Homework on Finality - Questions

Blockchain and Bitcoin 101
#3735

  1. Once a transaction has happened, there is no way to change it or take it back. There are no charge-backs and the transaction will forever be on the blockchain.

  2. This leads to a trustless environment because we can rely on the physics, math, mining and proof of work behind it. This is great in many businesses and it enables transactions with strangers.

2 Likes
#3736

  1. Once a transaction has happened it is final

  2. There is no way to scam the system, transactions cannot be recalled etc

2 Likes
#3737

Finality means it is verified and irreversible. This increases security and means you can do trustless business with strangers.

2 Likes
#3738

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction is submitted, it is recorded, stored in the network and cannot be reversed.

  2. How does this lead to the trustless environment that blockchain creates?
    It creates 100% transparency as it is based on protocols, mathematics and a decentralized secure network which not one person or organization has authority over.

2 Likes
#3739

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means that once a transaction happens there is no way to get it back. It cannot simply disapear.

  2. How does this lead to the trustless environment that blockchain creates?
    Because we all believe and work with the system, there is accountability and transparency through verification regardless of the individual’s attributes, character, persona.

2 Likes
#3740

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    When a transaction is complete, it is permanent and cannot be reversed.

  2. How does this lead to the trustless environment that blockchain creates?
    Transactions can be immediately verified and there is no way they can be changed or reversed.

2 Likes
#3741

  1. Once a transaction has been made on the blockchain it cannot be undone and will be stored on the blockchain forever.

  2. You know that the transaction is going direct to whoever requests it and not to a scammer or fraudster but you must be aware of when is the best case to use it.

2 Likes
#3742

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

Can not be reversed.

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

You know how environment works so you can trust it.

2 Likes
#3743

  1. it means that once you made a transaction on blockchain, it is done and you cant take it back.

  2. once you receive your asset it is yours and you can not be cheated by someone. it is very save.

2 Likes
#3744
  1. It basically means that the transaction cannot be recalled that is, it is not reversible - FINALITY.
    if it has happened, then it has happened. It cannot be changed - IMMUTABILITY.
  2. Trustless in the sense that all information are essentially authentic.
2 Likes
#3745

What do we mean when we say that blockchain has transaction finality/immutability?
This means that once a transaction is posted it cannot be changed. The end result is final.

How does this lead to the trustless environment that blockchain creates?
There is no one person or entity that can change or manipulate the data therefore there is no one to trust which makes blockchain trustless

2 Likes
#3746

  1. This means transactions done on the blockchain are final and cannot be reversed. You won’t be able to call any bank institution to receive a charge back. The transaction will live permanently on the blockchain.

  2. You can be confident and comfortable doing transactions with complete strangers all over the world.

2 Likes
#3747
  1. What do we mean when we say that blockchain has transaction finality/immutability?
  • it means that one the transaction goes through, it can never be erased and is final.
  1. How does this lead to the trustless environment that blockchain creates?
    -this is due to miners being incentivised to agree on the truth and create blocks that record the transaction.
2 Likes
#3748

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

We mean that each transaction cannot be removed or cancelled,it is final. It is immutable as well because it cannot be modified.

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

The blockchain creates trustless system by default and verified each and every transactions. There is no worry for the validity of the data because it is received as is, without any alteration or modifications. Therefore, we have to have faith and trust to the system.

Any feedback or corrections will be greatly appreciated!

2 Likes
#3749

  1. When you have done a transaction and it has been confirmed in the network, there is no way to revers the transaction. It is in the blockchain and will forever be in the blockchain.

  2. As there is no way to reverse a transaction you do not have to trust the person/company you are doing business with. As the transaction will only take place if you have the funds and you know exactly who the money is sent to, it is not possible to claim the money has not reached the other party.

2 Likes
#3750

  1. once a transaction is confirmed by the nodes in the decentralized network, it is permanently recorded by all the nodes. It can not be changed or reversed.

  2. all transactions in the blockchain network are confirmed by protocols running on multiple nodes, not by an individual. There is no need to trust any one entity.

2 Likes
#3751

All transactions are final and cannot be revoked. This means that there is no need to trust somebody as once a transaction is complete it cannot be stopped or disputed. There is also an impartial public record which cannot be edited on the blockchain.

2 Likes
#3752
  1. All transaction, once are approved by the network, are not reversable.
  2. There is no need of trust, the network is based on verification, math and protocols.
2 Likes
#3753
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Every sent transaction is final, cannot be canceled after. Block is mined and it is there forever.

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

The constant verification by the nodes.

1 Like
#3754

  1. If a transaction is made, it is stored on the blockchain forever and impossible to reverse.

  2. Transactions are stored and verified mathematically. Thus there is trust in the system instead of people on the blockchain.

1 Like