Homework on Finality - Questions

Blockchain and Bitcoin 101
#4036
  1. Transaction finality/immutability means that the customer doesn’t have the ability to get his money/btc back once the transaction is confirmed.
  2. the blockchain transaction finality reduces the chance of scam and also makes transactions between strangers easier. Also by verifying everything mathematically ,people don’t have to trust.
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#4037

  1. Meaning it cannot be reversed whatsoever.

  2. Becouse it is confirmed by the blockchain.

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#4038
  1. Once confirmed on the blockchain that a transaction is made, it is impossible to reverse it. A new transaction would have to be made in order to get back anything sent.
  2. It leads to a trustless environment because you do not need to trust a stranger you are doing business with to say they paid, you only need the network to verify the irreversible transaction.
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#4039
  1. The transaction is final and non reversible; it cannot be cancelled. The data cannot be altered, removing fraud and scams.
    2)There no longer needs to be trust in the individual that we are doing business with. Trust is only on the network and protocol, which cannot be altered.
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#4040

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

    Completed blockchain transactions are forever in the system and cannot be reversed.

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

    People do not need to rely on trusting someone they don’t know at all, because transactions within the blockchain are immutable.

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#4041

  1. Once a transaction has happened, it cannot be reversed

  2. Everyone knows transactions are final and there is no way to charge back. We can verify transactions mathematically.

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#4042

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    -When transactions occur, there are no ways to reverse verified transactions which meant that verified transactions are final and are recorded permanently in the blockchain

  2. How does this lead to the trustless environment that blockchain creates?
    -Remove reliance on trust between parties about verified transaction and prevent undo-ing previous transactions such as refund which can be detrimental to some users of platforms such as e-commerce and use algorithms as a means of proof.

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#4043
  1. Finality means that once a transaction is made it cannot be reversed. Blockchain transactions are permanent. Customers that sent money would not be able to get a refund once they made the traasaction happen.
  2. This leads to the trustless environment because you can do business with strangers and do not have to trust them. They cannot take the money back because there are no chargebacks.
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#4044
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    No way back. Done. One way street. Cannot be reversed
  2. How does this lead to the trustless environment that blockchain creates?
    We just trust in blockchain environment. We can do business with strangers (without trusting them)
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#4045
  1. Finality means once a transaction has been added to the blockchain, it cannot be removed or reversed.
  2. Once the transaction is confirmed, there is no denying that it wasn’t sent/received as the entry will always be within the database. Trust is given to the protocol, not the person or entity.
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#4046
  1. once it is confirmed can’t b reversed
  2. the trust is getting removed
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#4047

  1. That’s mean that transaction is final and can’t be canceled, when it’s done it’s done :smiley: no charge back possible.

  2. It creates trustless environment through math and physic, so again lack of possibility to duplicate it, delete etc.

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#4048

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Finality referring to condition that once the transaction has taken place it cannot be reversed, and immutability is more relating to the fact the transaction cannot be changed…overlapping concept.

  2. How does this lead to the trustless environment that blockchain creates?
    This creates a trustless environment as it means the transactions cannot be manipulated/tampered with by “bad actors”.

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#4049
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Answer: It cannot be reversed. Due to PoW mechanism, energy is expended to complete the transaction and this cannot be returned/refunded. Once a transaction is on the blockchain it cannot be reversed - regardless if it was accidental or foul play.

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

Answer: Trust isn’t required as all transactions are verified mathematically and without bias. All transaction are final and cannot be reversed, preventing fraudulent claims to unfairly refund transactions etc.

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#4050

  1. It means that there’s no way to reverse a transaction, it is final. Blocks holding these transactions cannot be altered, making them immutable.

  2. Having these characteristics (finality/immutability), removes scamming via chargebacks and removes potential manipulation of what a product is comprised of, both of which make transactions between strangers a matter of verification, and not trust.

1 Like
#4051
  1. What do we mean when we say that blockchain has transaction finality/immutability? It means that when transaction has happened, we can’t reverse it. All transactions are final.
  2. How does this lead to the trustless environment that blockchain creates? By verifying and confirming transactions that can’t be reversed, parties don’t need to trust to each other in order to do business. This removes a chance of manipulation or cheating…
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#4052
  1. Transactions are irreversible. Removes possibility of being scammed.
  2. By making it irreversible it removes ‘trust factor’ in transaction. Unable to dispute once already sent.
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#4053
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Transactions are final, they cannot be reversed. Once it has taken place it is on the blockchain forever.
  2. How does this lead to the trustless environment that blockchain creates?
    You don’t need to rely on another party to stick to their word. Once something happens, it is done.
1 Like
#4054

What do we mean when we say that blockchain has transaction finality/immutability?
Finality or immutability means once a transaction has been verified on the network it is cannot be reversed or altered in any way.
How does this lead to the trustless environment that blockchain creates?
The transactions are added to the blockchain by miners (computer programs) who use well understood cryptographic algorithms to verify the validity of the inputs and outputs of the transaction. There is no need for a middleman or third party that I need to place my trust in , who is required to perform this function. Mathematics is king.

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#4055

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once the transaction is sent it’s irreversible.

  2. How does this lead to the trustless environment that blockchain creates?
    No need for trust when there is verifies data.

2 Likes