Homework on Finality - Questions

Blockchain and Bitcoin 101
#4176

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

Once its done, its donee, there is no way to reverse it .

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

If you are the one that receives money you cannot be scammed. If you get the money, client cannot charge it back via some 3rd party.

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#4177

1- If a transaction is agreed upon as valid it is put into a block. This block can not be changed or deleted and becomes part of all future validations.
2- If a system is built in a way that it involves every active entity in the decision making process it is much more trustworthy than a single operator with allmighty data changing power.

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#4178
  1. It means once the transaction occurred it was finalized. It can not be reversed.
  2. It removes trust because transactions with strangers can be verified mathematically. Each block is produced by miners and once it has been produced it cannot be reversed.
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#4179
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once a transaction has happened, thereā€™s no way to reverse/stop it. The record of the transaction will exist on the blockchain forever.

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

Because a transaction cannot be reversed, chargebacks donā€™t exist on the blockchain network. Therefore, strangers are able to send money/do business with each other in a trustless environment.

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#4180

  1. it means that once a transaction has been completed, it cannot be reversed.

  2. because it erradicates the need for trust and solves issues surrownding fraud

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#4181

We mean, transactions are irreversible. Once thereā€™s a transaction happened, it cannot be undone.

Because we are trading with strangers without trust, we put our trust in mathematic system, the block-chain community.

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#4182

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

When we say that blockchain has transaction finality / immutability we mean that once a transaction is processed on the blockchain there is no way for it to be removed or retrieved. For example once Bitcoin is sent from Wallet A to Wallet B there is no way for the owner of Wallet A to retrieve the bitcoin.

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

This leads to a trustless environment because you are not having to place your faith in another person to act as they have promised instead your trust is put into the maths and protocol of the blockchain.

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#4183

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Ans. #1:
    Blockchain transactions are final and cannot be reversed or revised by any authority or regulatory agency. The ultimate ā€œbuyer bewareā€ as there is no recourse mechanism within the Blockchain Ecosystem. Further, there is a complete systematic transparency.

  2. How does this lead to the trustless environment that blockchain creates?
    Ans. #2:
    Parties to a transaction do not require an established 3rd Party Trust or system of rapport in order to do business. The Blockchain Environment cannot be edited in favor of any party within the transaction which means all transactions, once validated by the network are final. The Blockchain network and math protocol are not able to be reversed, revised, changed, or altered; they are ā€œImmutableā€.
    A Trustless environment enables commerce with strangers as the transactions are verified with the math protocol and within the ledger system thereby making the Blockchain system an impartial judge in all global transactions.

RJR
2021-02-25T05:00:00Z

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#4184

What do we mean the we say that blockchain has transaction Finality?
All blockchain transactions are final and cannot be reversed.

How does this lead to the trustless environment that blockchain creates?
With this security we can do business with strangers knowing that our transactions are secure and final.

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#4185
  1. Non Reversible
  2. Requires Consensus
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#4186

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

when a transaction canā€™t be reversed

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

Trustlessness is achieved as all transactions can be phyiscally verified.

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#4187
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It can not be reversed.
  2. How does this lead to the trustless environment that blockchain creates?
    You can not chang your mind or modify a transaction that is already marked in the blockchain.
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#4188

  1. Information on the block-chain :link: can not be removed and will stay forever to be verified :ballot_box_with_check: by the network.

  2. When strangers doing business :see_no_evil: finality / immunity is key for the transaction that can not be reversed :hammer_and_wrench:. This means that strangers donā€™t have to trust each other. They trust the network that the business transactional information is handled correct :ok_hand:.

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#4189
  1. Blockchain is final it cannot be changed.
  2. This creates a trust less environment which is one of the most if not the most valuable aspect of blockchain technology.
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#4190
  1. Transactions are FINAL and impossible to reverse.
  2. Strangers can do business together because transactions are final verifiable mathematically. No possibility of common customer scams.
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#4191

1.) Once the transaction has been made,It is final and cannot be reverse.
2.)You can make transactions with somebody you donā€™t know.

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#4192

  1. This means that once a transaction has been made (or, more generally, once something has been recorded on the blockchain) that it cannot be reversed. It is physically impossible to reverse it.

  2. This allows strangers to be able to trust that if they go into a transaction with someone, that that person canā€™t turn around and reverse a payment and scam them.

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#4193

1 An authenticated transaction can never be changed or rolled back.
2 People believe that transactions are permanent and unchanging and that they can invest in them.

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#4194
  1. Blockchain transactions are final after verification. Due to the freedom of information, you know exactly whatā€™s being bought and sold.
  2. This freedom of information, and transaction transparency allows confidence. With confidence if the final transaction, trust is unnecessary.
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#4195
  1. Means it can not be reversed or deleted
  2. Because of it not being able to be reversed, it is final and confirmed.
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