Homework on Finality - Questions

Blockchain and Bitcoin 101
#3515
  1. What do we mean when we say that blockchain has transaction finality/immutability?
  • Transactions can’t be undone
  1. How does this lead to the trustless environment that blockchain creates?
  • Each transaction is verified and can be seen in ledger
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#3516
  1. confirmations on transactions cant be reversed
  2. people don’t need to rely on trusting each other because they trust the network to process transactions
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#3517

  1. What do we mean when we say that blockchain has transaction finality/immutability? No “take-backs”
    . Once written to the Blockchain, it is not retractable.

  2. How does this lead to the trustless environment that blockchain creates? We can be sure that transactions will not be tampered with later, because we don’t have to trust the stranger or corporation.

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#3518

1)the transaction has finality because it cannot be reversed or removed from the blockchain.

  1. this finality removes trust because it allows everyone to verify, once a transaction has been made.
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#3519

its impossible to revers or scan transactions once executed

I dont have to have trust strangers because transactions cant be duplicated or reversed.

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#3520

  1. Finality refers to the fact that once a transaction has been confirmed on the network, it is immutable and irreversible. It stays on the blockchain and public ledger.

  2. Prevents scamming from sellers or customers, once a transaction has been approved by each party it is considered agreed upon by both sides and cannot be taken back.

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#3521

Blockchain has transaction finality/immutability in that once a transaction is put on the blockchain, it is permanent or final. It can not be removed from the blockchain.

How does this lead to the trust-less environment that blockchain creates?
People can trust that the network has an unreversible record of the transaction and that people must fully agree on the transaction before it is done because they can’t change their mind later. This also prevent scammers and credit card charge backs.

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#3522
  1. When we say blockchain transaction has finality we mean it can’t be reversed - undone
  2. Finality leads to a trustless environment meaning “trust” is not required because transactions can be independently verified.
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#3523

  1. What do we mean when we say that blockchain has transaction finality/immutability? - Transactions are irreversible and unchangeable.

  2. How does this lead to the trustless environment that blockchain creates? - Transactions are recorded and verified publically.

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#3524
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It can’t be reverse. Final.
  2. How does this lead to the trustless environment that blockchain creates?
    You can make business with stranger and trust the network to verify.
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#3525

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction has been submitted it is final. It is mathematically impossible to reverse/cancel that transaction. Anyone can see that the transaction has occurred but they cannot stop it.

  2. How does this lead to the trustless environment that blockchain creates?
    You can do transactions with anyone, including strangers. You don’t need to trust each other. For example if you are buying someone’s product you can directly send them the money in bitcoin and it doesn’t need to go via a 3rd party who could intercept or steal the money. Everybody can verify.

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#3526
  1. Once it has been confirmed the transaction is on the immutable blockchain. It can’t be revoked.
  2. Users of a blockchain don’t have to worry about transactions being retroactively reversed.
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#3527

  1. It means that when a transaction is confirmed it cannot be reversed and/or changed.

  2. Because it ensures that a transaction or lack thereof can be easily verified without doubt

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#3528

-What do we mean when we say that blockchain has transaction finality/immutability?
It means that once the transaction is done, it cannot be changed
-How does this lead to the trustless environment that blockchain creates?
Relying on mathematical protocol instead of relying on strangers, institutions, authorities, etc.

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#3529

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction has been processed and added to the Blockchain, it cannot be reversed.

  2. How does this lead to the trustless environment that blockchain creates?
    Because it cannot be reversed and it can be verified with math. By trusting math and the protocol, it eliminates the need for trust between strangers.

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#3530

  1. once a transaction has been confirmed by enough nodes, it can not be changed or deleted.

  2. no need to worry about the counterparty reversing transactions…

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#3531
  1. Once you made a transaction you cant take it back. You cant cancel the transaction. It verifies mathematically.
  2. Because you dont have to trust the person who send you money. When he send it to you, you will get it. It cant be canceled.
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#3532

  1. Once you have made a transaction, you can´t reverse it, it´s there forever.

  2. Because no one can fool you and then take the money back.

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#3533
  1. What do we mean when we say that blockchain has transaction finality/immutability? It means that once a transaction is done, there’s no rollback, no way to reverse it.
  2. How does this lead to the trustless environment that blockchain creates? With a bank you can call after making a payment and say that was a fraud, it wasn’t you. But on blockchain there are no trust issues. It’s a plain math & protocol environment.
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#3534
  1. It means that once transaction happens it cannot be canceled, or refunded.
  2. It means that you can do business with strangers without fear that they will refund their money after getting the product or service, through bank, or other central authorities
1 Like