Homework on Finality - Questions

Blockchain and Bitcoin 101
#3675
  1. That whenever a transaction is executed it can’t be undone.
  2. Because it ensures that when you receive the information of a transaction, you’re certain that it can not be changed.
1 Like
#3676
  1. once a transaction occurs, its final. There is no way to reverse it or change it (immutable)
  2. if the blockchain follows the protocol and is immutable, there is literally no one to trust. Trust is the protocols and math.
1 Like
#3677

Homework on Finality

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Blockchain has transaction finality/immutability as once a transaction has happened, it is permanent and there is no way of reverting it back or changing it. There is a permanent final record on the distributed ledger.

  2. How does this lead to the trustless environment that blockchain creates?
    A trustless environment is created due to finality. The fact that transactions cannot be reversed or manipulated removes the need to trust the person you are dealing with and allows us to do business with strangers without having to trust them.

2 Likes
#3678

Answers to “Finality” Questions:

  1. Once a transaction is done, it can’t be reverted. It’s final and permanent on the blockchain.

  2. Can do business with total strangers, because transactions are final. Therefore chargebacks are not possible.

2 Likes
#3679

  1. When the transaction as been accepted by the blockchain it becomes a part of the chain thus can never be reversed. In this sense like the Runestone we added the new rune but we can’t erase it.

  2. Magically then we don’t have to trust the buyer/seller because we both put our faith in the protocol that we both have chosen to use (LINK,BTC,ETC)

1 Like
#3680

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    That the transaction cannot be changed or hacked. So it is final, immutable. If it is confirmed and added to the blockchain then it is permanent.

  2. How does this lead to the trustless environment that blockchain creates?
    That someone can be sure that will not become a victim of some scammers who would reverse the payment after for example receiving the purchased goods.

1 Like
#3681

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means the transactions can not be modified, deleted or hidden

  2. How does this lead to the trustless environment that blockchain creates?
    all transactions can be verified and public, but more importantly the finality creates the sense of security by knowing the user has only one chance to make it right, this will also prevent fraud.

2 Likes
#3682
  1. It has finality because the transaction is verified and cannot be removed, even if a customer wants to make a chargeback.
  2. This leads to the trust less environment because the permanent data makes is impossible for people to question the transaction or create fraud related to it.
2 Likes
#3683

  1. Once the transaction has been made it is permanent and you cannot undo it.

  2. Since the occured transactions irreversable and unchangable, there is no need to trust anyone/anything that the transaction will happen and there is no option to undo it.

2 Likes
#3684

  1. Once a transaction has taken place it cannot be changed, modified in any way, or removed.

  2. Faith is gained in the process because all parties know that things are final and cannot be changed or hidden. There is no need to trust a central party.

1 Like
#3685
  1. blockchain transactions are nonreversable, and once completed are there in the blockchain forever fully immutable
  2. removes trust from the transaction, as anyone can deal with anyone without even knowing each other, fully relying on the magic cocktail of cryptography and value transfer protocols
1 Like
#3686

1, Once a transaction has taken place it is final and can not be reversed, it will be printed on the blockchain forever
2, The network can verify the irreversible transactions which create a trustless environment when we do business with strangers.

1 Like
#3687

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction is confirmed it cannot be undone or changed in any way.

  2. How does this lead to the trustless environment that blockchain creates?
    Because no paarty can alter the transaction once it is committed to the blockchain, eliminating the ability to do fraus in the transaction process.

1 Like
#3688
  1. What do we mean when we say that blockchain has transaction finality/ immutability?

In blockchain, the transaction is the finality wich means it cannot be reversed wich makes it impossible to fraud. Once a transaction is done, it is set to be true and is added to the system of blockchain, it is added to the history of transactions and cannot ever be modified.

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

This leads to the trustless environment that blockchain creates because if the transaction is possible, which means that if both parties are telling the truth about the information they are giving for the transaction to be done, and if the network of computers agree and give consensus relying on the history of transactions provided by the blockchain database, the transaction is added to the blockchain system and it can never be undone; it is now part of history.

1 Like
#3689
  1. It means that once a transaction has been verified in the blockchain, it cannot be reversed.
  2. Transactions can be trusted that they cannot be undone/reversed. All transactions are written in the blockchain ledger and it are verified by several nodes.
1 Like
#3690
  1. Once a transaction is made there is no way to take it back, it will stay in the blockchain forever
  2. It is based on math and protocol sao we don’t have to involve human trust.
1 Like
#3691

1.) Once a transaction has been made on a blockchain, it is physically impossible to undo/rewrite that transaction without convincing a significant amount of the network hosts to do so.

2.) Every transaction on the blockchain is public, and the blockchain acts as a 3rd party which has no motivation to do anything other than correctly record transactions that have happened. This means that if a buyer pays for something, they can prove that they’ve paid for it forever once they’ve made the transaction. Alternatively, if someone is selling something, they can prove whether or not they’ve been paid for whatever service they’re providing.

1 Like
#3692

  1. When a blockchain contract has concluded its purpose then funds/assets are released as an acknowledgement that the product of the contract has been delivered. The transaction when concluded is final and will have no reason to change as it becomes a testiment that all facets of the contract were met and any payments released. Immutability is a valuable component of the smart contract in that it can be examined at any time publicly.

  2. There is no need to trust that payment will be issued upon completion because it is normally included as part of the smart contract. Once finalized, both parties have, by design, fulfilled their portion of the contract.

1 Like
#3693

  1. Transaction made and validated is forever stored in the block. And there is no way to reverse it, because data on the block can not be deleted.

  2. It creates the environment where no trust is needed because everything is validated by the entire network, and impossible to manipulate.

1 Like
#3694

1 - When an entry is added to the blockchain it cannot be removed.

2 - This means that anything and everything in the blockchain was proven to be true and must still be true as all blocks are built on top of each other. This means all parties using the network can verify any entry as far back as the history of the blockchain goes.

1 Like