Homework on Finality - Questions

Blockchain and Bitcoin 101
#3575

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

    It means that the transaction can not be reversed. 
    It is in the blockchain.

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

       Anyone can see any transaction on the blockchain.
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#3576
  1. Transaction finality is when a transaction occurs, it is final. No take backs.
  2. This leads to a trustless environment by allowing strangers to make a transaction by relying on the verifying blockchain network instead of having to trust a stranger.
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#3577

1 when transaction is send it cannot be reversed like in traditional systems
2 when someone send you money you can be sure the transaction won’t be rolled back

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#3578
  1. no transactions can be removed from the blockchain
  2. trust is based on math which is absolute
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#3579
  1. The transaction is set in stone, final, permanent and irreversible.
  2. The blocks are mined via POW and are secure, permanent, irreversible and cannot be changed.
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#3580

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

Once a transaction is made, it becomes a permanent part of the blockchain and can not be undone.

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

Since a transaction can not be undone and there are protocols set for security of those transactions, you do not need to trust the transaction. It becomes a permanent part of the blockchain.

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#3581
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Finality means that the information is permanently documented, there can be no reversal.

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

This ensures there are no chargebacks; the information is public, accessible, and can be verified.

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#3582
  1. That we can’t reverse the transaction or cancel it.
  2. because you need to be pretty sure at the moment you create the transaction and who you are sending it. Otherwise you will lose you asset.
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#3583

1.Transactions can never be deleted,always stay on blockchain.

2.No need 3 rdparty to confirm anything,we can do buisness with strangers,and only thing what you need to belive is protocol.

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#3584
  1. It means that when transaction is done there is not way to claim or request my money back.
    2.This leads to a trustless environment because all users know that transactions cannot be reversed. Supply is based on mining and Consensus algorithm.
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#3585

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction has happened, it HAS happened, it cannot be changed nor removed.

  2. How does this lead to the trustless environment that blockchain creates?
    You can now do business with strangers and know that the transaction is good and can’t be pulled back. The transactions are public and can be verified.

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#3586

  1. When transaction has been confirmed it cannot be reversed.

  2. Transactions on a blockchain cannot be cancelled and payments cannot be charged back by opening a dispute or involving central authorities.

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#3587

  1. It means when the transaction has happened it is done, it is recorded in blockchain. So it protects you as a seller if you in case I would like to scam you during the transaction.

  2. Because I trust the network that verifies all the steps between two people, If I pay for something the other side can trust the network that they will receive the money without knowing who I am.

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#3588

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

When the confirmations happen the transaction has occurred. It is verifiable. It can’t be reversed or forgotten or changed.

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

Trusting the (bitcoin) protocol 100% is the key to adoption at all levels.

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#3589
  1. We mean that a transaction cannot be reversed and the data written onto the ledger is immutable and irreversible.
  2. We do not have to worry that a transaction will be later reversed, therefore it is trustless once the transaction has occured.
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#3590

1. What do we mean when we say that blockchain has transaction finality/immutability?
Once a transaction has happened, it cannot be rolled back, it cannot be reversed.
2. How does this lead to the trustless environment that blockchain creates?
Because it reinforces the fact that transactions do not depend on human factors, but on mathematical verification. This leaves out the possibility of scams, of claims about whether a transaction was made or not.

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#3591

What do we mean when we say that blockchain has transaction finality/immutability?
Finality, as the word says, it’s final. Once it is written it cannot be taken back, the only way to get back to the previous state is to write another block, but that as well will be written - not edited or deleted.
Every and each transaction is recorded, forever, in the blockchain, becoming part of it.

How does this lead to the trustless environment that blockchain creates?
Since trustless is about people, the blockchain allows the trust in people to be removed, and adding the trust in the system, the protocol, the math. All this allows a trustless environment for transactions, grating more confidence when making business with people we don’t know, strangers.

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#3592
  1. Once a transaction has been processed it cannot be reversed or removed. It remains part of the public ledger for life.
  2. Finality removes the possibility of fraud or scamming.
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#3593

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    The are immutable; set in stone; cannot be reversed or changed.

  2. How does this lead to the trustless environment that blockchain creates?
    The protocols are trustless, known, immutable, and are automatic once any and all sides enter any transaction.

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#3594

Homework - Finality
Benefits of Using Blockchain
1. What do we mean when we say that blockchain has transaction finality/immutability?
2. How does this lead to the trustless environment that blockchain creates?

From https://academy.ivanontech.com/products/blockchain-bitcoin-101/categories/1689609/posts/5674019

Q1 Blockchain has transaction finality/immutability which means a transaction cannot be reversed or reverted. It is very important for vendors as there are no possibilities of the customer charging back the seller as you can with Visa/Mastercard etc.

Q2 Trustless environment is created because there are no ways of reversal, once it’s written in the blockchain - the transaction is final, as long as you believe in the protocol.

Keywords - Irreversible

Note,

Q2 no 3rd party involved.

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