Homework on Finality - Questions

Blockchain and Bitcoin 101
#3996
  1. It means that once transaction happens, it can not be reversed.
  2. You don’t need trust , because everyone can verify transactions.
1 Like
#3997
  1. When a transaction is done it can nog be reversed or changed.
  2. Because the transaction is immmutable everyone can trust the network. Transactions can not be reversed.
2 Likes
#3998

  1. It is final, it cannot be reversed. There’s no way to go back and change the data for the previous block of data.

  2. You do not have to trust an organization to or a third party to not have manipulated the transactions.

1 Like
#3999

  1. Blockchain´s finality/immutability means that once the data has been added to the blockchain network it cannot be deleted or changed afterwards.

  2. This creates a trustless environment because the truthed is reduced to a mathematical review on the blockchain network.

1 Like
#4000

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means that data added to the blockchain can not be removed or altered once added. Once a transaction is sent there is no charge-back possibility.

  2. How does this lead to the trustless environment that blockchain creates?
    You don’t have to trust the person you do business with or a third party for handling a transaction. You trust the network and math.

2 Likes
#4001
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once a transaction has happened it is final and cannot be changed/reversed.

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

This allows business with strangers as you don’t have to trust them but you can rely on the system using math

2 Likes
#4002

1: once a transaction is written and confirmed, it cannot be changed again.
2: because a transaction cannot be cancelled or refunded and people cannot create money out of nowhere.

1 Like
#4003
  1. It cannot be reverted;
  2. If there is no way to revert a transaction, you cannot get scammed by selçling a good/service and not get payed.
1 Like
#4004

That it can never be reversed / taken back because block cannot be destroyed/removed.

You can be sure to receive payment from the other party as the transaction is final as the other party will not have a central authority to contact and revoke payment.

1 Like
#4005

  1. We mean that we cant reverse it, when the transaction is done-that’s it, you can’t take it back.

  2. It leads to conclusion that you cannot trust anyone, but the system. The system is physics and math, how we deal with our business is our responsibility.

1 Like
#4006

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

It means that once a transaction is made it cannot be reversed. There is no cash back like banks. So you cannot scam the system. Immutability means that the transaction will be added to the ledger of the new block and it cannot be changed or deleted.

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

The blockchain system has no flaws, this means you can be sure that if a stranger is doing business with you and sends a transaction, once you get the bitcoins there will be yours and theres no way he can claim them back.

1 Like
#4007

  • What do we mean when we say that blockchain has transaction finality/immutability?
    We mean that every transaction once it happened is stored in the blocks forever and cannot be reversed or changed.

  • How does this lead to the trustless environment that blockchain creates?
    Thanks to finality, in a blockchain, you can make the business even with strangers without the risk of having chargebacks or being scammed in any way.

1 Like
#4008

–What do we mean when we say that blockchain has transaction finality/immutability?
Once the transaction is made, there is no way to change or get it back.

–How does this lead to the trustless environment that blockchain creates?
We can avoid scams happens. We don’t need to trust a third party doing this for us and no need to worry about the transactions been canceled.

1 Like
#4009

-once the transaction have been made, it’s not possible to reverse it
-This makes safe to sell/buy with someone. you dont have to trust the individual, you can trust the network

1 Like
#4010

The transaction is final and cannot be reversed, the transactions data cannot be altered at a later date.
.
The transaction data that was recorded is guaranteed to be true, it can be mathematically proven. The network can be trusted.

1 Like
#4011

  1. It means that when a transaction passes, it cannot be reversed, it remains that way forever.

  2. because it is 1+1 and it is an immutable rule of the protocol, it cannot be altered, it cannot be modified and all the parties involved are aware of this rule.

1 Like
#4012
  1. Blockchain transactions have finality / immutability as they cannot be reversed.
  2. It means we can trust that a transaction is complete and a 3rd party cannot be dishonest and reverse a transaction - there is always a permanent record.
1 Like
#4013

A transaction is not reversibel. Once it is Made it is there forever.

You don‘t Need to Trust. Because a transaction is made of mathematical laws.

1 Like
#4014
  1. Transactions can not be reversed; they stay forever on the blockchain.
  2. Transactions can not be duplicated or reversed because of the concept of mining and PoW. Hence, you can do business with strangers.
1 Like
#4015

  1. Once a transaction has been made and verified, its mark remains on the blockchain forever.

  2. Since transactions cannot be removed and can be verified by anyone, we don’t need to “believe” in any entity to ensure the validity of what we are seeing.

2 Likes