In 2009, Satoshi Nakamoto, a shadowy figure who remains anonymous, created the code that would become Bitcoin and sparked the crypto revolution. The decentralized ledger and blockchain tech that is at the heart of Bitcoin was unlike anything that came before it. The decentralized nature of Bitcoin took the banks’ role as intermediary in financial transactions and redistributed it to a community of users, taking the power out of the hands of the few and giving it to the many.

The literal meaning of finality is immutability, and is a more ancient concept than “decentralization” and “consensus”. Since the birth of ledger, people can discuss and define its finality, which has nothing to do with any technical issues, because ledger at that time is centralized (with a trust intermediary), and like correctness, finality is also the reflection of the will of the intermediary.

How does this technology work?

●   The transaction is started by a majority of nodes after they verify the history of the individual blockchain block. If a majority of the nodes come to agree that the history and signature are valid, the new block of transactions is accepted into the ledger and a new block is added to the chain of transactions. If a majority does not allow the addition or modification of the ledger entry, it is denied and not added to the chain.

If a majority of the nodes come to a consensus that the history and signature are valid, the new block of transactions is accepted into the ledger and a new block is added to the chain of transactions. If a majority does not concede to the addition or modification of the ledger entry, it is denied and not added to the chain.