Homework on Finality - Questions

Blockchain and Bitcoin 101
#3355

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means once a transaction is made, it’s final. You cannot get it back under any circumstances.

  2. How does this lead to the trustless environment that blockchain creates?
    We end up depending on the system and the math and protocol behind it, rather than people.

2 Likes
#3356

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction is confirmed on the blockchain, there is no way of reversing said transaction.

  2. How does this lead to the trustless environment that blockchain creates?
    By creating the stability required for said environment with unbiased transaction confirmations and in the inability for one party or the other to abuse the transaction in anyway.

2 Likes
#3357
  1. If it’s there … it’s there; no deniability, no claw back …
  2. Absolute confidence in verification.
1 Like
#3358

Thank you. Great point and information for me, as a new user engaged in this space, to know.

2 Likes
#3359

  1. transaction finality cannot be disputed or reversed. once a transaction is processed, it is tracked on the blockchain ledger eternally and cannot be altered.

  2. the network consensus (ultimately, finality) of a transaction can be relied upon as truth. therefore, it allows one to conduct a transaction across the blockchain with any individual/entity without the threat of invalidation. the rules of engagement are predetermined, thus cannot be disputed or altered - making it a trustless environment. one does not need to rely upon trust to validate a transaction.

1 Like
#3360

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    This means that this transaction is final (irreversible) and forever on the blockchain. Cannot be deleted or modified.

  2. How does this lead to the trustless environment that blockchain creates?
    This means that every single transaction can be verified historically and no matter how many times you verify those transactions, it will forever be the same on those blocks.

1 Like
#3361

  1. Once a transaction has been completed and confirmed, it cannot be reversed.

  2. People/companies cannot reverse payments in order to scam others.

2 Likes
#3362
  1. What do we mean when we say that blockchain has transaction finality/immutability?

This means that once a transaction has taken it place its final, there is no reversing it.

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

We all trust the technology, instead of having to give someone credit card information and trust them with it we can just send it and its final. This also allows us to conduct business and transactions with complete strangers.

1 Like
#3363

  1. Blockchain transactions that have happened can not be reversed or taken back.

  2. This prevents people or companies from taking advantage. There are no returns/charge backs or any type of stealing involved allowing business with strangers without the need for trust.

1 Like
#3364
  1. you cant take a transaction back once it is Made and finalized, you cant go back and change it
  2. there would be no need for trust, because the transaction are irreversible.
1 Like
#3365
  1. That entries cannot be changed after they have been accepted onto the blockchain.
  2. It ensures that no one is altering records
1 Like
#3366

  1. Transaction finality is when a transaction cannot be reversed. This is possible by using the blockchain network.

  2. This leads to a trustless environment because it removes the entire need to trust the person on the other side of the transaction, all you need to trust in the algorithm that is verified by math and proof of work protocols that cannot be changed. This eliminates any uncertainty.

1 Like
#3367
  1. Blockchain finality means that once a transaction is complete, it is non-reversible, there are no charge-backs.
  2. Knowing the finality principle, users understand the objective of the network math protocol verification for completing transactions, enabling a secure environment for doing business globally.
1 Like
#3368

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

    • When it is complete it is done, and cannot be changed or reversed. Contract is complete.
    • Any changes would need to be done in a new transaction or contract.

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

    • Both parties are clear that nothing can be changed. The blockchain effectively does the ‘hand-off’/‘exchange’, and is recorded and the ledger/records are unchangable.
    • There is no ‘after-charge’ or ‘reverse charge’ or duplicate charge.
    • There is not one entity that controls the blockchain/ledger record so it is immutable and verified by node consensus.
1 Like
#3369

  1. A blockchain transaction has finality in that once it is made it cannot be reversed or changed once it has been confirmed.

  2. A trustless environment is created because you can do transactions with strangers and can be assured that the transaction is legitimate.

1 Like
#3370

1.The transaction are irreversible and ones made you can’t undo it.

2.A consistent network is made, on which you can rely on because there is no central authority.

1 Like
#3371
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction has happened, there is nothing you can do to reverse the transaction. Transactions on the blockchain is final and irreversible.
  2. How does this lead to the trustless environment that blockchain creates?
    Having finality mean we can mathematically verify that the transactions have happened. No one can cheat the system.
1 Like
#3372

Homework on Finality - Questions

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

When a transaction has been sent it is irreversible - nothing can be changed

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

By making it irreversible, strangers, for example, can ‘trust’ that a transaction has been completed & it can’t be reversed. The network provides the consensus - transactions can be mathematically verified on the ledger.

1 Like
#3373
  1. Its non revirsebel and cannot be undone.
  2. one can be sure one has been paid once you see the transaction has been confirmed in the given blockchain.
1 Like
#3374
  1. Meaning once a transaction is made, it cannot be reversed. That charge backs rely on trust to reverse transactions,which also could open a window to get scammed. Transaction finality depends on math and transparency .
  2. By blocking the charge back system, so that nobody gets scammed.
1 Like