Homework on Finality - Questions

Blockchain and Bitcoin 101
#4116
  1. What do we mean when we say that blockchain has transaction finality/immutability?

It means that transactions cannot be physically reversed because of prove of work. It removes trust.

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

As transactions cannot be reversed we can do business with anyone. We trust math and network. There is no scam, no chargeback option when it come to transactions.

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#4117
  1. What do we mean when we say that blockchain has transaction finality/immutability?

I think of this as a permanent public record. A block in the blockchain cannot be modified and will live for the life of the blockchain.

  1. How does this lead to the trust-less environment that blockchain creates?

We don’t need to trust a single entity because one can trust the protocol and network to confirm a transaction.

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#4118

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

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

  3. transaction can not be reversed/changed

  4. The parties don’t need third party to approve, proof and process the transaction or to stand as a guarant for the transaction to be done.

1 Like
#4119
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    There is no way to reverse a transaction once it’s happened. It will be recorded on the blockchain and stored. Block chain doesn’t have the ability undo or cancel out a transaction.
  2. How does this lead to the trustless environment that blockchain creates?
    We don’t need a “trusted” intermediary because blockchain verified the transaction or funds have gone through. This benefits merchants from getting scammed by customers who are increasingly abusing chargebacks.
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#4120

1- It means when the transaction has been made there is no way to reverse the transaction.
2- It creates a physics, mining, and proof of work environment.

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#4121

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    The transaction is final and cannot be reversed/edited/undone…it’s done and it’s final.

  2. How does this lead to the trustless environment that blockchain creates? Because every txn can be mathematically verified; there is no need to trust anyone.

1 Like
#4122
  1. What do we mean when we say that blockchain has transaction finality/immutability? Once you send money/confirm a transaction it is not refundable or reversible. So you can’t make a transaction and then claim fraudulence. Focus when using these is more important than ever.
  2. How does this lead to the trustless environment that blockchain creates? There is no need to trust. There is nobody to call and claim false information or accidents. The transaction was verified by the community of nodes and there is nobody to reverse this. It’s stuck the blockchain now.
1 Like
#4123

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction is confirmed, it is permanently in the chain.

  2. How does this lead to the trustless environment that blockchain creates
    No body can change or remove a transaction once it is confirmed.

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#4124

Q1. What do we mean when we say that blockchain has transaction is finality/immutability?
-When a transaction is finalized their is no way to reverse the transaction. Due to this fact a transaction cant be erase.

Q2. How does this lead to the trustless environment that blockchain creates?
-The process that blockchain finalized all transaction and once finalized it cant be erased.

1 Like
#4125

  1. Every transaction on the blockchain is final and cannot be reversed.

  2. With finality there is no 3rd party to trust. Math and mining verification eliminates that need.

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#4126
  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 because each transaction is verified mathematically.
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#4127

1.) A blockchain transaction has finality because once it is processed the transaction is final. (There is no way to get your money back)

2.) This leads to a trustless environment because we can place our trust in mathematics and the protocol, rather than people.

1 Like
#4128

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

    It means that when a transaction is made, it creates a ledger that cannot be erased or changed, only added. Therefore, it’s impossible to reverse it.

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

    By working this way, it makes every action final.

  • For the party who’s selling, it’s not possible to be charged back after the purchase.
  • For the party who’s buying, makes it more secure due to the ability to track all the seller’s previous information, which reduces/eliminates the risk of being scammed.
1 Like
#4129

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    we mean that every transaction confirmed by the network is final and no way to reverse or chargeback.

  2. How does this lead to the trustless environment that blockchain creates?
    Finality leads to the trustless environment because users no longer have to worry about the intervention of any other parties once the transaction is confirmed.

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#4130

  1. Once network consensus has been reached and accepts the new data as a new part of the chain the transaction can not be reverse or canceled.

  2. This type of structure allows for the two parties to transact in a trust less manor because neither party can reverse the transfer of data and the transactions is clearly recorded on the blockchain.

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#4131

  1. Transactions cannot be changed. Once the money has been sent, it is done.

  2. Because you can check the math behind your transactions. You don’t have to rely on the person in particular and their level of honesty, but instead the accuracy of the Blockchain.

2 Likes
#4132

  1. What that means is that every transaction that gets made will be final and is physically impossible to be reverse or undone after the transaction has been confirmed. Nothing can change the transaction made in the block that was mined.

  2. This leads to the trustless environment that blockchain creates because we no longer have to trust other people for honest transactions. We trust the blockchain network instead which can be verified mathematically. We know that it is physically impossible for a transaction that was confirmed to be reverse or undone. This is because minors physically use electricity to produce blocks with transactions on them. Everyone who wishes to make transactions with anyone can do so without trusting each other because all transactions are final thanks to the blockchain network that we all put our trust in!

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#4133

What do we mean when we say that blockchain has transaction finality/immutability?
Once a transaction is done there is nothing that can reverse it. The piece of information will forever remain in the blockchain.

How does this lead to the trustless environment that blockchain creates?
It hinders people from ex chargebacks or false claims about transactions. When sending funds or receiving funds no one can claim the transaction never happened.

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#4134

1)What do we mean when we say that blockchain has transaction finality/immutability?
When onece transaction happens it cannot be reversed.

2)How does this lead to the trustless environment that blockchain creates?
We don’t need to worry in bussines with strangers. Money will come anyway.

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#4135

It means that transactions cannot be reversed once processed --> you can only add to a Blockchain
There cannot be any chargebacks which removes the need for trust

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