Homework on Finality - Questions

Blockchain and Bitcoin 101
#4236

1/ Once transaction is agreed by user - sender, it is processed by network, no return, suspension can then be achieved

2/ Once triggered, transaction no longer depends on human behaviour somewhere within blockchain.

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#4237
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once a transaction has occurred, been verified and recorded on a block the record of that transaction exist forever. There is no centralised agency or intermediary to reverse a transaction.

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

No intermediary or agency is required to complete, verify or record the transaction. Protocol and maths determine the outcome, rendering the exchange trustless.

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#4238
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    That transactions settled in a Block are not reversible-changeable. They are immpossible due to match/code/consensus/mining/pow
  2. How does this lead to the trustless environment that blockchain creates?
    Because you donā€™t need to know who you are transacting with as the blockchain is match/code. You only need to trust the Protocol and no 1 entity
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#4239

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    A. Once a transaction is made, it cannot be reversed, nor can it be deleted from the blockchain.

  2. How does this lead to the trustless environment that blockchain creates?
    A. Users need only trust the code and the system, so they have no need to trust each other. This allows people to more securely do business with strangers.

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#4240
  1. Transactions can not be reversed.
  2. Strangers can interact, trust the protocol.
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#4241
  1. once transactions are accepted they cannot be reversed as with payments made via banking systems.
  2. doing business with strangers is easier as only trust in the finality of the network is needed
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#4242

  1. Blockchainā€™s finality & immutability means that once a transaction is posted on the blockchain there is no way of reversing it. All transactions are final once confirmed.

  2. I wouldnā€™t say this is trustless, because in the marketplace, we would have to rely on the vendors to actually produce whatā€™s promised. However, finality keeps the vendors safe from the buyers who commonly do chargebacks.

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#4243
  1. Blockchain having finality and immutability means that once a transaction is processed, it cannot be reversed and will be saved within the ledger forever.
  2. The blockchain network uses verification and does not require trust. The network is able to process and confirm transactions without the need for trust from peer to peer.
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#4244
  1. Once a transaction is completed it cannot be reversed.
  2. With transactions being irreversible, it is difficult to game the system.
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#4245
  1. What do we mean when we say that blockchain has transaction finality/immutability?

It means that once a transaction has been verified and accepted, thereā€™s no way to retract, edit, modify or cancel it in any way. Once done, itā€™s done and on the chain forever.

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

It replaces trusting 3rd party fallible humans with trusting math and protocol from a network of nodes on the blockchain that remains secure due to incentives given to the miners that keep it that way.

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#4246
  1. Any transaction that enters a blockchain system can not be reversed , so there is no way someone can reject or deny a transaction from going through
  2. Since we are trusting an algorithm and not an individual , we dont have to trust anyone except the blockchain system , this creates a trustless system and anyone can conduct their business without any hesitation
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#4247
  1. blockchain transactions are final / immutable /irreversible once they are confirm
  2. because block chain transections are verify,confirm, and update by all node through consensus in a mathematical formation to reach the truth, it removes the need for trust and centralization of the system.
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#4248
  1. you cannot reverse transactions on the blockchain, it is practically and physically impossible
  2. you can remove people out of the equation allowing business with strangers since transactions cannot be modified or reversed.
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#4249

The transaction once verified is final and cannot be reversed. It is in the blockchain forever.

Transactions cannot be reversed which mitigates the risks of scams. Every true transaction will be on the blockchain.

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#4250
  1. once written, information is unchangable
  2. every ledger checks his information before he agrees to the consensus, just math and protocol, no trust
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#4251

1.It means transaction has completed. So there is no ways to reverse it back once its confirmed.

2.By eliminated hesitation to deal a business with strangers. Since no need to trust the individual. On blockchain the trust is on the network, protocol ā€¦etc.

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#4252 
1.	What do we mean when we say that blockchain has transaction finality/immutability?

Once the transaction is completed there is no taking it back. It is permanent

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

It leads to the ability of two people to conduct business more securely. For instance, if one pays for a service or item once the money is sent the purchaser is unable to put a stop or reversal on payment.

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#4253

  1. It is impossible to revert or undo a transaction. Once confirmed in the Blockchain, it is there.

  2. It enables people to business with people they donā€™t know. They can trust the information visible on the block explorer.

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#4254

Homework - Finality

Benefits of Using Blockchain

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

Basically, the transaction cannot be reversed. For example, if a transaction is sent to a wrong address, then it is impossible physically to get it back.

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

The trustless decentralized environment of blockchain depends on Mathematical actions with no 3rdparty or middle man in between which could not be suited for every end user. While the blockchain environment is a good option for specific actions, itā€™s not suited for all actions.

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#4255
  1. Trustless nature
  2. With a database where everybody can track every validated transaction.
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