1)It means that all transactions are final.
2)Blockchain verifies & blocks on its own
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- You canât manually adjust a ledger entry, you must adjust via another transaction, so there is an audit trail of how the ledger evolved.
- The network maintains the integrity of the ledger, not any one entity.
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- Blockchain has transaction finality/immutability because once it is mathematically verified by all the nodes, it is entered into the block and can never be altered, doctored, or deleted. The transaction is irreversible.
- There is no need to trust anyone. If the transaction is not verified by all nodes, it is not accepted into the blockchain. If it is verified by consensus, then the moment it is entered into the block, it is final, unchangeable, immutable. The process itself is completely trustworthy, which eliminates the need to trust anyone person.
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- It means, once a transaction has been verified, it cannot be reversed or change.
2.The finality/immutability makes trustless transaction and be able to do business with strangers without questions.
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It means that transactions cant be changed unles you convince all participants.
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By trusting the network it erases the need to trust the counterparty as they can not call back a transaction or blockchain change after its been verified.
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The transaction has finality means that it cannot be reversed. Once a transaction is on the blockchain it is there forever.
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This leads to the trustless environment because you can do business with strangers and do not have to trust them. They cannot take the money back because there are no chargebacks.
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- Confirmation of all transactions on the network without possibility of being reversed.
- No ârefunds or returnsâ after transaction took place.
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1.-It is virtually impossible to change the blockchain retroactively
2.-Parties rely on the data produced by the algorithms present in the network
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- What do we mean when we say that blockchain has transaction finality/immutability?
- Once a transaction is on the block, and the block is mined, it is not reversable. The miner already spent electricity, proved the work and received the award.
- How does this lead to the trustless environment that blockchain creates?
- You cannot purchase something, receive it and then revert the transaction. No cheating from customers side.
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What do we mean when we say that blockchain has transaction finality/immutability?
It means that once the transaction happened, it can not be reversed.
How does this lead to the trustless environment that blockchain creates?
It allows strangers to do business together. it removes the trust because you rely on the fact that you can verify mathematically that a transaction has happened.
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1. What do we mean when we say that blockchain has transaction finality/immutability?
Once a transaction is completed, it is on the public ledger and cannot be reversed (unless there is consensus for all parties - such as the example of the 2010 rollback for those magical 184billion bitcoins. But this would not be possible for the average transaction, as there is no incentive for the whole network to roll back the blockchain).
2. How does this lead to the trustless environment that blockchain creates?
By removing a centralized authority who can reverse transactions/entries, there is no worry and no uncertainty that a blockchain entry will be reversed in future.
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- What do we mean when we say that blockchain has transaction finality/immutability?
The transactions are final and the trust is in the network, rather than on the individual. - How does this lead to the trustless environment that blockchain creates?
There is no trust based on the company or person, but there is trust on the network. Once there is an agreed transaction, there canât take their money back.
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- transactions are irreversible
- transactions are verifiable mathematically.
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The transaction is irreversible
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You know for certain that the transaction will not be reversed, because itâs impossible. Just trust the math and the network, not the party you are doing business with or the middleman ex. a bank
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1.) Pretty much what it says on the package. âAll transactions are final.â Tongue-in-cheek aside something that is final / immutable cannot be changed; this prevents fraud or bad-faith actors.
2.) The Finality of the transaction is simply not dependent upon the whims of the parties involved in the transaction. i.e. A person canât take back, or undo, the transaction for whatever reason or motive. This, finality, though can be both a virtue and a vice - depends on context - and as Ivan pointed out it implied a very specific use case. i.e. donât attempt to use a knife as a spoon, or advertise it as such.
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1 The transaction is irreversible and can not be changed.
2 Now all transactions can be verified and not just trusted, so working with strangers is not a problem.
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you can no reverse the transaction once you send it
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you can do business with people without trust them
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Transactions are a Rubicon moment, there is no return once the river been crossed/transaction completed and on the blockchain
The transactions are securely verified by mathematicals where there is no ambiguity. Key is the responsibility of the keyholder and the keyholderâs alone. Guard those keys!!!
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It means that the transaction made is final and irreversible, it cannot be changed.
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There is no need for trust as all the transactions in the network are verifiable.
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What do we mean when we say that blockchain has transaction finality/immutability?
-That when a transaction is made,its not reversible.
How does this lead to the trustless environment that blockchain creates?
-Because you trust the network you can do business with anyone.
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