Homework on Finality - Questions

Blockchain and Bitcoin 101
#3715

  1. Because of maths, transactions are final, no change back. Mining needs electricity to create blocks and this is not possible to remove, so remove the need of trust.

  2. As transactions can´t be removed or changed this lead ti the trustless enviroment.

1 Like
#3716

1 - Cannot be reversed. It’s final.

2 - It’s final. No trust needed. Miners are incentivized.

1 Like
#3717
  1. Transactions once completed become unchangeable due to the fact that blocks agreed upon in the blockchain are absolute.
  2. This leads to an environment where complete strangers with no connections to one another whatsoever can do business. For an individual this would greatly improve the amount of people business can be done with, without the need to stress about bad actors not holding up their end of the bargain.
1 Like
#3718
  1. Transactions cannot be reversed
  2. We know that once we have the exchange of money, it cannot be returned.
1 Like
#3719
  1. It means that every transaction is irreversible. If you make a transaction is final. You can’t take it back.
  2. Transactions are irreversible and public. There is no need to trust anyone, the blockchain protocol will do the job.
1 Like
#3720

  1. Blockchain provides transaction finality by not allowing users, who provided a currency for a good or service, to reclaim their currency from their respective banks, after receiving the good or service. This is preventing consumers from scamming those who provided them with the good or service they requested.

  2. This enables the ability to make deals and transactions with strangers without having to worry about losing currency or not receiving the good.

1 Like
#3721
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once transaction data is committed to the blockchain (through validation) it can never be reversed or modified in any way.

  1. How does this lead to the trustless environment that blockchain creates?
    You can send or receive without needing to trust the counterparty. Once the transaction is written to the blockchain, it is complete… forever.
3 Likes
#3722

Blockchain achieves finality because once it is part of the chain is is impossible to remove like digital stone so it is also immutable.

This removes the need for Trust because No can say I never received that. When the transaction enters the chain it is verified and validated. This will eliminate doing business with a total stranger in another country.

3 Likes
#3723

HW on Finality

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

Finality within the blockchain means that once a transaction has happened, it is there forever. There is no way to get a charge back. (Ex: Retail customers calling their bank to dispute an online purchase and get a refund.) The accuracy of the transaction is stored on the blockchain forever and cannot be changed.

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

Transactions on the blockchain are final and can be verified mathematically because of mining and proof of work. There is no need to rely on blindly trusting someone’s word about the accuracy of a transaction. If there is a dispute, one can consult the blockchain to determine the truth. Strangers can now do business with each other without relying on trust.

2 Likes
#3724
  1. What do we mean when we say that blockchain has transaction finality/immutability?

A transaction on blockchain has no takebacks. once it is verified by the network, it has happened and cannot un-happen.

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

Instead of trust, people enacting transactions know that the protocols in place are what will verify the transaction, not legal systems or somebody’s say-so.

2 Likes
#3725
  1. Transactions happened on blockchain is un-reversible. And be on the record indefinitely.
  2. Blockchain finality allows 2 parties to transact with absolute confidence, which eliminates trust.
2 Likes
#3726
  1. Once the transaction is complete, the action is final and cannot be removed, returned or changed.
  2. Nobody would need to trust who they’re doing business with because the transactions are non-negotiable and final.
2 Likes
#3727
  1. Once the transaction is made there is no way to reverse it and get it back.This also removes trust.
  2. By making it possible to do business with anyone.You don’t have to trust them because transactions are verified mathematically.
2 Likes
#3728

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Blockchain has transaction finality/immutability because once a transaction occurs on the blockchain it is immutable and can’t be reversed.

  2. How does this lead to the trustless environment that blockchain creates?
    By the blockchain network running on proof of work this leads to a trustless environment by creating honest transactions that are immutable due to consensus of multiple nodes.

2 Likes
#3729

What do we mean when we say that blockchain has transaction finality/immutability?
A blockchain transaction cannot be withdrawn, modified or duplicatet.

How does this lead to the trustless environment that blockchain creates?
A blockchain transaction does not require further verification. The validity of transactions is ensured by mining and consensus mechanism.

2 Likes
#3730

1: Once a transaction has been executed on the blockchain, it cannot be reversed or altered and is on the blockchain forever.

2: There is no need to verify if the transaction happened as the record of it is open and it’s integrity guaranteed by consensus.

2 Likes
#3731
  1. It means that transactions are permanent and co not be reversed.
  2. It leads to being able to do business with strangers you do not trust because trust is in the math.
2 Likes
#3732

1. What do we mean when we say that blockchain has transaction finality/immutability?
It means that once a transaction is posted on the blockchain, it is final. It cannot be reversed.

2. How does this lead to the trustless environment that blockchain creates?
Because I don’t need to go check to see if the money has been returned to the sender (in case of charge offs like with banks). I know that once the money has been sent to me, I have it. That’s what also allows strangers to do business in the Blockchain.

2 Likes
#3733

What do we mean when we say that blockchain has transaction finality/immutability?
Once the transaction has taken place, there is no way of reversing it. all of the computers recognise the transaction.

How does this lead to the trustless environment that blockchain creates?
Everyone involved knows that once the transaction is confirmed, they and the other party cannot negotiate a different outcome. Therefore, they don’t need to trust in the integrity of other people which is subjective. Within mathematical protocol consistency is certain, and there is no need for trust

2 Likes
#3734

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once something is done, it cannot be reversed. it stays final.

  2. How does this lead to the trustless environment that blockchain creates?
    Because it is based on the facts of the protocol, not on anyone’s selfish decisions.

2 Likes