Homework on Finality - Questions

1 If you signed a transaction no matter what you cannot turn it back becouse of the blockchain.
2 Becaouse f.e. costumers cannot lie about that they haven t receive something becaouse the transactions cannot be turned back.

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1.Any transactions/entrys cannot be reversed or changed even if they are a mistake
2.People who dont know each other can do bussiness together without fear of transactions being reversed or stalled.You do not need to trust anything or anyone other than the maths and protocol of the blockchain network

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  1. What do we mean when we say that blockchain has transaction finality/immutability?
  • once a transaction is sent and approved by the network it means it has been written into the block and secured through cryptography and ash functions and cannot be reversed unless the block is undone (mathematically impossible) The block then gets accepted by the network and written in to the blockchain. Practically impossible to undo
  1. How does this lead to the trustless environment that blockchain creates?
  • trust in people is avaoided and is replaced by trust in maths and protocols that is ensured by the miners who are incentivised to maintain the integrity of the network
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  1. What do we mean when we say that blockchain has transaction finality/immutability?

All transactions are final and cannot be reversed

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

By not relying on an intermediary and relying on the protocol

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

It means, that when a transaction is done and written in the blockchain it’s impossible to change it or reverse, due to the mining and the proof of work

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

The environment removes the need to trust people, you can verify the blockchain instead.

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  1. What do we mean when we say that blockchain has transaction finality/immutability?
    A transaction on the blockchain cannot be reversed.
  2. How does this lead to the trustless environment that blockchain creates?
    Two parties, the buyers and sellers, do not have to trust one another as neither party can reverse the transaction to scam the other.
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  1. Transaction took place and it cannot be reversed or refunded.
  2. We don’t need any party to trust to execute the transaction for us we trust the network to go through and this is our validation.
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  1. What do we mean when we say that blockchain has transaction finality/immutability?
    1. This means that the completed transaction us 100 certified by math and there is no way to contradict that validation.
  2. How does this lead to the trustless environment that blockchain creates?
    1. Because the only thing we can trust is the network and the protocol.
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  1. Once a transaction has happened it happened, there is no way to reverse it. Its Final!
  2. Because payments/transactions can not be pulled back by the customer after receiving a product or service. The transaction will be recorded on the blockchain that will be there for ever because of incentivized miners that keep the network op and running.
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  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once it’s done it’s done - you cannot reverse a transaction that was accomplished via blockchain.

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

It doesn’t rely on trust on an individual or a company - it simply follows the rules of mathematics.

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  1. Once a transaction is made, it can’t be reversed. It will be stored on the blockchain forever. It can’t be changed.

  2. Blockchain creates a trustless environment as there is trust in the network. Meaning all transactions can’t be reversed or modified and are public forever.

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  1. once a transaction is finalized it can’t be irreversible or deleted
    2)receiver of the transaction can have trust that the funds cant be reversed
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  1. Valid transactions can’t be reversed.
  2. You rely on the blockchain / public ledger, instead of a third party (e.g. bank)
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It prevents tampering, changing, corruption

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1: Once a transaction takes place it can’t be removed or changed

2: If it takes place it can’t be changed later so trust doesn’t need to be a factor in the transaction

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

This simply means all transactions are final and no bank can do a chargeback.

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

Blockchain makes the transaction 100% fair, verifiable and transparent for all parties. No person can claim they didn’t participate in the transaction.

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  1. Once a transaction is validated and added to a block on the chain, it cannot be removed. Ever.
  2. Finality allows business to be done between complete strangers, allows anonymity and security, all facets of a trustless system.
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1.) Finality on the blockchain means that once a transaction or an action has been confirmed and put through, there is no way to take it back or to cancel it afterwards. As we know from previous lessons, once its in the runestone it cant be erased.

2.) That leads to a trustless system that can be used by companies, governements and single identities to ensure that the transaction will go through either way. no backsies, no takebacks.

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  1. That the transaction cannot be reversed. Once done no one can change it.
  2. This means that once mathematically the transaction was approved, there is no trust involved, therefore you can do business with strangers because we do not trust the person we trust the blockchain.
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What do we mean when we say that blockchain has transaction finality/immutability?
That it cannot be reversed/canceled, it’s permanent!

How does this lead to the trustless environment that blockchain creates?
It allows trustless transactions between parties because of the high security decentralised network.

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