Homework on Finality - Questions

Blockchain and Bitcoin 101
#4296

1. What do we mean when we say that blockchain has transaction finality/immutability?
You cannot change what has been noted in the transaction, it is in the block forever

2. How does this lead to the trustless environment that blockchain creates?
Because everybody can “audit” it whenever he/she wants since mathematically it has been coded in the blockchain and it is public, you do not need an auditor or that or a third party service to do it

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#4297

  1. Once a transaction has happened it’s happened and there is no way to get it back. It will be on the blockchain forever and there is no way to reverse it.

  2. Enables trust by creating solidified peer to peer transactions due to mining and proof of work.

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#4298
  1. Once the transaction is complete, there is no going back. No chargebacks!
  2. Because the blockchain verifies the transaction through the math problem therefore allowing you to do business with strangers and use for many use cases such as accounting verification.
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#4299

1- Finality means that the transaction will be recorded on the blockchain and cannot be reversed. Unlike chargebacks with transactions done online a party may rescind the funds sent in a transaction. Finality eliminates that thus ensuring the transaction was not only completed but that funds were sent to the person who provided their blockchain address to you.

2-Finality allows the users of a network to place their trust in the network versus the person they are transacting with. Using a blockchain like bitcoin enables the environment to becomes trustless and the parties can put their faith in the protocol to execute each transaction accordingly.

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#4300
  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 by the network, it becomes a permanent record and can never be reverted or altered.

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

By ensuring and knowing that all transactions can be assumed to have been verified and accepted by the network, we no longer depend on any other trusted entity to validate our transaction.

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#4301
  1. Confirmed transactions in the blockchain are finalized and cannot be reversed or back-tracked. Any funds accidentally sent out, stolen, hacked, or otherwise needed to be returned is simply not possible.
  2. Allows strangers practice business with each other because there are no chargebacks.
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#4302
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    That once a transaction has happened, it can’t be reversed (it will be in the blockchain forever)
  2. How does this lead to the trustless environment that blockchain creates?
    Blockchain allows businesses between strangers, because transactions are verified mathematically and can’t be reversed.
    Transactions no longer rely on trust between parties.
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#4303
  1. Blockchain having finality / immutability means that transactions cannot be changed.
  2. This leads to the trustless environment that blockchain creates by not allowing for someone to take something back or make any changes.
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#4304

What do we mean when we say that blockchain has transaction finality/immutability?
When a transaction is recorded on a block chain, it cannot be changed or reversed. It is final.

How does this lead to the trustless environment that blockchain creates?
The block chain allow the user to remove the need to trust the other party, or other parties on the transaction. They user only need to know the transaction through the block chain ledger, which is determined by mathermatics.

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#4305
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    • The transaction can’t be reversed, when it’s done in the network, it’s done forever and can’t be changed or suppressed.
  2. How does this lead to the trustless environment that blockchain creates?
    • No trust in anyone, as the network contains the single source of thruth and it can be verified or audited by anyone mathematically
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#4306
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once a transaction is on the blockchain and confirmed there is no subsequent way to change or remove it. Transactions cannot be reversed

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

All transactions on the blockchain cannot be altered or reversed once confirmed. This removes trust as you can do business transactions with strangers, see that the transaction is on the blockchain and know that this cannot be changed, e.g. unlike with a credit card there can be no chargebacks at a later date, a transaction on the blockchain is permanent. Hence the need for trust is removed.

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#4307
  1. That once it´s done, it´s done and no one nor nothing can change this transaction.
  2. Because there are no middle man/company.
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#4308
  1. As a blockchain can only have data added and not removed once a transaction has been completed on the blockchain it is irreversible.
  2. As a transcation is immutable all parties are safe in the knowledge that once a transaction is completed there is no potential for further action being taken that could undermine the original transaction and lead to one or multiple parties being out of pocket. This means that one party doesn’t have to trust that another party will be true to their word, thus creating a trustless environment.
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#4309

  1. It means that the transaction cannot be reversed as It is how blockchain is designed to be.

  2. So even though the transaction cannot be reversed, it is proven mathematically in a blockchain so it is easier for strangers to transfer funds to each other without the need to know each other’s whereabouts all by the trust of blockchain technology.

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#4310
  • What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction has occurred one can not undo it. That means no refunds and no take backs.
  • How does this lead to the trustless environment that blockchain creates?
    You do not have to trust a third party entity to verify the transitions.
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#4311
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a tranaction has been made and comfirmed by the network it is impossible to reverse or refund that transaction
  2. How does this lead to the trustless environment that blockchain creates?
    This creates a trustless environment because you don’t have to trust every person who wants to make a transaction to you. You trust the network instead.
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#4312

  1. Finality/Immutability means once a transaction is done, then it is done and recorded. And it can’t be reversed, changed, or removed.

  2. I can relate a lot to the case Ivan mentioned in the video; as a business owner, it happened many times that product was sold and delivered, then customers claim never receiving it, the conventional bank always give priority to customers, and disputing it never worked to the business owner favor. Since s bank is a centralized authority they take the decision and take the money and send it back. It kind of makes sense now :slight_smile:

To answer the question, when dealing with strangers in a business environment, trust is outside the equation, and once a transaction is committed, it is done and dusted.

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#4313
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction is written to the block chain it cannot be changed or reversed
  2. How does this lead to the trustless environment that blockchain creates?
    Transactions are mathematically verified. This provides finality and the ability to do business with strangers.
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#4314

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    We can understand it quite literally. Once an transaction was added to the ledger it can not be reversed.

  2. How does this lead to the trustless environment that blockchain creates?
    It feels ironic to use the word trust, but in short, one could trust, that the data is accurate, because since the transaction is final, it can not be reversed. What’s done is done…

My question would be:
Are transactions really finale? I thought I heard, that an transaction could be reversed if the community agrees to backwards, somehow…

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#4315

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    -this means that once a transaction has ben completed it is no longer undoable ,
    it cannot be undone , it is final and cannot be duplicated canceled or changed.

  2. How does this lead to the trustless environment that blockchain creates?
    -No one needs to depend on the trust of another , we all trust the system and the math behind it , through the consensus mechanism there is only one truth in the system, thus removing trust, Do not Trust but Verify.

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