Homework on Finality - Questions

Blockchain and Bitcoin 101
#4016

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Due to math & physics, once a transaction has been made there is no way for it to be reversed and it is transparent via blockchain network. Finality ensures a transaction has been made and visible on the network forever.

  2. How does this lead to the trustless environment that blockchain creates? It ensures no scams/fraud takes place because transparency is visible on the network through all transactions. There is no way of reversing transactions

1 Like
#4017

1.The data in the ledgers canā€™t be removed or taken back, so when a transaction is happened, thereā€™s no way to cancel it.

2.It removes the possibility from people to scam each other by cashbacks. When you receive the money, nobody can take it away. There is no central authority that is able to cancel or alter the transaction such as in case with for example traditional banks.

1 Like
#4018
  1. Any transaction cannot be altered or reversed. Once data is put in the history, it will stay as is.
  2. If offers verifiable data so you donā€™t need trust.
1 Like
#4019
  1. What do we mean when we say that blockchain has transaction finality/immutability?
  • Blockchain has transaction finality/immutability means transactions cannot be reversed. Once a transaction is approved and is added to the blockchain, it cannot be removed.
  1. How does this lead to the trustless environment that blockchain creates?
  • Parties on both ends of the transaction donā€™t have to rely on trust in order for transactions to remain. For example, a customer cannot pretend to pay first, and then perform a chargeback to have the payment reversed since transactions cannot be reversed. This removes the need for trust.
1 Like
#4020
  1. Nobody can cancel/revert their transaction. One itā€™s done, itā€™s in the block.
  2. You donā€™t have to rely on transaction makers honesty, you can rely on math and technology.
1 Like
#4021

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction is placed on the ledger it cannot be removed or manipulated, itā€™s forever.

  2. How does this lead to the trustless environment that blockchain creates?
    This immutability creates a system where strangers can engage in commerce with confidence, knowing the inherent, mathematical protocols on which the system is built, requires no trust be placed in another person.

1 Like
#4022
  1. Once a transaction is verified in the blockchain it cannot be changed or reversed.
  2. There is no need to trust a third party or any entity. The protocol and math are used to validate the transactions and they cannot be reversed. This leads to an environment where trust is not needed in any one entity because the network can be trusted. Once a transaction is written in the blockchain it will be there forever.
1 Like
#4023

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    -> A transaction is on the blockchain the transaction is recorder on the blockchain (Thank you captain obvious ^^ā€™) What I mean, you canā€™t update or delete a transaction your which is recorded on the blockchain on this ā€˜digital stoneā€™

  2. How does this lead to the trustless environment that blockchain creates?
    -> If everything which is written on the blockchain is readable and canā€™t be modify you do not need to trust this information you know it is the truth and all the transactions were validated by the nodes.

1 Like
#4024
  1. What do we mean when we say that blockchain has transaction finality/immutability? Once a transaction has been confirmed on the blockchain, it cannot be changed or reversed.
  2. How does this lead to the trustless environment that blockchain creates? Both parties can have the confidence that once the transaction has been confirmed, it will not be changed or reversed which removes the need for trust.
1 Like
#4025

1. What do we mean when we say that blockchain has transaction finality/immutability?
Once a datapoint is recorded it cannot be deleted or modified or undone, it is final.
2. How does this lead to the trustless environment that blockchain creates?
This reduces the possibility of actors being able to work against the pre-agreed upon rules of the deal, dishonesty is removed you no longer have to hold faith that the other actor is going to follow through on what they agreed to because the network forces them to act.

1 Like
#4026

Answers:

  1. Transactions are final and cant be reversed or alter in anyway without the network knowing.

  2. Since, these transactions are final and public. We can verify ourselves therefore taking the ā€œtrustā€ factor out of the equation. (creating a trustless environment)

1 Like
#4027

  1. To my understanding it is the physics of the blockchain that makes it impossible to change the outcome of a transaction or payment received. Whatā€™s done is done, so saith the blockchain.

  2. If whatā€™s done is done on chain, canā€™t change it and we must live by our decisions. Canā€™t whine oneā€™s way out of a confirmed transaction in regards to them being recorded on chain.

1 Like
#4028
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Finality/immutability means that all transactions are final, it cannot be reversed.

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

All parties are aware that all transactions are final based on the concensus from the network. That is how the trustless environment is created.

1 Like
#4029

1 - once the transaction is made, there is no way to reverse it.
2 - immutabilityā€¦ once the data is in the blockchain, it will be there forever, exactly in the same way it was added.

1 Like
#4030

Transactions are not reversible. They are final and written on the blockchain.
THe math/physics that created the blockchain and run it is the protocol which will run the way it will run without trust ā€¦ it is certainty.

1 Like
#4031

  1. It means once you send money itā€™s gone forever lol.
    Once a transaction is confirmed its unchangeable.

  2. It is trusteeā€™s because we can verify every transaction. I donā€™t have to trust you if I can go to public ledger and read for myself the entries. Also you can not scam me by sending money then getting goods or services then ā€œcharging backā€ the money after you have received my goods or services.

1 Like
#4032
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means the transaction cannot ever be reversed.
  2. How does this lead to the trustless environment that blockchain creates?
    You donā€™t need to know the other party because you trust the network to execute the transaction and there after it cannot be reversed, ensuring payment.
1 Like
#4033

Finality means the transaction is irreversible. It will permanently stay on the blockchain. This leads to a trustless environment because we donā€™t rely on anything but math and code for the transaction to happen. Once its done, the transaction is permanently listed on all the copies of the blockchain.

2 Likes
#4034

  1. Transaction finality in the context of blockchain means that a transaction, once registered on the blockchain, cannot be reversed. It is immutable in the way that the mathematical protocol does not allow for any changes to written blocks on the chain.

  2. The finality/immutability property of blockchain removes the requirement of trust among parties transacting on the blockchain. This is because the protocol is verifiably secure and all users of the blockchain are bound by the restrictions and rules of the blockchain when placing transactions on the network.

1 Like
#4035
  1. It cannot be undone and its data will be kept and available for ever
  2. By creating a consensus that the truth of the math and physics behind mining is irrefutable.
1 Like