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It means that once transactions have been verified and entered on the blockchain, it will remain there as an immutable record that cannot be reversed as can be observed with some banking transactions.
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This feature leads to a trustless and permissionless environment because it eliminated the need for a middle man to verify transactions before they go through or reverse transactions at will. This is don via consensus by the incentivised and secure decentralised network.
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- What do we mean when we say that blockchain has transaction finality/immutability?
Inputs to the blockchain are permanent. While there exists a mechanism to change the blockchain it would take a consensus from all nodes which in theory would be impossible. - How does this lead to the trustless environment that blockchain creates? Once an input has been made to the blockchain, unless the rarest of exception takes place you know that transaction with forever be there and not altered.
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- What do we mean when we say that blockchain has transaction finality/immutability?
This means once a transaction has gone through it cannot be reversed.
- How does this lead to the trustless environment that blockchain creates?
No need to trust strangers with your transaction. The blockchain takes care of the transaction making it secure and trust-less.
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The blockchain only moves forward not back in regards to data put out. All data is verified using a universal protocol the blockchain provides leaving less worry of who to trust
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We mean that transactions cannot be reversed
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You can transact with anyone worry free because you rely on a blockchain technology that is secure and cannot be altered.
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1.This means that the blockchain has a type of transaction that cannot be reversed, modified, or deleted.
2. This removes the middle man that you need to trust in order for a transaction to go through. It’s a machine that has no flaws. A transaction cannot be reverted thus specific types of scams such as chargebacks from sellers or buyers can be avoided. Finally once a transaction is done it remains in public forever.
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1.It means transaction cannot be reversed after it has happened.
2.because transaction cannot be reversed which makes it a trustless system as stragers also transact with each other .
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Finality means once the transaction in validated and added to the blockchain it will be permanently in it. There is no possibility of reversing this process.
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It is impossible for a third party to reverse the transaction after services or products have been allocated. This allows business between strangers and the trustless environment.
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- What do we mean when we say that blockchain has transaction finality/immutability?
Finality means that transactions cannot be reversed, they are final.
Immutability means that data can only be added, not removed or edited and this is a requirement for finality.
- How does this lead to the trustless environment that blockchain creates?
You can trust that the blockchain works according to the laws of physics, you can trust the mechanism to operate according to its specifications and therefore you do not need to trust any person or organization.
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- Transaction Finality means once a transaction is verified it can never be changed or undone.
- Nothing can be changed so once something is verified you know it has to be truthful.
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- What do we mean when we say that blockchain has transaction finality/immutability?
Once a transaction is added to the ledger it cannot be removed/deleted, or changed - How does this lead to the trustless environment that blockchain creates?
Because the integrity of the ledger cannot be violated or compromised so it is TRUSTLESS and completely VERIFIABLE
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What do we mean when we say that blockchain has transaction finality/immutability?
Finality is the practice of all transactions being, well, final. Once a transaction is complete, there is no way to “undo” it. Essentially, all transactions are irreversible. -
How does this lead to the trustless environment that blockchain creates?
Unlike retail transactions, we no longer have to trust that the other user in a transaction will cancel or reverse their payment. Once you have the money or good from a transaction, it cannot be undone.
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- we mean that all transactions can’t be reversed. There are no take-backs on the block chain.
2.once something happens it’s there forever so when people see a transaction that happened on the blockchain they know for a fact that it happened, it would be impossible for anything on the blockchain to be false
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What do we mean when we say that blockchain has transaction finality/immutability?
It means that once a transaction is on the blockchain, it cannot be reversed (like a bank transfer can). The data that is put on the blockchain can’t be removed or edited either. -
How does this lead to the trustless environment that blockchain creates?
Once someone sends a coin/token, say BTC, to someone else, they are assured of the transaction going through. This makes it so they can’t get scammed afterwards by reversing the transaction, the blockchain is transparent and always shows the truth. This makes it so you do not have to trust any other party, you can verify the data yourself.
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If a transaction happened - it happened! There is no physical way to reverse it
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You can’t just call your bank and get your money back. So you can’t get scammed.
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- We mean that once the transaction is confirmed there is no way back. Its verified in the blockchain
2.the finality or immutability is a result of a mathematical verifying system of the blockcahin that is powered by mining and PoW
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- What do we mean when we say that blockchain has transaction finality/immutability?
It means that the transaction sent was verified by the blockchain and completed and cannot be reversed or altered. - How does this lead to the trustless environment that blockchain creates?
It leads to a trustless environment because we no longer have to trust a third party for transactions of value between 2 parties, the code is law and public for everyone to see before making a decision.
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Once a transaction is recorded on the blockchain, it cannot be removed or changed.
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Actors cannot reverse transactions deceptively.
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This means that when a block has been mined on a blockchain, the transactions involved within that block is permanently written into the blockchain and cannot be reversed or changed.
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Since all the data written on a particular block finalizes, there is no need to doubt whether someone can tamper with the finalized data.
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A transaction performed on the blockchain cannot be reversed or changed in any way once it is performed and verified (added to the blockchain).
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This creates a trustless means of transacting business by preventing fraudulent practises such as chargebacks - once you are paid you are paid (or whatever the transaction is) and the transaction cannot be reversed or challenged.
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