Homework on Finality - Questions

Blockchain and Bitcoin 101
#3775
  1. It means once a transaction takes place, it cannot be reversed. It is in the blockchain forever.
  2. Becos it allows you to do business with a stranger as it’s not about trust. The transaction is irreversible unlike some retail online purchases where the customer can scam the retailer by calling the bank to stop or reverse payment.
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#3776
  1. that the transaction is not reversible, once its confirmed on the blockchain it is final.
  2. Because of the verification process and the fact that once a payment / transfer is made its not reversible.
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#3777

  1. Finality means that once a transaction has happened and is confirmed on the blockchain, it cannot be reversed or undone.

  2. Finality contributes to a trustless environment by eliminating the need to trust other individuals. Instead of trusting other parties to a transaction, you trust the network on which the transaction irreversably logged and subject to mathematical verification.

1 Like
#3778

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means that when you press the send button and make a transaction in the blockchain it cannot be reversed.

  2. How does this lead to the trustless environment that blockchain creates?
    Cause immutability, you don’t have to trust in a third party to manage your transactions and there will not be a middle man that reverse or tamper it. you don’t have to trust to anybody but the network, which is based in mathematical algorithms.

1 Like
#3779
  1. transaction are irreversible.
  2. By making it irreversible in which strangers can trust each other because when a block has been made it can’t be removed. Bitcoin for example, if a transaction had been made and confirmed it can’t bee cancelled or refunded.
1 Like
#3780
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    it mean that a transaction canot be undone.
  2. How does this lead to the trustless environment that blockchain creates?
    you are not relying on a company or person to approve anything. you rely on the mathematical protocol so it is very secure and you cannot be scammed or scam someone
1 Like
#3781
  1. It means that when transaction has happened it can’t be reversed back.
    2.You can’t fake it.
1 Like
#3782

  1. Once a transaction has been submitted it is confirmed and when that is accomplished it cannot be reversed, duplicated or altered.

  2. This system supports trustlessness by using the blockchain mining process to transfer trust to the blockchain infrastructure system away from humans and their flawed choice making. Opens the door for transactions among strangers without fear of misrepresentations.

1 Like
#3783

  1. Finality means that once a transaction has been submitted and confirmed, it can’t be canceled, reversed, copied.

  2. This allows a trustless environment because you don’t have to trust a central authority. You trust in the network protocols and mathematics. The inability to reverse a transaction also insures transactions are valid and verifiable.

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#3784

  1. When a transaction reaches consensus it then becomes a permanent entry into the blockchain. There is no way to reverse the transaction(finality) or change the transaction (immutability) as all future transactions on the blockchain depend on that integrity of that entry.

  2. As all entries are permanent and unchangeable it can be relied upon to be accurate. All entries are verified by multiple nodes to ensure each entry is accurate and makes sense given the history of previous transactions on the blockchain.

1 Like
#3785
  1. Once a block is set in the chain, it cannot be changed without tremendous non-realistic effort.
  2. Someone can’t change or hack the chain and the results are transparent.
1 Like
#3786

  1. That’s it. If both sides of the transaction are satisfied, it can never ever be changed, unlike in retail sales where charge backs can happen through your bank or a credit card … It is enshrined in the block chain for all to see and audit.

  2. How does this lead to the trustless environment that blockchain creates? We trust the math, the protocol and we do not have to trust the whims of humans and organizations operating as middlemen in the transaction who can cancel, reverse or redirect the transaction. We can trust if we send x to y it will happen, period.

1 Like
#3787
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once a transaction has been approved/verified it is permanent and non-reversible

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

The transaction has happened/been verified by mining and proof of work. It is verified mathematically & by physics.

1 Like
#3788

  1. This means, once a transaction is validated by the network, it cannot be changed or reversed.

  2. One party cannot change or remove the transaction once it is done.

1 Like
#3789

  1. It can not be reversed by the person that accepts the transaction to give away his funds.

  2. One only needs to trust the math driving the system to go through with the transaction, and there is no way for the person who paid to get his funds back.

1 Like
#3790

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Transactions cannot be manipulated

  2. How does this lead to the trustless environment that blockchain creates?
    All transaction are irreversible and traceable to the public. The trust is only on the network, allowing strangers to do business safely.

1 Like
#3791

  1. By saying that blockchain has transaction finality/ Immutability means that once a transaction has been initiated it cannot be changed or reversed, this is due to finality, meaning that every transaction is final, there are no reverses. Immutability means that each transaction can not be changed or manipulated

  2. Finality and immutabilty are essential for a trustles environment due to the fact of removing trust from people or an organization and only using the blockchain network. With block chain customers are not able to cancel a transaction after it has been processed. And everything in the network is readily available for an audit. So no organization or company can manipulate their data to benefit them/ their company and no customers can scam a company or person by cancelling their transaction after they have already received their goods or services like they can with their bank (i.e. saying they did not receive what they paid for or claiming fraud)

1 Like
#3792

  1. Once a transaction as happened, there is no way of removing it.

  2. Because of the way the transactions are permanent. It allows us to trust it has with can verify it with maths.

1 Like
#3793

1.What do we mean when we say that blockchain has transaction finality/immutability?
Meaning its final done deal no turning back
2. How does this lead to the trustless environment that blockchain created ?
transactions cannot be changed they are final.

1 Like
#3794

  1. Once the transaction has been verified, it is impossible to make any changes to it. It is permanent.

  2. Because of the above, it removes the element of mistrust amongst strangers because they trust in the protocols within the blockchain system.

1 Like