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Blockchain has finality and immutability because once a transactions has been created, it can not be changed, reversed or taken back.
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This leads to creating a trustless environment because it then does not require the two business parties to trust each other. The blockchain uses math and physics to create the transaction which can not be changed, so business with strangers would be riskless.
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we mean that once the transaction has been recorded on the blockchain, it cannot be reversed.
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With finality, the need of trust for a third party is removed within the transaction between two individuals or entities.
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A transaction canāt be reversed.
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The other party is not able to charge back the transaction/funds.
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1- it means, once we make a transaction to the blockchain it cannot be reversed.
2- this leads into a trustless enviroment, because you can do blind business with people you donĀ“t know. if you make a transaction on the blockchain it gets comfirmed by the ledger mathematically. Once approved is unreversable. therefore you trust the system and not the people.
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What do we mean when we say that blockchain has transaction finality/immutability?
Data in blocks cannot be altered or deleted by any party once verified. -
How does this lead to the trustless environment that blockchain creates?
The interested party does not need to rely on a specific entity to be honest about its output, and cannot be deleted for gain after the fact.
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- What do we mean when we say that blockchain has transaction finality/immutability?
Transactions on the that are finalised and stored on the blockchain cannot be reversed, they cannot be changed. - How does this lead to the trustless environment that blockchain creates?
Everyone knows that when a transaction is done, itās done, and we can all trust that.
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When a transaction is sent, there is no way to reverse it. When a wallet is lost or a phrase is lost, there is no way to recover the funds that were in it. (spoken from experience)
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This leads to the trustless environment that makes everything final. There has to be strict discipline and carefulness when dealing with this technology. No third party to help in case anything goes wrong.
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- once a transaction has been sent it cannot be reversed.
- Making it irreversible It means that there is complete faith in the system to send a transaction to a complete stranger and know that its going to get there
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What do we mean when we say that blockchain has transaction finality/immutability?
This means that transactions made on the blockchain are irreversible once they are confirmed, meaning there is not a centralized point you can call to get your money back. -
How does this lead to the trustless environment that blockchain creates?
You can check mathematically that a transaction has gone through and there is no way to lie about a transaction being sent.
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It means that once a transaction has been made on the blockchain, it is not possible to reverse it in any way. It is as it is, in the ledger, forever.
There is no need to worry about a counterparty wanting to remove or reverse a transaction that they have done with you. There is not trust between the parties, but instead trust in the fixed protocol.
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[quote=āivan, post:1, topic:8424ā]
- What do we mean when we say that blockchain has transaction finality/immutability?
Once a blockchain has been created it cannot be reversed i.e. not able to undo the transaction once it has been verified by consensus on the ledger. - How does this lead to the trustless environment that blockchain creates?
[/quote] There is no need to trust the system as itās finality is based on physics and not reliant on humans being solely responsible for itās creation.
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When a transaction gets recorded on the blockchain, it is being āputā in to a box, which is complete by the mining of the block. The mining of the block is only possible, when there is a input of real physic energy, which is transformed, through a computer, to calculating power. When the block is mined, the nature of the protocol prevents any changes of the recorded data on the legder. This secures finality/immutability. If anything else happens, the network no longer has consensus, and that is a topic for another time
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The protocol of the network naturally secures finality. There is no longer any need for trusting a stranger or an organisation. Now you only need to trust the network, which is strongly incentivized to secure trustlessness.
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- What do we mean when we say that blockchain has transaction finality/immutability?
In order to change a hashed block 51% of those forming consensus would have to agree to undo the block and redo it differently. This is called a 51% attack. So far it hasnāt happened. Watch out #bcash though.
- How does this lead to the trustless environment that blockchain creates?
You donāt have to worry that someone is going to get mad, change their mind, and mess with your data. Basically once your transaction is hashed it is set in stone. It is immutable.
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What do we mean when we say that blockchain has transaction finality/immutability? Once a transaction has happened it happened and can not be reversed or altered.
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How does this lead to the trustless environment that blockchain creates? It promotes a trustless environment because everything is verified mathematically. You believe in the math and the protocol. This allows us to do business with strangers.
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#1 - It means, once a transaction is confirmed it can not be rolled back, ever.
#2 - Every participant of the network knows, that transactions cant be rolled back. So you dont need to trust your transaction partner that he / she maybe is trying to scam you. Once the transaction is confirmed, there is no way for him / her to get the money back.
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What do we mean when we say that blockchain has transaction finality/immutability?
when the btc is sent they are sent, no way to claim them back, transaction is FINAL. -
How does this lead to the trustless environment that blockchain creates?
strangers can trust each other, we dont need any third parti for gaining our trust
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Transactions can only be added to the blockchain, never deleted or modified.
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If transactions can only be added to the blockchain, and only valid transactions can take place, then a immutable truth telling mechanism has been created.
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Homework on Finality - Questions
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What do we mean when we say that blockchain has transaction finality/immutability?
Blockchain has finality because you cannot change a made transaction afterwards. -
How does this lead to the trustless environment that blockchain creates?
You are able to do business with strangers since you donāt have to trust anyone and not having the risk of a transaction to be reversed afterwards
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1. What do we mean when we say that blockchain has transaction finality/immutability?
Once the transaction has been confirmed (written to the blockchain) it is āimpossibleā to reverse- it is immutable.
2. How does this lead to the trustless environment that blockchain creates?
This means you donāt need to trust a stranger in a financial transaction. You donāt need to worry if they have enough funds or if the funds are counterfeit. Once the deal has been completed and the goods or services have been delivered, thereās no way for them to take back the money. All of this means itās much harder to cheat, but it also means itās possible to make mistakes that are irreversable- like sending funds to the wrong address.
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Blockchain has transaction finality because once a transaction has happened it cannot be reversed and will be on the blockchain forever.
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Blockchain creates a trustless environment because it is based on mathematical principles. You donāt have to trust in people because everything is being tracked and transparent.
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