indulge in a transaction without trust but instead verify.