Homework on Finality - Questions

Blockchain and Bitcoin 101
#3295

We can say that blockchain has finality or immutability because once a transaction is confirmed on the blockchain, it is irreversible.

This finality of the blockchain produces a trustless environment because transactions cannot be canceled or reversed as is possible with ordinary monetary exchange. This allows for a “trustless” environment because transactions can be verified mathematically and therefore cannot be exploited.

1 Like
#3296
  1. once a transaction is made and confirmed. you cannot reverse it. once you send one party money u cant call your bank and have them reverse anything. all transactions are final once made
  2. it leads to trustless environment because the blockchain has every move made and can be viewed by both parties that the transaction happened and there wasnt any type of third party interfering nor any it being reversed. you dont have to trust someone or an organization anymore instead a network where every move is recorded through blockchain and cannot be deleted.
1 Like
#3297
  1. What do we mean when we say that blockchain has transaction finality/immutability ?
    That’s means that transaction can not be changed or recalled. When it’s done there is no way to undo it.
  2. How does this lead to the trustless environment that blockchain creates ?
    By eliminating trust as once the payment is receive, it’s in your book for good.
1 Like
#3298

  • Once a transaction has happened and was verified by the network, it is final and cannot be reversed.

  • Strangers can do business together without trusting each other as they already know that the system won’t fail them and come on the side of one party instead of the other. Instead, once a transaction is made, it’s final. Everyone on the blockchain network has verified it.

2 Likes
#3299
  • What do we mean when we say that blockchain has transaction finality/immutability?

That trnsactions confirmed in the blockchain are irreversable, can not be erased or altered.

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

Two parties can use the blockchain to agree upon tansfer of value without trusting each other. Dont trust, verify.

1 Like
#3300
  1. Once a transaction is made, it is final and cannot be reversed.
  2. It allows you to trust the network for transactions and not having to place trust on businesses or strangers we conduct transactions/business with.
2 Likes
#3301
  1. What do we mean when we say that blockchain has transaction finality/immutability?

It means that once a transaction has taken place it is irreversible and as an example; if a customer has made a purchase with you, and the payment has been made through the blockchain, once the recipient has the money this cannot be charged back or cancelled which is finality.

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

Blockchain creates trustless environment because the transactions can be verified mathematically, we already have trust with the network and system because of decentralisation.

2 Likes
#3302
  1. Transactions cannot be reversed.
  2. Transactions can be publicly verified. The trust lies on the blockchain.
1 Like
#3303

  1. Once a transaction is executed there is no undoing it.

  2. There is no trust required between parties because the math behind the transaction cannot be manipulated.

1 Like
#3304 
1. What do we mean when we say that blockchain has transaction finality/immutability?

Once a transactiln is committed, it is done. There is no turning back.

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

Buyers can’t scam sellers by using chargebacks.

1 Like
#3305

  1. Transactions can not be changed or removed. Once the transaction is made it will stay on the blockchain forever.

  2. We do not need to trust anyone because we can verify every transaction on the blockchain.

1 Like
#3306

  1. All sales and transactions are final. There are no refunds when a transaction has been made.

  2. Using the blockchain you longer have to fear that someone will cheat you out of your money, there are no refunds, you can check, verify weather or not someone got the funds or not.

1 Like
#3307

  • What do we mean when we say that blockchain has transaction finality/immutability?
    It means that when the transaction is done no turning back.

  • How does this lead to the trustless environment that blockchain creates?
    Because you trust in the system thru confirmation instead of a person.

2 Likes
#3308

Homework on Finality:

Q1: What do we mean when we say that blockchain has transaction finality/immutability?

A: What is meant by saying ‘blockchain has transaction finality/immutability’ is that once a transaction is done, it will be on the blockchain forever, it cannot be reversed, changed, or erased.

Q2: How does this lead to the trustless environment that blockchain creates?

A: Finality/Immutability leads to the trustless environment blockchain creates by removing the need to trust in those using the network, by providing irreversible, unchangeable, non-erasable verification of every transaction which happens on the network.

2 Likes
#3309

1. What do we mean when we say that blockchain has transaction finality/immutability?
It means that every transaction that is added to the blockchain cannot be modified, reverted or deleted in any way. From the database perspective, it means that you can’t change the data, and from the business one, it means that all transactions made in a blockchain are final, therefore both parts in the business agreed that they received their part of the deal.

2. How does this lead to the trustless environment that blockchain creates?
Because you are sure that any transaction that took place in the blockchain was approved by both parts and “witnessed” by the nodes in the ledger. So, the blockchain store facts. Then you only need to verify what happened.

2 Likes
#3310
  1. Once a transaction has been confirmed by the blockchain network, it cannot be canceled, removed, or reversed through any means. Blockchain technology is also immutable, meaning that any confirmed transactions added to the network can never be modified.
  2. A trustless environment allows blockchain to exist as a global technology as it allows a business to happen between strangers without security risks.
1 Like
#3311

  1. Once a transaction happened, it can’t be reversed.
    Mining people check it and it will be there forever.
    A transaction is set in stone.
    As opposed to retailers/shoppers relationship and the possibility for shoppers to scam retailers, blockchain won’t allow this to happen in the crypto world.

  2. How does this lead to the trustless environment that blockchain creates?
    Blockchain technology allows exchange to be done between people or businesses without security/scam risks.

1 Like
#3312

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    -once you make a transaction, it’s done, you can’t reverse it

  2. How does this lead to the trustless environment that blockchain creates?
    -positively, because we don’t need to be afraid of doing business with less known people or just getting some transactions in crypto, we can be guaranteed once we receive the transaction on blockchain it’s gonna stay in our pocket

1 Like
#3313
  1. It means that once a transaction has been accepted by the network, it cannot be reversed.
  2. it means that malicious parties cannot reverse transactions (e.g. reversing payment once a product has been delivered)
1 Like
#3314
  1. The transaction cannot be altered. Once it was executed/completed it is not reversible.
  2. The irreversible state of the transaction makes it trustless. We can rely on the fact that the transaction was completed and executed by both parties involved
1 Like