It means that once a transaction is made it is final. It cannot be reversed. Immutability means the same - the blockchain ledger remains unchanged, unaltered and indelible.
What do we mean when we say that blockchain has transaction finality/immutability?
Finality means that once a transaction clears, it cannot be changed or reversed; because there is no way to alter a transaction once it is complete, the blockchain creates an immutable ledger of transactions.
How does this lead to the trustless environment that blockchain creates?
Finality/immutability lead to a trustless environment by allowing anyone with access to the blockchain to transact with one another and be sure that their transaction will clear and never be reversed, cancelled, or otherwise altered.
When we say that blockchain has transaction finality and immutability, we mean that once a transaction is recorded on the blockchain, it cannot be altered or deleted. This is because the blockchain is a decentralized and distributed ledger, meaning that multiple copies of the ledger are maintained across a network of nodes, and all nodes must agree on the validity of transactions before they are added to the ledger.
The immutability of the blockchain creates a trustless environment because it eliminates the need for intermediaries such as banks or other financial institutions to verify and settle transactions. With blockchain, every participant in the network has access to the same ledger, and every transaction is verified and validated by the network.
the use of cryptographic algorithms ensures that the data on the blockchain is tamper-proof, providing further assurance of the security and immutability of the transactions recorded on the blockchain.
What do we mean when we say that blockchain has transaction finality/immutability?
ItĀ“t not possible to revert the process , every miner use electricity in order to produce blocks
How does this lead to the trustless environment that blockchain creates?
We trsit in the network and the protocol because it is feasible to verify mathematically
Once a transaction is done it can not be reversed and it stays in the network permanently.
Transactions between parties canāt be modify, they are recoded on the blockchain permanently and available to the public, removing the need for trust in transactions.
Transaction finality means that no transaction can be simply undone. This is essential to the trustless blockchain system.
Answers:
Once a transaction is added, it cannot be changed making it immutable and final. For example: sending your cryptocurrency to the wrong person cannot be reversed. itās final.
The network is such that thereās no one to trust but yourself & the network (blockchain).
What do we mean when we say that blockchain has transaction finality/immutability? Blockchain transactions cannot be changed or reversed.
How does this lead to the trustless environment that blockchain creates? Blockchain does not allow for transactions to be changed so no trust is required.
What do we mean when we say that blockchain has transaction finality/immutability?
Once a transaction is completed on the blockchain it is FINAL, Irreversible in most cases.
How does this lead to the trustless environment that blockchain creates?
Due to the fact it cannot be adjusted or tampered with it gives a clear record of transactions available to the public which removes the need to trust 3rd partys
Homework on Finality - Questions
What do we mean when we say that blockchain has transaction finality/immutability?
When transaction is done its done-you cant do anything to erase it, change it, and on it or delete.
How does this lead to the trustless environment that blockchain creates?
When you use transaction on blockchain you dont need to worry that there can be cash-back or any sort of that actions, so it means you dont need to trust someone and anyone to put thrue or do anything with that kind of transaction. When you see its done, you know it will stay that way.
all transactions are final and there is no one to call to reverse the transaction. No trust is involved.
2. the blockchain is based on math and protocol no human interaction and rules are set. two strangers can conduct business in a trustless manner.
1 - finality/immutability transaction in a blockchain means that it cannot be reversed.
2 - It leads to trustless environment because it is govern by physics laws and mathematics.
What do we mean when we say that blockchain has transaction finality/immutability?
-> That once transactions are made they are irreversible. They cannot be changed or altered or repeated.
How does this lead to the trustless environment that blockchain creates?
-> Trust is there because once a block is made it canāt be removed. Once itās done itās done.
What do we mean when we say that blockchain has transaction finality/immutability?
When records are confirmed and written to the chain they are permanently written and no change can take place.
How does this lead to the trustless environment that blockchain creates?
If everything is verified and confirmed and written to an immutable ledger, then it can be trusted to always be there.
Finality refers to the unique condition that blockchain technology possesses - being that - once a transaction has been recorded onto the block it is final. This is to say that any financial transaction that has been sent, accepted, and written onto the block is irreversible. It is immutable (unchangeable) because of the way a blockchain works - you cannot change the record unless you go back and change every other block that precedes it which is essentially impossible.
This leads to trustlessness which essentially means that two human actors do not need to trust each other. The trust lies in the protocol and the network. The word trustless is a funny sort of contranym because the condition of trustlessness actually means that the operation being performed is more trustworthy. Trustlessness is something that really has never existed before and is what makes the Bitcoin protocol and blockchain technology so revolutionary and desirable.