Homework on Finality - Questions

Blockchain and Bitcoin 101
#3075
  1. What do we mean when we say that blockchain has transaction finality/immutability?

A transaction cannot be reversed, meaning that if someone has sent someone money, it is finite and cannot be called back.

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

Everything - including every transaction - can be traced and there is no way for someone to be able to claim that the transaction they made wasn’t their responsibility. The blockchain environment relies on facts about what happened in the network, not on views of individuals or organisations.

1 Like
#3076
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    A transaction cannot recalled or changed - it’s final!
  2. How does this lead to the trustless environment that blockchain creates?
    Transactions are verifiable and recorded on the ledger.
1 Like
#3077

Once the transaction takes place, it cannot be reversed and is final. If you make a mistake with the transaction it can be lost forever.

We can make the transactions with complete certainty that they cannot be reversed and thus scams can be avoided.

1 Like
#3078
  1. What do we mean when we say that blockchain has transaction finality/immutability?

They can not be deleted, removed, edited or altered. All transactions are final.

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

This is one component in the creation of the trustless system of blockchain.

1 Like
#3079
  1. Once a transaction has taken place, it cannot be undone once it has been confirmed.
  2. By this finality it is easier to do business with strangers because there is no need for trust anymore.
1 Like
#3080
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    This means that once a transaction has been made, it cannot be changed - it is there on the blockchain forever
  2. How does this lead to the trustless environment that blockchain creates?
    There can be no fraudulent chargebacks and transactions can be verified mathematically … finality removes the need to trust
1 Like
#3081
  1. Once a transaction has been made it can’t be reversed.
    2.Gives security to the vendor that buyer can’t demand repayment.
1 Like
#3082

  1. when a transaction is confirmed, it is written in the blocks and can not be removed or turned back. so when its done, its final.

  2. you can do buisiness with people you dont know or trust, because the system creates the trust for you

1 Like
#3083
  • What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction is completed, it cannot be reversed or altered in any way
  • How does this lead to the trustless environment that blockchain creates?
    As the transaction is final and based upon mathematical conditions there is no need to trust an individual or organisation
1 Like
#3084

  1. It means that once a transaction is sent it can never be returned or " charged back" like with traditional banks.

  2. This allows two people across the world to be able to trust each other as they can place their trust on the Network as opposed to blind trust. Once a transaction is sent it is final. No charge backs.

1 Like
#3085

  1. that after the transaction is confirmed there is no reversing it at all.

  2. you can do business in the blockchain without verifying a trusted party once the funds are received they cannot be clawed back.

1 Like
#3086
  1. What do we mean when we say that blockchain has transaction finality/immutability?

The transaction can’t be reversed.

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

All transactions are verifiable, allowing everyone to do business with strangers globally knowing that both parties are secure in the transaction.

1 Like
#3087

1.- It means that when a transaction is done/verified it can’t be withdrawed or changed. It has happened and nobody can change it

2.- For example if I make business with anybody and receive a payment for a sold item I definitely have received the amount of money and the buyer can’t betray me by calling their bank to withdraw their payed money. So I don’t have to trust a single person because I can trust the blockchain verified transaction.

1 Like
#3088

1.- It means that when a transaction is done/verified it can’t be withdrawed or changed. It has happened and nobody can change it

2.- For example if I make business with anybody and receive a payment for a sold item I definitely have received the amount of money and the buyer can’t betray me by calling their bank to withdraw their payed money. So I don’t have to trust a single person because I can trust the blockchain verified transaction.

1 Like
#3089
  1. A transaction can not be changed, cancel or deleted. it is final.
  2. No need for trust, can do transaction with unknown person or business, because transaction are final.
1 Like
#3090
  1. Transactions are final, cannot be erased or cancelled.
  2. We remove trust and base on network only. You’ll think twice what’s your spending your money on.
2 Likes
#3091

1.This means transactions are final, Once they happen their is no way of changing or removing this transaction.

  1. you trust the Network, the system/protocol and math which leads to a trustless environment towards people and business because its not needed because it can all be verified and transaction are public forever.

Are these ok community, any criticism is appreciated !

1 Like
#3092

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    -> if a transaction is accepted and written to the chain, it cannot be altered anymore and thus is final.

  2. How does this lead to the trustless environment that blockchain creates?
    -> Everybody knows that things are not reversible and therefore can trust the current state of things as fact without having to trust someone.

1 Like
#3093

  1. Blockchain has transaction finality/immutability means that data transactions cannot be reversed or changed.

  2. Blockchain finality creates a trustless environment by ensuring that people do not need to trust unknown parties, but rather can trust in the math and trust the network.

1 Like
#3094

Full audit trail and all transactions when validated are final

1 Like