Homework on Finality - Questions

Blockchain and Bitcoin 101
#3976

  1. There are no take backs or corrections. One a transaction is accepted you can’t remove it from the ledger.

  2. This makes blockchain trusted because you can’t hide transactions and you know that everything you see has been a real transaction that will always have happened.

1 Like
#3977

  1. That all transactions are final, cannot be undone.

  2. It creates trust because people can be sure there will not be any revert of the transactions.

1 Like
#3978
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means that all transaction can not be canceled by anybody
  2. How does this lead to the trustless environment that blockchain creates?
    It’s lead to thinking that you can be sure that transaction was happend and cannot be undone
1 Like
#3979
  1. Transactions cannot be changed, modified, copied, deleted 0 ever.
  2. We can trust the System instead of trusting a possible Bad Actor.
1 Like
#3980

  1. We mean that if you send the bitcoin this transaction is final and can not be reversed.

  2. We can simply see the transaction and validate that it was done so nobody can cheat or say it didn’t happened.

2 Likes
#3981

  1. Transaction finality/immutability within Blockchain means that once a transaction is confirmed or approved it is mathematically impossible to reverse that transaction. This is good for several reasons, but it also has a drawback where Blockchain technology cannot reverse the transfer of funds and may not be a good use case for a process where refunds are necessary.

  2. This leads to the trustless environment that blockchain creates because it is impossible to argue that the transaction was valid or approved once it has been confirmed by the Network. The Network will keep a record of every transaction as irrefutable proof that the transaction not only occurred but was also valid and accepted via consensus.

2 Likes
#3982

  1. Blockchain has finality because you cant reverse the transaction once it has been approved.

  2. Finality leads to the trustless environment that blockchain creates because it is can’t be fraudulent.

2 Likes
#3983
  1. Transactions are public and can’t be reversed.
  2. It prevents scams such as chargebacks.
2 Likes
#3984
  1. once a transaction is completed in cannot be reversed and it can never be erased or changed.
  2. we don’t have to trust anyone because we can review the original transaction that has been verified by others in the network.
2 Likes
#3985
  1. Once a transaction is completed in the blockchain it becomes final and absolute. It’s immutable and cannot be changed.

2). Trust based on the immutable nature of the network/system/protocol. These transactions can be verified mathematically thru mining and proof of work.

2 Likes
#3986
  1. It is on the blockchain forever and is unchangeable.
  2. The blockchain makes every transaction verifiable.
2 Likes
#3987
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Every transaction is final and there is no way to reverse the process. No chargebacks.

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

You don’t need to trust because no one can reverse a transaction. Once you receive it, it is yours forever. You can also do business with strangers because everything is transparent and proven mathematically.

2 Likes
#3988

Homework - Finality
Benefits of Using Blockchain
What do we mean when we say that blockchain has transaction finality/immutability?
• It means that once the transaction is made, it cannot be undone. There is no going back and changing it or reversing it.

How does this lead to the trustless environment that blockchain creates?
• This leads to a trustless environment because it shows proof that a transaction has been made between two parties and it is irreversible.

2 Likes
#3989

  1. When saying the blockchain has transaction finality, it means that once a transaction has occurred - said transaction is on the blockchain forever. In other words - no take backsies.

  2. Finality leads to a trustless environment that the blockchain creates through the consensus and verification protocols - allowing for strangers to do business together because they both trust the protocols and the network.

1 Like
#3990

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    This means that once a transaction has been verified and committed, there is no reversing or un-doing of that transaction. this ensures the transaction record cannot be altered once the transaction is comitted.

  2. How does this lead to the trustless environment that blockchain creates?
    There is still “trust” but it is trust in the network and trust in the protocol rather then trusting organizations or individuals or other human categories.

1 Like
#3991

1. What do we mean when we say that blockchain has transaction finality/immutability?
In a blockchain network, once a transaction is validated and accepted, it can never be taken back (finality) or altered (immutability).

2. How does this lead to the trustless environment that blockchain creates?
Users of the network do not need to trust each other, they only need to trust in the process/math of the network.

1 Like
#3992
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means that once a transaction has been made, it cannot be undone. It cannot be changed it is final.
  2. How does this lead to the trustless environment that blockchain creates? Because through mathematics, it can be verified that a transaction was made and that it cannot be changed. If a product was shipped and received and paid for by the recipient, the transaction is closed and immutable. The shipper could not be paid without actually shipping the requested product and the recipient cannot state that he or she did not receive the product. Trust is not required, because the transaction was verifiable.
2 Likes
#3993

  1. When we say blockchain has transaction finality, we mean once the the transaction is confirmed there is no reversing it.

  2. This leads to a trustless environment because scammers or strangers you are participating in business with can’t send you money then dispute it and get it back, claiming they did not receive their end of the deal or whatever the case may be. Once funds are in your wallet, the asset is in your possession.

1 Like
#3994

  1. All transactions are final, and all transactions are transparent.

  2. No one can lie about the transactions whereabouts/ amount, because of blockchains mathematical protocol, and its physical nature due to mining/proof of work.

1 Like
#3995

  1. when the transaction is successfully solved and the next block containing that transaction is locked into place, there is no way to reverse it. Smart contracts can be used here to help mitigate the various complexities for transactions that aren`t as simple as sending money to your friend overseas.

  2. Because the transactions only occur under a pre-defined set of conditions established by the protocol, both the sender and receiver cannot dispute a transaction after it occurred. By entering into the transaction, all parties are operating under the same conditions that must be met for a successful transaction to occur. Thus, no need to trust the person when you can instead trust the process!

1 Like