Homework on Finality - Questions

Blockchain and Bitcoin 101
#402
  1. It can’t be changed
  2. Because of its immutability
#403

  1. No second chances once a transaction/payment is sent. No Rollbacks, No Chargebacks. Responsibility becomes greater for the transactee.

  2. For payment fulfillment, this is a great because you don’t have to wait long to verify(trust) that the payment is legit compared to other forms of payments. To be determined how services will be fulfilled once a oneway payment has been made.

#404

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    That once it is on the blockchain you can’t reverse it. There is no chargebacks. It is a final transaction

  2. How does this lead to the trustless environment that blockchain creates?
    You can now buy or sell from/to complete strangers and know that it has been approved so no transaction can be removed or changed.

1 Like
#405

  1. When a transaction is made on the blockchain, it is final. It cannot be changed or reversed by anyone, for any reason.

  2. If all sales on the blockchain are final, no one needs to trust a central authority like a bank or credit card company. Everyone can do business with everyone else without the help of a third party.

2 Likes
#406

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    The transactions can not be reversed, changed or altered in any matter.

  2. How does this lead to the trustless environment that blockchain creates?
    All transactions being final, no party has to worry about them being changed or manipulated in any way.

2 Likes
#407
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    No redos! :wink:
  2. How does this lead to the trustless environment that blockchain creates?
    A Constant and stable blockchain creates efficiency with no shenanigans!
#408

1- when we say blockchain offers finality and immutability we mean once you send your transaction there is no going back. It is stored innthe block
2- immutability and finality allows for trust to do business with even strangers as the transaction cannot be reversed and cuts down on consumer fraud.

1 Like
#409
  1. A transaction can’t be rolled back.
  2. You don’t need to trust that a 3rd party will behave, it is impossible to scam someone after a payment has been made.
1 Like
#410

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Transactions are final, once transaction has been verified it cannot be reversed it is forever recorded into the blockchain by miners and proof of work. Strangers can do business with each other without trusting one another.

  2. How does this lead to the trustless environment that blockchain creates?
    Because strangers can do business with each other without trust. They put their trust into the network, into the blockchain, into math and protocols in order to conduct business.

1 Like
#411

It means the transaction is full completed and cannot be reversed or changed.
Since the validation is decentralized on the network trust is not needed on the transaction or it status.

1 Like
#412
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Transactions cannot be reversed, only amended.
  2. How does this lead to the trustless environment that blockchain creates?
    No chargebacks and total honesty.
#413

  1. Once a transaction has been made and confirmed as having occurred by the software of blockchain, i.e sending bitcoin from party A to party B, the transaction cannot be reversed or modified, it is a permanent record of a transaction taking place.

  2. When we make a make a transaction we remove the need for trust with a 3rd party. We trust the protocol or software of blockchain in ensuring a transaction will take place, and is therefore named a trustless environment.

#414

1 Blockchain finality/immutability means that once a transaction has been made it is final and cannot be reversed or changed .
2 This proves a trustless society as customers or proprietors/merchants cannot scam each other as all the information (transparency) about the product are on the blockchain initially. The trust is in the network ,the math is done .

1 Like
#415
  1. this means that transactions cannot be reversed. once they are verified by miners it is permanent.
  2. you do not have to worry about the other party trying to reverse a transaction and cheat you, since each transaction is being verified by a miner which involves zero trust… making it possible to do business with strangers!
1 Like
#416

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    All transactions made is a possible to see in the ledger and can not be changed
  2. How does this lead to the trust less environment that blockchain creates?
    When a transaction is sent there is no reversing of that transaction
    [/quote]
1 Like
#417

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

It means that once a transaction has been confirmed it cannot be undone or reversed or changed in any way.

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

Since a transaction once confirmed is immutable it allows the receiver to interact with strangers without the fear of the transaction being reversed or voided. In fact it is possible to interact anonymously with others since there is no need to trust that the other party will act honestly.

1 Like
#418
  1. With blockchain finality/ immutability we mean that a transaction is final. It cannot be reversed.
  2. Finality is a trustless environment because you do not have to trust that the person doesn’t reverse the payment.
1 Like
#419

  1. It’s like writing on digital stones, each transaction is always recorded and cannot be erased

  2. Verification is weaved into the foundation of the blockchain

1 Like
#420
  1. Once in the blockchain a transaction is confirmed this cannot be changed or be undone.
  2. We all trust the network, the protocol and we can verify it mathematically.
1 Like
#421
  1. When it is said that blockchain has transaction finality, it means that when a transaction is done, it is done/final/uneditable. This feature of the blockchain is a key to its strength and, furthermore, its overall growing value. Through finality, blockchain information becomes dependable as the ‘truth’ and serves as a ‘building block’ for the next transaction.
  2. With the confidence that the blockchain can’t be edited. Users and developers can transact/build knowing that previous information on the blockchain is dependable for which ever use case they would like to apply it to. Therefore, the verifiability of this technology (blockchain) moves it away from the tradition systems (which are open to manipulation) and is considered ‘trustless’ or verifiable.