What do we mean when we say that blockchain has transaction finality/immutability?
Once a transaction went through, there is no going back.
How does this lead to the trustless environment that blockchain creates?
Because the transaction is on the blockchain and it can be verified anytime, it means that no one can tell a lie about any transaction happened on the blockchain, it is recorded there forever.
What do we mean when we say that blockchain has transaction finality/immutability?
it means it is final and cannot be changed
How does this lead to the trustless environment that blockchain creates?
this creates a case where you do not need a third party and that the blockchain verifies the entries and you cannot alter or void it
Because in Blockchain; once a transaction has happened it has happened. There is no way to take it back. So you should always make sure you check transactions before confirming it because you cant reverse them once they are confirmed.
Since after confirmation a transaction cannot be altered or reversed, you can do business with strangers without worrying that they might be scammers.
Finality/immutability is achieved once a transaction is confirmed on the blockchain and can not be reversed, deleted or edited.
Nodes verify the transactions and ensure the trustless system operates 24/7/365.
Thatās when, for example: you are transacting an amount of money or crypto to someone, you are not able to have it back. Due to finality because it removes trust once again, since you cannot really call or contact anyone about it.
That it can probably make false statements, as for example the customer has bought a product but has not received the product, which can lead to the customer accusing or reporting the person who made the offer.
Once a transaction has been logged by the blockchain it is not able to be reversed or changed - it is immutable. This means that we can transact with total strangers with no need to trust that they will try to void their payment after, for example, goods have been sent to them. We trust the network, not the person with whom we are transacting.
This can indeed happen but the same is true with all online shopping. What we mean by the word trustless is that one does not need to trust the person who is making transactions with (like sending fake money). In case of physical goods there are escrows available that can store the funds until you receive the goods and only then releases it to the provider or returns it if the goods donāt arrive.
What do we mean when we say that blockchain has transaction finality/immutability?
R: This means if a transaction was approved there are no possibility to reverse it. No one can delete it and no one can reverse it.
How does this lead to the trust-less environment that blockchain creates?
R: We can trust better a ledger (database) where none can delete/reverse anything and where we have to relay on math and protocols and we don`t have to trust we can verify.
1.It means that once we make a transaction and it gets verified there is no way we can return itā¦
2.Donāt trust,verify it!
Once the transaction has been made it is irreversable and permanent.
Since the occured transactions irreversable and unchangable, there is no need to trust anyone/anything that the transaction will happen and there is no option to undo it.
once tx has happened it is done, it cannot be altered.
What do we mean when we say that blockchain has transaction finality/immutability? - The transactions are not reversible and remain permanent on the network.
How does this lead to the trustless environment that blockchain creates? - You can trust the network and the protocol allowing one to do safe transactions with strangers since the transaction is permanent.
Homework on Finality - Questions
1. What do we mean when we say that blockchain has transaction finality/immutability?
When a transaction finality and immutability on the blockchaiin it means that it cant be reversed and it is recorded in the blockchain ledger forever. it also cannot be altered or deleted.
2. How does this lead to the trustless environment that blockchain creates?
This feature of finality and immutability as one of the core protocols of the bitcoin blockchain creates the trustless environment because we can rely on maths when transactions are sent and accepted / finalised by the network when dealing with strangers.
What do we mean when we say that blockchain has transaction finality/immutability?
When a transaction happend its no way to get it back, its no way to reverse it.
How does this lead to the trustless environment that blockchain creates?
Everything on the network is verified by math and protocols. These factors building a trustless network called blockchain.once a transaction is happened, itās recorded forever and canāt be reversed.
thatās because we trust the network instead of a 3rd Party.
This means that transactions are irreversible once allowed into the blockchain. No transaction can be edited or even removed once it enters the network, removing the risk of scammers or customers flipping on a previously agreed deal.
Businesses do not need trust when finality is present, as this adds a layer of reassurance and transparency that once a business agrees on a deal it cannot be edited or flipped after. Furthermore, businesses are able to verify and prove transactions if needed as all transactions once entered into the network of information, remains unedited and public.
Thanks Mauro! i like this academy!
Once transaction is verified and validated then added to the blockchain its there forever without any possibility of alteration.
This leads to trust less environment were parties involved do not need to trust each other.