Homework on Finality - Questions

Blockchain and Bitcoin 101
#3615

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

Blockchain transactions are final, meaning that they cannot be reversed or modified at a later time. For example, a blockchain transaction cannot be charged back like it can on traditional internet money transactions.

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

Having no way to reverse transactions leads to trusting a mathematical verification (mining, proof of work) instead of an individual or organization. The blocks (and the information they contain) added to the blockchain being immutable, it enables strangers to conduct business trustlessly across the globe.

I mean HECK, does it get any better than that?!

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#3616

Blockchain has transaction finality/immutability, since it can’t be un-done
This contributes to the trustless environment that blockchain creates, by providing certainty that completed transactions, stay completed

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#3617
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means once a transaction is made, it cannot be changed or reversed. It is “immutable” by definition.
  2. How does this lead to the trustless environment that blockchain creates?
    It leads to the trustless envionment by enabling transactions between complete strangers that can be verified by the immutable network through math protocol and proof of work.
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#3618
  1. What do we mean when we say that blockchain has transaction finality/immutability?

This essentially means that once a transaction is done and verified it cannot be reversed, it has been finalized and there is no going back

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

This means that since a transaction cannot be reversed one can do business with strangers knowing they cannot just undo the transaction.

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#3619
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    -Blockchains are sort of like informational rune stones , information/transactions can only be added not removed creating “immutability” and once a transaction is approved through the network of computers that approve them through consensus using their copy of the local ledger the transaction is final, this is what is meant when it is said that blockchains create finality. There is no way to unsend and the amount sent cannot be “bounced”.
  2. How does this lead to the trustless environment that blockchain creates?
    -Blockchain makes it safe to conduct business with anyone in the sense that once a transaction is completed no one can call their bank and fraudulently have their money refunded. All transactions approved are final, you do not have to trust people you can trust the network protocols and numbers because they provide facts.
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#3620

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction has been confirmed, no one can take the transaction back.

  2. How does this lead to the trustless environment that blockchain creates?
    It creates trust for the recipient of funds because it means there is no authority anywhere that can take his money from him once he gets it.

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#3621
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction has been sent and is accepted by the network it is final and can’t be altered or taken back.
  2. How does this lead to the trustless environment that blockchain creates?
    The transaction cannot be taken back or changed after it is submitted and accepted, so people know they will not get taken advantage of or lied to.
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#3622
  1. Once a transaction was recorded on the blockchain, it can’t be removed or changed.
  2. It gives total confidence to the users to act based on the settled transactions.
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#3623

Transactions on the blockchain cannot be reversed. This ties into security and also the speed of verification.

The finality of transactions creates an environment of accountablity on the part of the sender in that if you are sending funds you must understand that there is no reversal.

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#3624
  • The transaction has finality means that it cannot be reversed. Once a transaction is on the blockchain it is there forever.
  • This leads to the trustless environment because you can do business with strangers and do not have to trust them. They cannot take the money back because there are no chargebacks.
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#3625
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Finality/immutability means that once a transaction has taken place, it cannot be altered. It has become a permanent item in an immutable ledger.

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

This characteristic completely removes the need for trust in transaction because every transaction is confirmed in completely visible in the immutable and permanent ledger.

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#3626

  1. Finality is the guarantee that past transactions can never change.

  2. It leads to the trustless environment that blockchain creates because is a thing of mathematics to verify whether a transaction is valid or not.

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#3627

  1. all transactions are final and cannot be reversed without a new transactin

  2. it eliminates things like chargeback scams

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#3628
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Simply put, when a transaction is completed, it cannot be reversed or altered.
  2. How does this lead to the trustless environment that blockchain creates?
    Every transaction is mathematically verified on the spot. This eliminates fraud from occurring, allowing an individual to conduct business without the fear of being taken advantage of.
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#3629
  1. Once a transaction is done it cannot be deleted or modified
  2. You dont need to know youre counterpart to do business with
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#3630

1 - Finality means that once a transaction has happened it cannot be reversed, it is permanently in the blockchain.
2 - Since all transactions can be mathematically verified, there is no trust involved.

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#3631
  1. It means that when a transaction happens, it cannot be reversed
  2. It eliminates scamming like in the credit cards systems - there cannot be reversal of transactions. So when a transaction happens, it is 100% sure that it happened, so the users can trust the state of the network as correct.
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#3632
  1. It means the transaction cannot be recalled, revoked or cancelled was it is confirmed on the blockchain.
  2. With this you don’t have to trust anyone to do business with them. You trust on the network and so it is easy to do business with strangers without even meeting them. Provenance, consensus, security, immutability high availability and finality all work together to remove trust.
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#3633
  1. It mean that once you made a payment you can’t get your money back or stop the transaction.
  2. It is a truthless environment because once someone get paid that transaction can’t be modified or stopped.
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#3634
  1. each transaction is final and irreversible, proved by the participants-validators in the ecosystem
  2. the trust-less environment is created as a result of the irreversible transaction verification completed by participants who are mostly unknown to each other.
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