Homework on Finality - Questions

Blockchain and Bitcoin 101
#4196

  1. Once a transaction has happened there is physically no way to take it back.

  2. There is no way for you to scam me by, for example calling your bank and doing a charge back.

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#4197
  1. What do we mean when we say that blockchain has transaction finality/immutability?

When a transaction itā€™s made into the blockchain it canā€™t be reversed, itā€™s impossible to have it back. Also if we have in mind thereā€™s no possibility to change or fake the amount of a transaction, it supports the removal of trust which makes this particularity so important in blockchain security.

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

One of the blockchain principles is the removal of trust and the particularity of finality make it possible because thereā€™s no way to reverse the transaction made. This guarantees to the parties involved that transactions canā€™t be modified.Therefore they donā€™t have to trust each other, they have to trust in the protocol.

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#4198

  1. If you send some bitcoin and that transaction has been confirm it is final. There is no way to reverse it.

  2. There is no way to reverse a transaction it enable to make a transaction with strangers more secure with no way back for that bitcoin. With bank and fiat you can always call the bank to reverse the transaction.

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#4199
  1. Thereā€™s no way to reverse a transaction. Once money sent, money sent.
  2. Thereā€™s no way to do a reverse payback scam, and all transactions are public.
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#4200
  1. Blockchain has transaction finality/immutability because once a transaction has happened it can not be reversed.
  2. This leads to a trustless environment because everyone can verify the transactions.
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#4201

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means that once a transaction has been written on the blockchain, there is no way to reverse it or delete it. For example, for bitcoin, once a payment has been confirmed there is no way to reverse it or cancel it

  2. How does this lead to the trustless environment that blockchain creates?
    It leads to a trustless environment because once you recieved a payment, you can be sure that it will never be reversed or cancelled due to finality of the blockchain technology.

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#4202
  1. What do we mean when we say that blockchain has transaction finality/immutability ?
    Once a transaction has been verified there is no going back the data will be stored on the blockchain and it can not be reversed.
  2. How does this lead to the trustless environment that blockchain creates ?
    It is created by not having to trust a stranger but to trust in the network which can be verified mathematically, allowing strangers to do business without having to trust each other.
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#4203

1 Once something has been added to the blockchain it will stay there forever and it cannot be changed or undone.

  1. Because, for example in terms of a monetary transaction, you do not have to trust that the transaction will not be undone. All transactions (or generally speaking addition to the blockchain) are final and cannot be undone.
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#4204
  1. Blockchain transactions are permanent and unchangeable
  2. There is no opportunity for human meddling
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#4205
  1. What do we mean when we say that blockchain has transaction finality/immutability?
  • Transactions are permanent and cannot be changed.
  1. How does this lead to the trustless environment that blockchain creates?
  • We do not need to trust in strangers because we can trust in math and the protocol which is built to make it physically impossible to change or remove transactions from the blockchain.
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#4206
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once a transaction is completed , it is stored in a block, and can not be cancelled or changed.

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

Blockchain system enables the transfer of a transation beween two parties directly, there is no need for a trusted party to ensure the validity of the transaction. The system verifies and authorises the transaction throught the immutable records that are stored.

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#4207

  1. Transactions are automatically recorded on the ledger and cannot be reversed.

  2. All transactions can be verified mathematically via the ledger.

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#4208

  1. It means it cannot be changed/retracted once done. There are no chargebacks and once a block has been written it is immutable and can never be edited or altered again.

  2. It enables a transaction between two parties without a verification intermediary. The network is verified by miners and once a transaction has been done it is final. It is not possible for Chargeback or other scams to occur that would lead to a merchant losing money, and the customers have an immutable record of the transaction if the merchant decides to be shady as well. Both sides have protection in a decentralized manner.

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#4209

  1. Blockchain transactions are irreversible. Therefore, transactions are final when occur.

  2. The finality nature of blockchain enables business transaction to reach final completion without relying on trust. The network provides confidence for strangers to transact businesses with each other.

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#4210
  1. Transactions cannot be cancelled, they are irreversible.
  2. What is done is done, no one can modify it and everyone can verify everything.
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#4211
  1. What do we mean when we say that blockchain has transaction finality/immutability?

The transaction is unable to be reversed once consensus is reached. Internet commerce is safe and secure when using blockchain technology.

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

Internet commerce is safe and secure when using blockchain technology because there is no trust or third party involved. Charge backs are eliminated because of immutable transactions.

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#4212

  1. Once a transaction is processed there is not way to reverse it.

  2. Because you can do business with someone and you will be sure that once the transaction is confirmed, there is not way for the other party to revers it and scam you.

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#4213

1- Once a transaction is made and approved or validated by the network, then it is accepted and considered true and, once ā€œprintedā€ on the blockchain, it can neither be reversed nor modified or altered.

2- This feature or property of blockchain technology, which only allows true transactions after network consensus, also offers high security and allows real time audit, observation and validation of transactions. This enables anyone to check, trace and validate anything they want if it is on the blockchain, and hence there is no need to know anyone on the network or trust them. You can trust the mathematics and protocols of the decentralized network.

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#4214

What do we mean when we say that blockchain has transaction finality/immutability?
once the transaction has been made it is done, no reversal or change can be made.

How does this lead to the trustless environment that blockchain creates?
you can do bussiness with complete strangers knowing that the network will not allow fraud or scams

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#4215

1, Once a transaction is committed there is no way for it to be rollbacked.
2. Everyone can see the transaction in the block chain so it is transparent , unlike in centralized system where you simply trust the system keeps records safe.

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