Homework on Finality - Questions

Blockchain and Bitcoin 101
#3875
  1. Once a Btc transaction is mined, it can never be reversed, modified or cancelled. Its there for all eternity.
  2. We don’t need to trust that the other party in the deal will respect the terms.
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#3876

  1. The transactions added to blockchain cannot be changed or removed. It’s like write in a stone.

  2. To add a transaction to the blockchain it’s necessary the consensus of all nodes. If the transaction is added, it means it is a valid transaction. As it cannot be changed or removed, we can access the real transaction at any time and trust in the Math used to add it.

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#3877

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

This means that transactions cannot be reversed or changed. They are written into the blockchain like you would carve into stone. Consensus agreement around the network on transactions maintains this finality and immutability within transactions on the blockchain. This transaction protocol creates trust without a 3rd party or institution needed for transactions.

Question #2: How does this lead to the trustless environment that blockchain creates?

This leads to the trustless environment on the blockchain because the protocol involved is verifiable through mathematics that is computing the blocks to be added to the permanent record. You therefor do not need to “trust” the party you are transacting with, only the system or platform on which the transaction occurred.

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#3878

1)Once a transaction is made it cannot be reversed/taken back. Any other action on the account would require more input is needed to change the "ledger"
2)When a transaction is agreed to it is final in the protocol. Everyone has to do what they said they were going to do. No takebacks

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#3879

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Nobody can physicaly change a transaction afterwards.

  2. How does this lead to the trustless environment that blockchain creates?
    So you only have to trust in the technik, in the mathematically proofable technik.

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#3880

1: Blockchain is immutable and has transaction finality because the transactions cannot be cancelled or changed once made, and the blocks added to the chain cannot be changed.

21:This enables people to do buisness with people they dont know, without the fear of either party “cheating” the other, by cancelling transactions after delivery for example.

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#3881
  1. Block chain has transaction finality means once it has happened, it has happened and there is no way to reverse it. Immutability is the persistence and the transaction cannot change or disappear once it has been included in the blockchain forever.
  2. This leads to the trust less environment because blockchain is governed by mathematics and protocols and is impossible to change or undo and by the POW that is involved to generate the block added in the blockchain.
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#3882

1 blockchain has finality because once the miners mine, the records cannot be changed.
2 this environment of blockchain is trustless because you do not have to trust that the payers payment will be final by the payer, it is final because of the miners and the network technology

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#3883
  1. What do we mean when we say that blockchain has transaction finality/immutability?

All transactions are final and cannot be altered once they are confirmed and added to the blockchain.

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

It eliminates the possibility of scams involving chargebacks. If I know that a transaction is immutable, I don’t need to trust that somebody’s payment won’t bounce or be paid for with counterfeit currency, etc.

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#3884
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    once a transaction is made (for example, you send bitcoin to someone) it cannot be reversed.
  2. How does this lead to the trustless environment that blockchain creates? You do not need to trust the individuals between transactions, you trust the system the transaction is based on.
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#3885
  1. Transaction finality means that once a transaction is committed it cannot be reversed. It essentially set in stone (in a block) making it so that the transaction has been fulfilled and recorded on the blockchain forever.
  2. This leads to a trust less environment as real world things like charge backs for fraud cannot be committed.
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#3886

  1. Once a transaction is confirmed on the blockchain and added it cannot be removed.

  2. There is no debating the validity of a transaction once it is committed to the blockchain. This ensures no one need to trust anyone other than the confirmed blockchain records.

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#3887

Homework on Finality - ANSWERS

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

Answer:
[a] The blockchain is immutably written, this means that transactions documented in (on) the blockchain are not erasable nor can they be overwritten. Once a transaction is added on-chain and the block in which the transaction is located has been validated, it is forever documented at that location on the chain.

[b] Due to the First-Transacted-First-Documented sequence of construction (of the blockchain), The newest transactions are added (documented) into the “most recent end” of the chain.

[c] The combination of [a] and [b] create an indelible record which cannot be forged (within an active blockchain, as described in the prior lesson)

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

Answer:
The indelible and ubiquitous nature of the blockchain (especially when combined combined with transparency) present a programmatically accessible mathematical proof that can be trusted because well: Math.

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#3888
  1. We want to say that blockchain transaction is irreversible , once its its done .
  2. We do not have to trust the other party that the transaction is made/done. Once its verified by the network transaction is final , it can be revoked .
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#3889
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once a transaction is done its done. It cannot be reversed or changed. Blockchain is like a digital stone, you can add but cannot remove.

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

Because Blockchain is based on mathematical principles, the need to trust in someone or organisation is removed hence becoming trustless. Blockchain verifies the transactions through the network coming to a consensus. When that happens it cannot be reversed.

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#3890

1.) once a transaction happens, there’s no way to reverse it or get it back.
2.) since there’s no way to reverse it, there’s likely not going to be fraud. Everything is out in the open and you don’t have to trust the data blindly.

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#3891
  1. That ones a transaction is done(confirmed), it can’t be undone. And you can’t change it. Once the transaction happens, it happened. Because we can trust the protocol.
  2. That people aren’t unable to reclaim their money back as with banks nowadays. This makes transaction rely on the protocol, which we already know that works.
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#3892
  1. Once the transaction is confirmed, the case is closed based on confidence in the network nodes redundancy.
  2. The other party cannot back out, change the terms, reverse the transaction once it is confirmed. The record is public, and permanent.
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#3893
  1. once its done its done

2.by the poem of block chain

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#3894
  1. Once a transaction is added to a block, it cannot be changed.
  2. Immutable transactions that are easily verified lends to trustless interactions among transaction participants.
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