The assurance or promise that bitcoin transactions cannot be changed, reversed, or canceled after they are completed is known as finality in the industry. The finality rate of a chain will eventually depend on the latency of the chain.
In other words, finality is a measurement of how long it takes to receive a reasonable assurance that crypto transactions made on a blockchain won’t be undone or altered. In other words, they won’t be misplaced.
Blockchains must have finality because no business wants to wait around for a long time for a blockchain to confirm transactions. Therefore, low latency is essential for creating a successful payment system.
Most blockchain systems only display a probabilistic transaction finality, which means that transactions become “more and more final” over time rather than being automatically or immediately final (as more blocks are confirmed).
In conclusion, the assurance or promise that bitcoin transactions cannot be changed, reversed, or canceled after completion is known as finality in the field of crypto. PoW systems, like Bitcoin, typically take longer to complete than other blockchains, like BNB, which uses the DPoS method.
