This is not currently possible and probably never will be in the foreseeable future because of the simple reason of once you send a transaction to another address, you no longer have the private keys to spend that sent BTC.

So any proposal that implements an "undo" transaction will not work out because then anybody could do chargebacks, and normal people would no longer be able to trust that untrustworthy actors have sent their BTC and won't try to take it back fraudulently.