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Blockchain has finality/immutability, meaning once data is added to it, it cannot be changed or removed.
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This leads to a trustless environment in a public blockchain because anyone has the ability to audit/verify any transaction.
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What do we mean when we say that blockchain has transaction finality/immutability?
once a bitcoin transaction has been finalized you can not get it back . its concrete .
How does this lead to the trustless environment that blockchain creates?
you can do business with a complete stranger
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- Cannot be changed
- It is what it is and thatâs it
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1. What do we mean when we say that blockchain has transaction finality/immutability?
The transactions cannot be reversed after the fact. You can trust the network and protocol to commit the transaction.
2. How does this lead to the trustless environment that blockchain creates?
As the transactions are verified by the network/protocols there is no need to trust the party or parties that youâre interacting with.
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When a transaction is put through it is written on âdigital stonesâ and cannot be altered
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The blockchain relies on these âdigital stonesâ in order to verify each new transaction, to change one block would immediately cause all following transactions to be invalidated and can be easily traced back to the point the chain went astray
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Answers
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When a new block is created itâs impossibile to remove or modify the transactions inside it. Itâs only possible add new blocks on the chain, so the story of all transactions is immutable. This is also a physical aspect, because mining costs energyâŚ
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We can do transactions with any strangers in the world, we can only trust in math and in the networks. No way to retract a transaction when itâs created.
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What do we mean when we say that blockchain has transaction finality/immutability?
Transactions that have been verify, approved and added into the blockchain cannot be reversed, modify or canceled. -
How does this lead to the trustless environment that blockchain creates?
As all transactions in the blockchain are visible to anyone, you donât have to trust the people you want to trade with. Their integrity can be verify anytime.
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Finality is the assurance or guarantee that transactions cannot be altered, reversed, or canceled once submitted to the network
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Once a block has been confirmed you can not erase it or âask for it backâ it is forever on the blockchain.
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Because your trust is put in the math/protocol of the blockchain not on each other.
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- You cannot revert a transaction on the blockchain.
- It removes for example the possibility of scam. You can no longer send money for a product and then revert the transaction.
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- It means that once transaction is done you can not reverse it.
- This lead to trustless environment because you can do business with strangers without need of trust.
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It means that there is no coming back once a transaction has been confirmed, no one to call to reverse and get your money back.
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Since it is irreversible, you donât have to trust anyone if he is double-spending or going to reverse the transaction.
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What do we mean when we say that blockchain has transaction finality/immutability?
Once the transaction is confirmed and added into a blockchain there is no way that you can reverse it and get the funds back. -
How does this lead to the trustless environment that blockchain creates?
there is no trust involved, if you see it confirmed that means itâs there as Pow has been done to include it into ledger.
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Once a transaction is send and confirmed, it canât be reversed.
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You can do business with strangers because you know (not trust) that the transaction you received is final and wonât be changed or reversed.
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once a transaction has been made it can not be reversed. reducing the likelyhood of producers being scammed.
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this means you can do business with anyone because it is not possible for them to retrieve their assets with which they payed. not only does this eliminate the need for trust but is also makes transaction a lot more efficient because they are verified in no time. where usually it can take a few business days for payments to reach your account.
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When we refer to transactional finality/immutability we are referring to the fact the once a transaction has been made it cannot be unmade or cancelled for any reason.
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This leads to the trustless environment blockchain creates in the sense that if we receive money there is no way it can be taken back or reversed like how some banks do. All transactions are final.
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Transaction finality/immutability means that transactions in the blockchain cannot be reversed or cancelled. In practice this means for example that after buying something online, you canât go to the bank/middleman/third party and ask them to cancel your transaction.
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This makes doing business with strangers much more secure since you are actually trusting the mathematical protocol behind blockchain, not any single party in the transactions (the bank, the seller, the buyer).
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What do we mean when we say that blockchain has transaction finality/immutability?
Answer: It means that when a transaction is final in Blockchain, it can no longer be reversed. Final transaction means it is final. -
How does this lead to the trustless environment that blockchain creates?
Answer: trustless means that Blockchain does not have to trust you before a transaction. Blockchain relies on Mathematical protocols.
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- If you make a transaction, thatâs it no refunds.
- You can make a transaction that will be on the block and verifiable.
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- That once a transaction has been done it can not be cancelled or changed. It is final and there is no physical way to undo it.
- This allows you to work with people that you do not know and all the trust is in the blockchain.
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