Homework on Finality - Questions

Blockchain and Bitcoin 101
#3235

Finality represents “The Deal is Done”, and or “Done Deal” in laymen’s / Trading terms and can’t change that fact, it’s immutable. Because of this protocol you don’t have or want “trust” It’s like “Bam Bam thank you Sir / Mam”.

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#3236

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    When we say that blockchain has transaction finality, it means that once a transaction has been made and confirmed, that cannot be reversed or changed - it is final.
  2. How does this lead to the trustless environment that blockchain creates?
    This then leads to a “trustless” environment as we do not need to trust that a payment has been made as this is verified by the ledger and this is proof that is final.
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#3237

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Finality means that transactions cannot be reversed or erased.

  2. How does this lead to the trustless environment that blockchain creates?
    It prevents bad faith actions like claiming a transaction is never received.

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#3238

  1. that transaction cannot be modify after are done and will be like this forever

  2. to make you fell comfortable that nothing can be hide or changed by someone if it doesnt recived the consensous by the protocol that run blockchain

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#3239
  1. It means that when it is done it is done. Transaction can not be reversed or canceled.
  2. Because, when transaction has already happened, there is no need for trust or believe. It is factual and consensual.
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#3240

Once a transaction has been approved by the network and recorded in the blockchain, it cannot be reversed.

Reliance is on mathematical protocols, not on individuals. This coupled with irreversibility allows doing business with strangers without the risk of reversal of a transaction.

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#3241

  1. When we say that blockchain has transaction finality it means that it cannot be reversed. It will be on blockchain forever.

  2. This leads to the trustless environment because once transaction happens you don’t have to trust anyone. The system will trust the network and verify it mathematically.

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#3242

  1. Transactions made cannot be reversed or undone.

  2. You cannot scam either from a receiver or sender standpoint. Every transaction can be verified.

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#3243

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    whatever is written in the blockchain it is irreversible
  2. How does this lead to the trustless environment that blockchain creates?
    all activity is always visible, nobody can cheat
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#3244

[quote=“ivan, post:1, topic:8424”]

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

Once a transaction has been verified, it is impossibe for it to be reversed or denied.

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

When it is certain that an agreement/transaction/contract cannot be amended or changed it negates the need to trust the other party because it is physically impossible for them to dishonor the agreement.

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#3245

Basically the deal / contract can’t be reversed.

#3246

Transaction finality/immutability means there is no way to reverse or undo the transaction.
The protocols and transactions can be verified mathematically, so we don’t need to trust any 3rd parties.

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#3247

This leads to a trustless environment because a third party is not needed because the blockchain verified the transactions and the block itself.

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#3248

Once transactions are made they cannot be reversed.

By having this it means they also cannot be duplicated or reversed by anyone on the network

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#3249
  1. Once a transaction is entered into blockchain it cannot be reversed.

2.You know the transaction or agreed-upon deal is final and no one can change their mind or cry foul.

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#3250
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Transactions ae not reversible
  2. How does this lead to the trustless environment that blockchain creates?
    as noone can reverse a transaction fraud can not be achieved by reversing transactions
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#3251

Blockchain has finality because once you’ve made a transaction you can’t undo it. This prevents scams like credit card scams where the customer buys something and then calls their credit card company to say they didn’t make the purchase and they end up getting refunded. This creates a trustless blockchain because scams are not possible.

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#3252
  1. All transactions are final, cannot be changed, listed on a public ledger forever that anyone can access.
  2. Since transactions are final and cannot be changed, there is no need to trust the other party in your transaction. No cancellation or chargebacks
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#3253

  1. Means that it cannot be reversed. Once a transaction is on the blockchain, it is there forever.

  2. Everybody van verify every transaction so nobody needs trust anymore.

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#3254

  1. Once a transaction is executed, it is final, there is no going back and reversing it. It is the basis for the trustless model. The system can’t be scammed. Because of how the blocks are built and the transactions added, it is physically impossible to change.

  2. Once the transaction is made, it is added to the block, it is final. And the block is visible to the network and it can’t be changed.

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