Homework on Finality - Questions

Blockchain and Bitcoin 101
#202
  1. It means that once the transaction is done you can’t change it. There is no way even for the superman to do that.
  2. It leads to thrustlesness by making it impossible to scam someone by telling him or her that money is wired and than calling back to cancel.
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#203
  1. What do we mean when we say that blockchain has transaction finality/immutability?
  • When someone sends a transaction on the blockchain, that transaction is considered finalized. There are no charge backs that can occur on the blockchain. It’s impossible to take back and or cancel the transaction. It is immutable and cannot be altered or changed
  1. How does this lead to the trustless environment that blockchain creates?
  • This trust-less decentralized environment of blockchain allows individuals to transact with complete strangers without having to actually trust one another. Because every transaction on the blockchain is based into the protocol. Thus allowing people to trust in the math rather than each other
#204
  • What do we mean when we say that blockchain has transaction finality/immutability? A transaction cannot be reversed or charged back.
  • How does this lead to the trustless environment that blockchain creates? Strangers can do business together and be assured that the transaction can not physically change once it occurs.
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#205

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means what is stored in the blockchain could never be tampered or changed. Any transactions made is final and could not be reversed.

  2. How does this lead to the trustless environment that blockchain creates?
    No one can commit a fraud by doing a charge-back or lying that a transaction has been made.

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#206

What do we mean when we say that blockchain has transaction finality/immutability?
Transactions are public, permanent and can’t be changed or reversed.

How does this lead to the trustless environment that blockchain creates?
Blockchain is a technology that provides trust as an impartial third party. You don’t have to trust the stranger you are transacting with, you only need to trust the public permanent ledger.

#207

1- There are no chargebacks
2- I dont need to trust the other (or thirdy) party when it comes to chargebacks, double spending etc

#208
  1. Once the transaction is done, it can’t be changed or reversed.
  2. If we know that the transaction can’t be changed, we don’t have to rely on trust.
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#209

1.Finality is an important feature of blockchain, once a transaction has been made (even by mistake) it can’t be reversed.

2.The finality feature in blockchain leads to trustless environment by providing a fair protocol that is backed by math and nothing else.

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#210

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?

Transactions cannot be reversed or changed.

  1. How does this lead to the trustless environment that blockchain creates?

Trust is not required as transactions can be transparently verified and are true forever as they cannot be changed.

#211

  1. Once a transaction is complete it cannot be reversed. The system verifies mathematically the transaction is complete and it’s physically impossible to change.

  2. The blockchain is a trustless environment because there is no way for any party to reverse the transaction once it’s completed.

#212

  1. Once the transaction is done and confirmed by the network, there is no way back. The transaction is saved in the blockchain network and nobody can change, erase or reverse it.

  2. In this kind off environment you trust the network, not the person in the other side. In a normal transaction there are ways to reverse it, in blockchain this is not possible to do. Even if someone is making a transaction with a complete stranger, the blockchain network is the only thing they have to trust… not the person in the other side.

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#213
  1. Confirmed transactions can’t be undone. After this happen, the blockchain ledger will store it for ever.
  2. Due to the immutable nature of the blockchain, transactions can’t be reversed or duplicated. Duplication and any other manipulation of the ledger history becomes impossible, creating a trustless enviroment, where verication and not trust is needed.
#214
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once the transaction has gone through, there is no way of reversing it.
    How does this lead to the trustless environment that blockchain creates?
    Both sides of the transaction will have complete confidence that the agreed transaction has taken place and it can’t be changed by either person involved in the transaction.
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#215

**1. What do we mean when we say that blockchain has transaction finality/immutability?
You can not go back and change a transaction, it is final.
2. How does this lead to the trustless environment that block chain creates?
The trust is in the math, the block chain protocol. Not with any individual. You can transact with anyone without having to trust them.

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#216

  1. No one can reverse a transaction, once a transaction is complete its on the blockchain forever.

  2. This creates a trustless environment because we are all trusting in the network (which is built on solid math)not each other, this allows complete strangers to do business

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#217

Once a transaction has been recorded on the blockchain it can’t be refuted or removed and is in the permanent ledger as fact.

A trust-less environment between people is made by both parties being able to trust in the math/physics/pos/pow blockchain enabling business to be conducted honestly without trust.

#218

1. Once a transaction happens, there is no way to turn it back.
2. Now we can trade with strangers because we both are using a trustless system: Maths supports it.

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#219
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once transaction is confirmed, it cannot be reversed.
  2. How does this lead to the trustless environment that blockchain creates?
    Transactions cannot be reversed.
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#220

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Ans. It means transactions once verified and completed cannot be altered or deleted. Once a transaction is added it is a permanent record. Basically, “Buyer Beware, All Sales are Final.”

  2. How does this lead to the trustless environment that blockchain creates?
    Ans. Due to the nature of immutability in the blockchain, trust is not needed to do business with strangers on the network. So knowing your customer or business client is not necessary since the mediator (the blockchain) mathematically verifies all transactions and ensures all transactions are final.

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#221
  1. When a transaction is recorded, it is virtually impossible to delete it.
  2. Because you can’t delete data, it’s impossible for someone to claim someone didn’t pay for something if they did.