Homework on Finality - Questions

Blockchain and Bitcoin 101
#3635

1. What do we mean when we say that blockchain has transaction finality/immutability?
Once a block is confirmed by consensus it will be added to the ledger of all full nodes. The new block is connected to the blockchain via an unique hash. So it is nearly impossible to change information inside a block which is already fixed between two other blocks. By changing information in a fixed block also the hash is changed and result is a fork of the original ledger.
2. How does this lead to the trustless environment that blockchain creates?
For any change inside the blcokchain or the protocol it would need consensus of the majority. So either the majority agrees a change of the prtotocol or it continues as it was before. So for an individual or smal group it is nearly impossible to manipulate the informaiton inside the blockchain. So there is no need of trust at all.

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#3636
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Each transaction on blockchain is final, which means it cannot be reversed. Once it happens, it happened. Immutability means that when transaction goes through, it can be tracked and verified.

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

In trustless environment, math and physics are used to verify the transactions. Through proof-of-work, miners protect the network by using actual electricity, therefore strengthening the network stability and trust.

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#3637
  1. What do we mean when we say that blockchain has transaction finality/immutability?

That transactions cannot be reversed or edited once made. This does mean it might not be suitable for use cases where reversing transactions is desirable.

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

There is no opportunity to chargeback because there is no intermediary handling the transaction, trust is all placed in the network.

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#3638

  1. Finality means it cannot be undone. The transaction is final when confirmed on the network. There is no ā€œi changed my mindā€ or ā€œI didnā€™t mean to send thatā€. It is final no re-dos. No refunds no changes.

  2. The blockchain network creates a trustless environment because what happens on blockchain stays on blockchain. There is no deletions and no changesā€¦ you can only add to the blockchain.

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#3639
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    When a blockchain has transaction finality/immutability, once a transaction happened, it happened. It cannot be undone. The mathematics used to verify cannot be undone or reversed, thus rendering the transaction immutable and irreversible.
  2. How does this lead to the trustless environment that blockchain creates?
    When it comes to strangers doing business on a blockchain that has transaction finality/immutability, they are not trusting each other but mutually trust the system protocol and verification process instead.
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#3640
  1. Finality in transactions on blockchain is the inability to remove data in a transaction if it is confirmed within the network and therefore that transaction is then final and cannot be changed.

2.The trustless environment that blockchain creates does not allow data to be changed, there are no refunds. Everything is verified, confirmed and final. For instance, this can prevent scammers from saying they never received a product and then asking for a refund.

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#3641
  1. Transaction irreversibility once it is approved and immutability as transaction is stored on block permanently.
  2. Trust-less business opportunity due to finality of process.
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#3642

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    This means that all transactions are final and canā€™t be edited.
    Finality- Once a transaction is sent it canā€™t be unsent.
    Immutability- Once you create data in the blockchain, it canā€™t be removed.

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

This allows strangers to feel more comfortable t do transactions with strangers because no one has to trust anyone, you trust the networkā€¦

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#3643

  1. What do we mean when we say that blockchain has transaction finality/immutability? it means once the transaction is complete there is no way to reverse that transaction, and it will not disappear from the blockchain.

  2. How does this lead to the trustless environment that blockchain creates? you donā€™t have to put your trust in someone elseā€™s hands. everything can be verified through the blockchain.

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#3644

  1. This means once a transactions has happen thereā€™s no way of getting it back

  2. Transaction canā€™t be reversed or duplicated

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#3645

  • What do we mean when we say that blockchain has transaction finality/immutability?
    ONce a transaction happens it cannot be reversed.

  • How does this lead to the trustless environment that blockchain creates?
    That people can do business with strangers.

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#3646
  1. What do we mean when we say that blockchain has transaction finality/immutability?
  • Transactions made on the blockchain cannot be reversed, modified. For example, you canā€™t force a chargeback.
  1. How does this lead to the trustless environment that blockchain creates?
  • You are able to do business with strangers without the fear of being scammed.
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#3647

1,Finality and immutability indicate that a transaction event or outcome is complete, not able to be reversed or tampered with.
2. The reliability that finality engenders is to creates an environment or ecosystem where trust is not required and strangers can rely on the ledger output.

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#3648
  1. When a transaction has been verified by the network it is absolutely FINAL and it cannot be reversed.
  2. It means that you can do things with a sense of trust in the network itself as opposed to individuals. This means doing business with strangers is safe for example.
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#3649
  1. Once a transaction has been verified and documented on the chain it cannot be changed or deleted.
  2. All parties know things canā€™t be changed.or refunded so they will be more likely to verify transactions before committing to them.
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#3650

1.) Blockchain finality is present be cause once a transaction is adequate it is final and can not be reversed or changed.
2.) Trustless environment arises in the fact that to entities can engage in a transaction and once complete it is final. Neither party can attempt to scam the other.

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#3651

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    When the transaction is confirmed, canā€™t be deleted or reversed.

  2. How does this lead to the trust less environment that blockchain creates?
    This improve trust. We can do business with strangers, because we trust the network.

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#3652

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means that once a transaction has happened, it is permanently on the blockchain forever, with no way or removing, reversing or changing it later on.

  2. How does this lead to the trust-less environment that blockchain creates?
    Because if a transaction recorded permanently onto the blockchain without being able to be changed or removed and that transaction has been verified by multiple nodes before being put on the blockchain, there is no way to dispute it.

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#3653

Its means that we dont need to believe and trust someone we dont knowā€¦(in bussiness its one of the important things to verifyā€¦ in my case i remember i had problems with my clients with the payments :woozy_face: ) we have a blockchain network to trust in that and verify for us mathematically if the tranfers have completed! :star_struck:

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#3654
  1. Once a transaction is done it canĀ“r be send back. ItĀ“s final.
  2. Because it makes sure that the customers cannot complain/scam/reverse a product that a business have send, so it clears the pathway between two senders.
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