We mean that once a transaction is included in a block that it is final and cannot be changed.
It leads to the trustless environment because anyone can be certain that a transaction made can never be changed under any circumstances, and it’s not dependent on trust as it can be verified mathematically.
What do we mean when we say that blockchain has transaction finality/immutability?
It means that one the transaction is registered, it can never be changed or reversed.
How does this lead to the trustless environment that blockchain creates?
It keeps all parties honest and should someone tries to pull a fast one, there’s a traceable record of their activity.
Blockchain finality and immutability is concrete and unchangable. When a transcation has been made and completed it is essentialy etched in stone and can not be altered or reversed. The only workaround is to have another transcation.
This leads to a trustless enviroment because the miners who mine bitcoin create proof of work which is the pinacle of blockchains security. Once and Done.
What do we mean when we say that blockchain has transaction finality/immutability?
It means that the transactions cannot be undone. While you can always verified where you money arrive, you cannot get it back without the annuence of the other part.
How does this lead to the trustless environment that blockchain creates?
Once all information are perpetually stored and without a single possibility of being remove, we can put aside the demand for trust on some institution or agent.
What do we mean when we say that blockchain has transaction finality/immutability?
information added on a block cannot be modified/copied
How does this lead to the trustless environment that blockchain creates?
there is no human/stranger trust, we trust the network and the fact that once data has been written onto a block it cannot be modified/copied
What do we mean when we say that blockchain has transaction finality/immutability?
Transaction finality would mean that once a transaction is confirmed on the blockchain it is final. It cannot be reversed or copied to defraud any party involved.
How does this lead to the trustless environment that blockchain creates?
This leads to trustless environment due to the ability for real time open auditing of the transaction to verify accuracy via math.
it means that once a transaction is made/confirmed, it cannot be reversed, altered, changed, or removed. It is there for eternity.
Finality eliminates trust and replaces it with verification and mathematically proving that transactions had been made. With trustlessness, we can do business with complete strangers by trusting the protocol and the network itself since it can mathematically verify every single transaction.
All transactions are non-reversible, final.
It eliminates chargebacks, seller fraud, etc. allowing transactions between complete strangers achieved by miners and proof of work systems.
1.It is very hard/unlikely get get enough hashing power of the network to reverse a transaction
2.You don’t have to trust another person but rather the powerful decentralized network,so it removes trust
What do we mean when we say that blockchain has transaction finality/immutability?
We mean that when a transaction has happened, it has happened and theres no way to reverse it.
The transaction gets added to the blockchain, and can not be removed.
How does this lead to the trustless environment that blockchain creates?
This leads to a trustless environment because when a transaction has happened and confirmed, theres no way for a person to regret it and then cancel it, reverse it or do a chargeback. There is no trust involved when the transaction is confirmed. This allows for also accepting payments in the blockchain by strangers, who you dont know because there is no trust involved. The physics part ensures this by the miners, who complete a transaction by mining creating blocks using electricity. When this has happened, the transaction gets added to the blockchain. Finshed, finito, finality.
What do we mean when we say that blockchain has transaction finality/immutability?
A. Just like real life, there’s no “undo button”
How does this lead to the trustless environment that blockchain creates?
B. Once you transfer crypto or complete a smart contract, it is irrevocable.
Homework on Finality - Answers
Finality means once a transaction has occurred, it is irreversible and will be on the blockchain forever.
With all the participants of the blockchain willing to trust the mathematical protocols functioning as a blockchain network, these users do not need to trust each other to interact and trade with each other. They know that all the users trust that their transactions will be securely conducted, recorded with finality on the blockchain network, and that they can verify everything by themselves without a necessary third party participating at all.
Finality imply means that once a transaction or information has been approved in a block it can not be changed or reversed by any party involved.
This creates a trustless environment because no knowledge about other parties involved is necessary. Their information will be verified for you and they can not make changes afterwards. Block information is public so everyone involved can verify throughout the process.
Blockchain transaction finality refers to the quality that once a transaction is made it
cannot be reversed or undone. It is permanent and final.
The trustless environment is created by no longer having a component of trust within the
system of transactions, other than the trust of the math and/or physics that runs the
protocol
1.Once a transaction happens it cannot be reversed. It is on the blockchain forever.
2. It allows business to take place between strangers without trust. Chargebacks cannot occur. Once the transaction goes thru on the blockchain it is present on the ledger for all to see.
When a transaction is added in the blockchain, and has been confirmed by the network, it cannot be reversed. It means it is written in the blockchain and it impossible to change or alter that data.
With this feature of finality, we can do transactions even with strangers. Since we rely on the network’s protocols to function accordingly, with finality and immutability, we are assured that the transactions that gets written on the blockchain cannot be altered.
- What do we mean when we say that blockchain has transaction finality/immutability?
It means that the transaction is irreversible and cannot be changed.
- How does this lead to the trustless environment that blockchain creates?
Once a transaction has been confirmed, it is final and is forever in the blockchain.