- Transactions cannot be reversed/undone. The protocol does not allow it.
- To state an example, banks currently have the power to undo transactions on a whim, or based on suspicion. There is trust we must place in these (blood sucking) institutions to do their jobs properly, whereas the protocol that dictates the BTC network behavior is unbiased, and fixed. We place trust in the program itself to carry put its intended tasks properly.
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1-when you say Transaction Finality/immutability, it means a transaction cannot be reversed or charged back (no double spending/no duplication) , hence giving the user sense of responsibility and clarity on how to use blockchain for their use cases.
2-Hence blockchain heavily depends on networks and not solely on singular or group of individuals, the need or strain of trust required to be developed to maintain trustmanship is not at all necessary and since blockchain secures or validates transactions with math and value protocol, networking with strangers globally is secured
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- It means the transaction can not be reversed,it is final and cannot be changed!
- Because you can do business with complete strangers and trust the network that all transactions are completed and final!
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- I suppose we mean that all transactions, whole blocks, or any confirmed bit of data is conditionaly ireversible as we like to say- 4ever
- Ireversible is possible to consider as trustless -its āsimply doneā finished, confirmed, no way to cancel it at all, even president can just watch and say: its done, done, doneā¦
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What do we mean when we say that blockchain has transaction finality/immutability?
Once the blockchain āagreesā on data provenance and confirms the legitimacy of a transaction, it is recorded on the blockchain. A transaction on a blockchain once confirmed cannot be reversed. At this point, the blockchain transaction is immutable and final! -
How does this lead to the trustless environment that blockchain creates?
Finality (of a transaction) on a blockchain guarantees immutability. This means a bad-faith actor cannot arbitrarily reverse a transaction. This feature of a blockchain allows strangers to conduct transactions on the blockchain network without having to trust the party involved - the protocol and math guarantee legitimacy and trust.
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- What do we mean when we say that blockchain has transaction finality/immutability?
Once the transaction is entered it cannot be removed.
- How does this lead to the trustless environment that blockchain creates?
Nobody can tamper with an entry so the only trust involved is the trust in the network.
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- There is no way to reverse any transaction, the transactions are final.Physically a transaction is not possible to reverse, it will stay in the blocks forever.
2.you can make business with strangers because you trust the network, math and protocol and not the person with whom you are doing business with.
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In blockchain once the transaction is verified it is permanent and can not be reversed so it is trustless
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- Immutability in blockchain iswhen transactions cannot be reversed/taken back.
- Blockchain always records the transaction, there is no chaining the transaction.
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What do we mean when we say that blockchain has transaction finality/immutability?
Once a block is created on the blockchain, it cannot be reversed. The updated ledger on the block is immutable. If you send BTC and it is registered in the new block and you regret the transaction, too bad, the other address controls it. -
How does this lead to the trustless environment that blockchain creates?
The recipient dose not need to trust anyone if the funds have been sent to his address, he can verify it himself by checking the immutable ledger on the blockchain.
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It means that you cannot reverse it, no matter what.
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Be cause you cannot manipulate the system wich is based on theses maths and physics. What is written stays written.
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- Once itās there, you can never change/delete it anymore.
- People can now do business with strangers because scams canāt happen anymore.
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What do we mean when we say that blockchain has transaction finality/immutability?
Once a transaction has completed it canāt be reversed or changed. -
How does this lead to the trustless environment that blockchain creates?
Because the network handles the transactions and all transactions can be verified by anyone.
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When a transaction has immutability, it means that it cannot be altered once entered into the network.
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Because transactions cannot be modified as part of the inherent nature of the blockchain, this dynamic creates trust in the blockchain and removes the requirement of trust when dealing with the other end of the transaction.
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once you made a transaction you cant reverse it.
bitcoins blockchain is open so you could do buisness with strangers. once your payment is sent you canāt reverse it
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- What do we mean when we say that blockchain has transaction finality/immutability?
- How does this lead to the trustless environment that blockchain creates?
answer
1- The transactions cannot be altered. Even if you mistakenly agreed to a tranaction, that transaction cannot be reversed by you.
2- Your trust lies with the blockchain network, not a third party that can be currupt or bribed.
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1, once a transaction has taken place it cant be undone.
2, people trust in the protocols and the network, how a transaction will occur is clear to all parties before it is initiated, you thus will not need to trust anybody.
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What do we mean when we say that blockchain has transaction finality/immutability?
it means the transaction cant be reversed or in retail no charge back all sales are final &secured. -
How does this lead to the trustless environment that blockchain creates?
you can transact/trade with total strangers globally trust lessly ,secured an have permanent record/receipt of such transaction/trade.
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- Once a transaction reaches consensus on a blockchain, it is impossible to reverse or change or alter in any way. It is final and immutable.
- Because you donāt have to rely on trusted third parties but rely only on mathematics instead, it becomes possible to have complete trust in the blockchain because of its finality and immutability.
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The blockchain has the property of irreversibility: once a transaction has been made, it cannot be reversed.
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It is theoretically possible, but in practice impossible, to reverse transactions. So we donāt have to trust that merchants or customers will abuse the system in order to profit off of each other.
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