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It is no way to reverse back the information (transaction).
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No body can intentionally or unintentionally change the information as trustless environment.
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Hi, I edited my post now. Thanks
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A1: it means that when a transactions has been sent it is final and you canāt get it back or cancel it if it has been confirmed. Irrevirsible transaction.
2- By making it irreversible in which strangers can trust the ātrustlessā network that used mathematic algorithm for transaction for verification of transaction-when a transaction block has been made it canāt be removed/altered. Bitcoin for example, if a transaction had been made and confirmed it canāt be cancelled/ or revoked.
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One use case whereby this is important is in the logistic supply chain management- eg in the production of expensive branded items like NIKE PUMAā¦etcā¦ this production chain line from the manufacturing steps till the product distribution to various store , the clients can check or verify on the blockchain on the various steps of the production of the said product to check whether is the product that he or she intended to but a counterfeit product or not.
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1.- It means that the transaction can not be either removed from the Blockchain nor copied.
2.- By knowing that the transactions can not be removed or copied and by trusting the maths which is behind the consensus which decides which data is true and which it isnāt then people wonāt need anymore to trust the other party to make business they will only have to understand how this network works.
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You cannot reverse payment once it is done.
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Nobody is capable of cheet on you by canceling his payment for your product that he bought.
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Answers:
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It means every blockchainās transaction is final and irreversible.
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Since it is irreversible and final, people can do transaction with strangers as it is completely trustless.
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- It is unchangeable. All transactions are final.
- It is impossible for anyone to cancel the transaction after it occurred. It doesnāt allow fraud to occur from either party of the transaction. i.e. a customer receives a product and then calls the bank to claim they didnāt get the product. The bank can reverse the transaction as if it never happened.
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- Once a transaction is confirmed on the network it can not be changed.
- The trust is in the code, not the different actors in the transaction, it cannot be refuted or changed.
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My answers:
- Once a transaction has happened, it done. Meaning no way to get it back. no charge backs.
2.By removing trust in a person and simply just trusting the system (Math) you can do business with strangers
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Homework on Finality - Questions
- What do we mean when we say that blockchain has transaction finality/immutability?
In a decentralized blockchain system, the data that is added (ex. transactions of money) can never be deleted or changed. Once a transaction has been confirmed by the network, thereās no way to undo it.
- How does this lead to the trustless environment that blockchain creates?
Parties of an agreement (ex. a transaction of money) only needs to trust the system that records it, and not in each other.
Once the transaction is confirmed by the network, the āsenderā is not able to reclaim funds and the recipient can be sure that the funds have been received.
This is a big difference from how the banking and payment systems works today, where transactions also involves trust between the sender and recipient - and in third parties.
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When we say blockchain has transaction finality/immutability we mean it is next to impossible to alter or reverse any transaction that has been confirmed on the blockchain.
Finality/Immutability leads to trust-less environment that blockchain creates as strangers from all around the globe can do business with each other without trusting the other party. This also eliminates chargebacks.
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that it is impossible to reverse transactions
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parties donāt have to trust each other they only need to trust network/math.
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- It means that once a transaction has happened it cannot be reversed.
- I dont need to trust you the stranger, as long as we both trust the system. We can trust the system because there is no way of modifying the transactions.
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Correct. Here is an interesting fact. The more confirmations the block has, the more secure it is. Older blocks are much more secure than the new ones. You will learn why later on. 
Finality means that transactions cannot be reversed.
Finality leads to a trustless environment because scammers cannot reverse transactions on you.
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once done, and accepted by network, the transactions canāt be reversed. no way back.
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we donāt need to trust each other. is no way for changes, cancels the transaction, or fraud. every part can be verified by network.
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The dictionary defines finality as āthe fact or impression of being an irreversible ending, a tone or manner which indicates that no further comment or argument is possible, an action or event that ends something irreversibly.ā In blockchain, transactions are IRREVERSIBLE or FINAL; once the transaction is recorded on the digital public ledger that is blockchain, it is a permanent record mathematically verifiable. This creates the trust-less environment that allows business to be conducted with strangers anywhere in the world without fear or chance of scam or fraud; the trust is in the imperial network.
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- Once a transaction is made it canāt be deleted. All transactions are final.
- Since all transactions are final and canāt be deleted there is no need for trust.
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We mean that there is no way to reverse a transaction, example a customer calling up their bank and getting their money back from the seller of the goods they purchased and claiming it was fraud.
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As touched on above, there can be no claims of fraud to get money back while retaining the goods received so there is no trust to worry about if there is going to be any money returned through scamming. This allows transactions with strangers to be safe.
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