Homework on Finality - Questions

Blockchain and Bitcoin 101
#4216

  1. We mean that once a transaction in confirmed and trascript into the blockchain, it can never be removed.

  2. Everyone has access to same information, so it is really impossible to cheat. Basically when something is written in the blockchain, it has a followed a certain protocol, a mathematical computation before being confirmed so we can rely on data on the blockchain.

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#4217

  1. Once a transaction is made on the blockchain it cannot be reversed. it is final…

  2. Blockchain creates a trustless environment from the trust in the security protocol of the blockchain called mining. People and businesses that transact on the blockchain trust the network which enables them to do transactions with strangers.

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#4218

  1. When you say blockchain has transaction finality/immutability it means there is no way in having the transaction reversed because of how the blockchain network works. Because you can only receive transactions there is no way to modify or do anything to any of the transactions received. Everything is finalized.

  2. This leads to the trustless environment that blockchain creates because your putting your trust in physics and mathematics. The fact that everything is immutable everything is correctly verified and finalized.

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#4219

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    When the transaction is confirmed and is part of the blockchain, there is no way for those transactions to be reversed. (Think disputed credit card transactions.)

  2. How does this lead to the trustless environment that blockchain creates?
    Trust is not involved - the network/math/protocols provides the trust. We can have blind trust and work with strangers with almost zero fear of risk.

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#4220
  1. Transactions are forever written on the blockchains blocks and can’t be changed. Like the vikings stones!
  2. The system provides a way in which we can collaborate with strangers that live in the other side of the world
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#4221
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction is completed, it is irreversible. The information is stored in the block chain and cannot be changed , reversed or manipulated.
  2. How does this lead to the trustless environment that blockchain creates?
    Strangers can do business with each other and have transactions and know that one of the parties can not dispute or try to have it reversed.
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#4222

  1. blockchain has transaction finality/immutability means that transaction that takes place using blockchain cannot be reversed.

  2. the finality nature of blockchain transaction eliminates the need of trusting other party but instead trust the math and physics.

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#4223
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It cannot be changed once data is written to it.
  2. How does this lead to the trustless environment that blockchain creates?
    You can trust the blockchain and the processes like mining which led to the current data on the blockchain.
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#4224

Q1.What do we mean when we say that blockchain has transaction finality/immutability?
A1.When a transaction is carried out and confirmed on the blockchain, it cannot be interrupted or cancelled.
Q2.How does this lead to the trustless environment that blockchain creates?
A2.The Blockchain Network runs on specific rules, where strangers can make buisniess with each other without trust.

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#4225

  1. Once a transaction is complete, it cannot be undone. A completed transaction can also not be removed from the blockchain or changed.

  2. It is simply possible to do transactions with strangers without a third party being involved.

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#4226
  1. Once a transaction is confirmed it is not reversible, there is no chargeback.
  2. There is no need for trust in the 3rd party that you are transacting with, as protocol provides an immutable final transaction.
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#4227
  1. Blockchain transactions are definite, they cannot be reverted, there is no chargeback
  2. As transactions are definite and it is not possible to cheat then trust does not need to be taken into account.
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#4228
  1. What do we mean when we say that blockchain has transaction finality/immutability?

A transaction on the blockchain cannot be cancelled or reversed – it is final. It can neither be duplicated or changed – it is immutable.

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

The decentralized reliability of the network rules creates the trustless environment - you don’t need to know or trust the strangers in business. The chances of fraud are eliminated by the validity of the mathematics behind the blockchain.

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#4229

  1. Finality is a by product of immutability. On the ledger, once something is done it cannot be undone.

  2. Finality leads to trustlessness in a sense that the recipient of the transacted amount can be sure that there is no authority that can reverse the transaction.

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#4230

Blockchain has transaction finality/immutability because transactions cannot be reversed, once they are sent.

Finality leads to a trustless environment within the blockchain, because you do not need to know any identity information of the person you are transacting with.

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#4231

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once the transaction happens, it’s final. It cannot be undone or reversed.

  2. How does this lead to the trustless environment that blockchain creates?
    You do not have to trust someone you are doing a transaction with, cause the blockchain can verify the transaction.

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#4232

  1. What do we mean when we say that blockchain has transaction finality/immutability? you are not able to change or retrieve a incorrect transaction.

  2. How does this lead to the trustless environment that blockchain creates? immutability is what creates a trustless environment.

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#4233

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once the transaction is confirmed it cannot be reversed.

  2. How does this lead to the trustless environment that blockchain creates?
    The transaction cannot be reversed.

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#4234

  1. All transactions are recorded permanently and cannot be changed or altered.

  2. We can verify the accuracy of information on the chain itself, instead of trusting a third party to tell the truth.

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#4235
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction is accepted and confirmed on the network, it can not be changed or reversed.
  2. How does this lead to the trustless environment that blockchain creates?
    Counterparty is completely removed, so transacting entities have no need to trust eachother.
1 Like