Homework on Finality - Questions

Blockchain and Bitcoin 101
#4357

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction happened, it happened. It’s irreversible. You can only add new info not delete anything.

  2. How does this lead to the trustless environment that blockchain creates?
    It eliminates having to trust anyone and allows for transactions between strangers.

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#4358

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Transactions are final and cannot be changed, altered, or reversed.

  2. How does this lead to the trustless environment that blockchain creates?
    If you have trust in the system, then you don’t need to trust a human being. Everything is verifiable and irreversible.

2 Likes
#4359
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Because to achieve consensus the recorded transactions cannot be changed or deleted, so when you do a transaction it’s finally and immutable, you can’t go back.

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

With blockchain you don’t need trust, you have consensus.

2 Likes
#4360

  1. What do we mean when we say that blockchain has transaction finality/immutability? Transactions cannot be reversed.

  2. How does this lead to the trustless environment that blockchain creates? Since transactions are final and cannot be reversed the customer can be confident in the system

2 Likes
#4361
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Transaction can not be reversed. Once the transaction is approved it can not be changed after.
  2. How does this lead to the trustless environment that blockchain creates?
    You trust the protocol (math, mining). Once the block is created with miners, it can not be removed.
2 Likes
#4362

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    When you make a transaction on the blockchain, it is immutable and final.

  2. How does this lead to the trustless environment that blockchain creates?
    You no longer need a third party to make a deal with a stranger. Every transaction is public.

2 Likes
#4363
  1. A blockchain transaction once it has happened can not be changed in any way, it is final.
  2. Because you can trust the network to create an immutable transaction EVERY time!
2 Likes
#4364

  1. It means that when transactions have been completed, they cannot be reversed.

  2. Businesses don’t need to worry about chargeback claims being made by customers, especially when goods or services have actually been rendered.

2 Likes
#4365

What do we mean when we say that blockchain has transaction finality/immutability?
When we say that blockchain has transaction finality means that once a transaction has been performed there is no way of having the transaction reversed and it is recorded on the blockchain in the TX ID.

How does this lead to the trustless environment that blockchain creates?
This leads to trustless environment because when dealing with strangers you do not have to worry about them claiming the money back as an example of fraud and abuse of the refund policy that is in the current financial system offered by banks.

2 Likes
#4366

1. What do we mean when we say that blockchain has transaction finality/immutability?
No chargebacks, no intermediaries, just a public ledger of transactions that can’t be changed without consensus of the network.
2. How does this lead to the trustless environment that blockchain creates?
By removing the 3rd parties and providing transparency, the blockchain is the trust layer allowing strangers confidence to do business with each other.

2 Likes
#4367
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction has taken place it can´t be undone, reversed, or deleted, because of how the blockchain network works. It´s final and immutable.
  2. How does this lead to the trustless environment that blockchain creates?
    I don´t have to trust, that once the transaction has taken place, it will be reversed by for example a bank, or any other central authority. It makes scams almost impossible, therefore strangers can do business with each other.
2 Likes
#4368
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means the transactions in blockchain when they are created the cant be deleted or reversal like you can do with a credit card payment
  2. How does this lead to the trustless environment that blockchain creates?
    It means you dont need to trust the other part to make a transaction you only need to believe in math and science
2 Likes
#4369

  1. A transaction on the Blockchain cannot be changed nor erased once completed.

  2. If transactions cannot be changed, reversed or erased, then sellers no longer have to worry about charge backs, or people claiming fraud after they have received a product or service.

1 Like
#4370

Once a transaction is verified and confirmed, it cannot be reversed. The data is entered in the blockchain and cannot be edited forever.

In blockchain, data cannot be manipulated, every transaction is made accountable and available to the public. This makes business with strangers easier.

1 Like
#4371

  1. Blockchain is write-only, transactions can not be reversed

  2. Nobody can go and temper with the ledger. There is a permanent record of all transactions that ever happened on the blockchain

2 Likes
#4372

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means that once a transaction has happend there is no way to get it back.

  2. How does this lead to the trustless environment that blockchain creates?
    Because you can do business with strangers and do not have to trust them, we all trust the network.

1 Like
#4373

Transaction cannot be cancelled, refunded or charged back. It also says in the blockchain forever and can be seen by anyone.

As all transactions are final and cannot be reverted. This is perfect while dealing with strangers as you don’t have to trust them or authority who will proceed the transaction.

1 Like
#4374
  1. Once a transaction has completed it cannot be changed or edited.
  2. It help to eliminate fraud.
1 Like
#4375
  1. What do we mean when we say that blockchain has transaction finality/immutability? - what enters the ledger, stays in the ledger. no option to erase or modify.
  2. How does this lead to the trustless environment that blockchain creates?
    everyone is aware of the fact, that every transaction is final.
1 Like
#4376

  1. blockchain transactions are final, they cannot be reversed or removed as that would change the transaction details that have already been verified by the network, so no refund or change can happen, it is designed to be immutable.

  2. the immutability leads to trust-less environment by making all parties accountable and all transactions traceable, you only have to rely on/trust the mathematical protocol, making business safer even with strangers as no fraud can happen.

1 Like