Homework on Finality - Questions

Blockchain and Bitcoin 101
#4276
  1. Blockchain transaction have finality because transaction cannot be deleted. Transaction are basically etched in stone.
  2. The “trustless” blockchain environment exists because transactions cannot be manipulated because of nodes consensus. The increase of nodes further increases security.
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#4277

  1. Once a transaction is completed, it cannot be refunded or changed. In modern-day banks, people can call the bank and declare fraud on their card and have the purchases refunded in some cases. In blockchain, we can trust doing business with strangers because once a transaction is sent, there is no way to reverse it.

  2. This leads to the trustless environment because we trust the protocols and the blockchain system itself to view and verify transactions so we know that when doing business with people, they are not going to later try to come around and take their money back.

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#4278

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once confirmations on the transactions are mad it can’t be reversed. Just like an accounting ledger all previous transaction data never changes. A new transaction is entered in the ledger for any future changes.

  2. How does this lead to the trustless environment that blockchain creates?Transactions can’t be reversed or duplicated. There is no creating of new funds other then those generated by mining.

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#4279

  1. Transactions cannot be reversed.

  2. Transactions cannot be reversed which everyone knows. Everyone can rely on the blockchain so they don’t need to rely on trust. No charge-backs!

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#4280
  1. What do we mean when we say that blockchain has transaction finality/immutability?
  • Finality in blockchain means that the transaction is processed, and the outcome is final. There is no going back and altering the transaction. It is recorded into the blockchain database, and remains physically impossible to be mutated by any third party.
  1. How does this lead to the trustless environment that blockchain creates?
  • Since every transaction is final and cannot be altered, you no longer need to worry about another party intervening in your transaction or altering the data without your consent. You trust the protocol, which in itself, is trustless.
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#4281
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Finality/immutability mean that once the transaction is verified and added to the blockchain it can no longer be edited or deleted. The transaction is final even if the transaction was sent in error.
  2. How does this lead to the trustless environment that blockchain creates?
    Transactions are irreversible and finalized with no room for fraud; no trust is needed between customers and merchants through proof of work.
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#4282

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means once a transaction has been verified and written to the blockchain, it can never be edited, removed, or altered in any way.

  2. How does this lead to the trustless environment that blockchain creates?
    All participants in the blockchain network can be absolutely certain that no one modifies the blockchain after the fact. They do not need to trust anyone, because no one has the power to change the immutable blockchain.

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#4283
  1. What do we mean when we say that blockchain has transaction finality/immutability? cannot be changed or reversed
  2. How does this lead to the trustless environment that blockchain creates? an uneditable record that is based on mathematical data, verified uptotheNanosecond by network consensus needs no 3rd party trust
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#4284
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    -Transactions cannot be undone or reversed in the case of “Proof of Work” algorithms like in the Bitcoin network.
  2. How does this lead to the trustless environment that blockchain creates?
    -the possibilities for fraud are reduced as once a transaction is confirmed by the network it cannot be undone.
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#4285

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once information is sent on the blockchain it is there forever and can’t be altered.

  2. How does this lead to the trustless environment that blockchain creates?
    There is no more need for trust. Everything is verified using math and confirmation of past transactions that are final and immutable.

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#4286
  1. Finality in a blockchain means that when the transaction is approved, it can’t be undone. Its on the ledger forever.
  2. When a transaction is approved there is no way for either party to reverse it, because of this you can trust the transaction is finalized.
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#4287

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction has been made it cannot be unmade and the information about that transaction is stored in a block with the possibility to verify it but not change it.

  2. How does this lead to the trustless environment that blockchain creates?
    By not being possible to change the transaction or the information about the transaction it provides confidence and trust.

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#4288

  1. Blockchain has finality because once a transaction is made it cant be reversed, it cant be dropped or lost its immutable

  2. This leads to a trustless environment by not allowing charges to be reversed by the customer or the merchant.

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#4289
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    *That there is no way to reverse the transaction, no charge backs
  1. How does this lead to the trustless environment that blockchain creates?
    The trust is in the network because it has been verified and immutable.
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#4290

  1. When we say that blockchain has transaction finality/immutability, we mean that transactions cannot be reversed (i.e. they are final). For example, when you send bitcoin from one address to another, and if the transaction is confirmed by the network consensus, you cannot “recall” the bitcoin. The transaction has been completed and cannot be undone.

  2. This leads to the trustless environment that blockchain creates by ensuring that transactions are not dependant upon any third party. Transactions are only dependant upon the network’s confirmation. In the case of Bitcoin, that of course means once a consensus has been reached by a majority of the nodes.

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#4291
  1. Transactions once done can not be reversed - its physically impossible to do so
  2. Strangers can transact with each other without worry of being scammed as each transaction can be verified mathematically and once done can not be reversed
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#4292
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It is impossible to reverse the transaction. Once you did it, the Bitcoin is sent to another address and there is no reversal of the transaction. The trx is written in the block and you have less Bitcoin available to transact.
  2. How does this lead to the trustless environment that blockchain creates?
    I don’t need to trust strangers, because we all trust the protocol/network. Once the transaction is done the Bitcoin is sent. The trx is final and there is no chargeback possible
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#4293

1. Transactions are irreversible, once a transaction is being done and it is being confirmed, there is no way to get it back.

2. We don’t have to trust users, we can trust the system/the protocol knowing that finality is in place and through verification in the network. Strangers can make transactions between each other in a trustless environment.

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#4294

What do we mean when we say that blockchain has transaction finality/immutability?
It means that once a transaction is done it cant be reversed. When the transaction is complete it will be stored on the blockchain and this is where the transaction becomes immutable. Immutable means that it can’t be changed.
How does this lead to the trustless environment that blockchain creates?
When it’s a matter of mathematics and protocols run by a system then it’s no longer matter about trust between two people.

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#4295

1_ A transaction cannot be reversed, undone or altered once it is entered in the ledger (blockchain)

2_Transactions can be mathematically verified and no longer requires trust between actors (and a third party in some cases)

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