Homework on Finality - Questions

Blockchain and Bitcoin 101
#3375

  1. It means that once a transaction has been made it cannot be reversed. It will live in the blockchain for ever.

  2. Because is verifiable through mining and proof of work.

1 Like
#3376
  1. It cannot be undone
  2. because you do not have to trust that an individual will come through with his payment.
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#3377

  1. Finality/immutability means that once a transaction is made it canā€™t be edited or reversed.

  2. It leads to a trustless environment because we can be certain that the ledger is permanent and there will be no future chargebacks.

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#3378

  1. Multiple nodes confirm that the transaction is in fact valid.

  2. Transactions are transparent

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#3379

  1. Transaction finality means once the transaction is done it cannot be reverse, there is no second chance.

  2. A trustless environment on the blockchain is great because it remove the risk of not knowing the outcome and the transaction is there to be seen by anyone forever.

1 Like
#3380

Transactions cannot be reversed

It can be verified mathematicaly and people trust the network because of this

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#3381

  1. It means when transaction happend there is no way to revers it (once you send money you canā€™t get it back).

  2. You donā€™t have to trust to other people, you are relying on yourself.

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#3382
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Finality means that once added to a block a transaction canā€™t be undone. It is not possible to change something about the history of the blockchain as a whole.

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

This finality ensures that parties have actual commitment to the transactions registered to the blockchain. Resulting that instead of trusting the other (or another) party, both will rely on the protocol and thus no trust is needed in the other party.

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#3383

  1. Once a transaction happens on the network it is final.

  2. Trust is in the network where all transactions can be verified mathematically, allowing for strangers to do business with one another.

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#3384
  • What do we mean when we say that blockchain has transaction finality/immutability?
  • How does this lead to the trustless environment that blockchain creates?

  1. The finality and immutability of blockchain means once a transaction has been entered then it cannot be changed. The ledger can not be altered once dta has been entered it stands for time immemorial.

  2. Trust is no longer a requirement as the blockchain technology ensures that all entries can be authenticated and traced. Once a transaction is confirmed it cant be undone.

1 Like
#3385

We mean that blockchain transactions are permanent.

Because nobody can manipulate it, as they can be verified

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#3386
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means once the transaction takes place it cannot be changed or reversed and itā€™s permanent
  2. How does this lead to the trustless environment that blockchain creates?
    You donā€™t need to trust a third party or the person your dealing with because is trust in the network as a whole.
1 Like
#3387
  1. When miners confirm a transaction in the blockchain it is finalized, cannot be undone or altered, it is there forever and ever amen.
  2. Transactions cannot be reversed. Transactions can be verified on the blockchain.
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#3388

1- It means it is final & can not be reversed. Once a transaction happens, it is there for good.

2.- It leads to a trustless environment, because strangers can trust each other, because the transactions are final & canā€™t be changed.

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#3389

  1. We mean all transactions are final without trust but rather with verification

  2. It allows us to conduct business with strangers or other entities weā€™ve never met personally.

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#3390

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Transactions cannot be changed once processed.

  2. How does this lead to the trustless environment that blockchain creates?
    Because transactions cannot be changed.

1 Like
#3391

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Transactions can not be reversed once confirmed. In accounting entries made in the ledger are permanent, old entries cannot be deleted, only new entries can be made in the ledger.

  2. How does this lead to the trustless environment that blockchain creates?
    Once agreed upon transactions made by all parties are verified by the network and are irreversible, the parties need not know each other.

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#3392

The blockchain can not be changed. Once a transaction is completed & verified through math it canā€™t be reversed.

Strangers/Parties can do business because once a transaction is verified it canā€™t be changed. There is no opportunity for once party to reverse the transaction / change the deal.

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#3393

Blockchain has transaction finality means that every transaction published in a block appended in the blockchain cannot be removed or changed. In general, we cannot edit or remove a blockchain. We can only add to it.

When we have a historical list of events that were never edited or changed we do not need to trust another person for the eventā€“all we have to do is verify that this event happened by looking into the blockchain.

2 Likes
#3394
  1. What do we mean when we say that blockchain has transaction finality/immutability?

It means that when a transaction has taken place on the blockchain it cannot be reversed or changed. What is done is done!

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

It means that all transactions is verified and complete. You cannot scam anyone by not giving the payment for a product. It cannot be reversed you cannot commit fraud. Therefore everything gets verified and you donā€™t have to trust that someone will tell the truth.

1 Like