Homework on Finality - Questions

Blockchain and Bitcoin 101
#4397

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means that a (trans)action that is put on the ledger can not be reversed or altered.

  2. How does this lead to the trustless environment that blockchain creates?
    This leads to the trestles environment because people don’t have to trust each other or don’t have to know each other to do business with each other. They only have to trust physics.

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#4398
  1. It means that you can’t get it back or cancel it if it has been confirmed. When a transaction has been sent and confirmed it is final.
  2. This leads to the trust-less environment because there are no chargebacks. You can do business with strangers and do not have to trust them and they cannot take the money back.
1 Like
#4399

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

A: That once a transaction has happened there is no way to change it or get it back.

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

A: A positive benefit about this is doing business with strangers, because you don’t trust the people but you trust the system that is based on maths and protocol of value.

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#4400
  1. finality - once a transaction has been confirmed it is there and cannot be removed / reversed
  2. because of finality, you cannot scam anyone by requiring the payment back (like with a charge back by banks after shopping online)
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#4401
  1. Transaction can never be changed. It will always be visible.
  2. You don’t have to trust that someone won’t back out of a transaction.
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#4402

  1. Once a transaction is made on the blockchain it cannot be changed or reverted.

  2. Since a transaction cannot be change and there is no charge back we can do business with strangers without trust.

1 Like
#4403

  1. The transaction is final and cannot be altered, even if the transaction was accidental

  2. Finality creates a measure of not requiring the knowledge of the person/s (in current business with) past/current history. Allowing full trust in the blockchain and not a stranger

1 Like
#4404

1: This means that a transanction is final and cannot be reversed.

2: You don’t need to trust the person on the other end of the transaction you only trust the protocal and the network.

1 Like
#4405

1.What do we mean when we say that blockchain has transaction finality/immutability?
Once transaction happen that’s it. It cannot be reversed and it cannot be deleted.

  1. How does this lead to the trustless environment that blockchain creates?
    There are no cashbacks and it’s not possible to scam. Therefore we can do business with strangers through verification without trust.
1 Like
#4406

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction is verified by the network, it is FINAL. No one can request a chargeback or manipulate that finality period.

  2. How does this lead to the trust-less environment that blockchain creates?
    Because b2b or b2c services can now transact with strangers without having any ambiguity of whether or not that stranger will attempt to fraud them. Instead, they can trust the network and the protocol.

1 Like
#4407

  1. When a transaction is confirmed it can not be reversed or changed. It will be on the blockchain forever.

  2. Because we trust in the math and the protocol, and not in people.

1 Like
#4408

  1. Once transaction is executed, it is quite simply as the operative word implies: final. Finalem. Finis. That’s as far as my latin goes. Anyway, it is non-reversible, non-refundable. All data needed to trace/track (better yet prove the transaction) is recorded and readily available as it goes through a series of confirmations (consensus).

  2. Because of what occurs in answer #1, you won’t need to rely or trust the other person on the other end (or any third party for that matter) to tell you what the status of the transaction is. The truth is confirmed via the network itself as it does it for you altogether, by virtue of irrefutable maths and value protocol.

1 Like
#4409
  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 blockchain verifies the transaction, all users know that transactions cannot be reversed.
1 Like
#4410

1: When you have made a confirmed transaction it is not possibel to reverse it or get a chargeback.

2: You can trade with stangers with no fear of a chargeback

2 Likes
#4411

Each confirmed transaction on a blockchain is final and can not be reversed.

So, there are no scam opportunities for those who send money (as in traditional finance customers can reverse their payments via request to their bank and to scam the seller). But therefore, blockchain may not be the perfect solution for businesses where reversibility of transaction is required.

1 Like
#4412
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once a transaction has happened, it is final. There is no way to get it back.

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

As a merchant, I don’t have to trust strangers. My trust is in the network.

1 Like
#4413

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction is confirmed on the blockchain, it is final and can not be reversed because of the proof of work protocol.

  2. How does this lead to the trustless environment that blockchain creates?
    One party does not need to have trust in another party or even know them at all, we trust the blockchain.

1 Like
#4414

They can return the money to the same address but this will create a different transaction, they can’t reverse the original transaction.

2 Likes
#4415

Hi there!

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction has been made it is irreversible. The transaction is created in the blockchain forever and cannot be changed or reversed
  2. How does this lead to the trustless environment that blockchain creates?
    Because unlike in the retail environment, once you receive your funds the transaction is final. You are able to trust that the money cannot be reversed/called back by the bank.
1 Like
#4416

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It serves a purpose and it’s actions cannot be reversed

  2. How does this lead to the trustless environment that blockchain creates?
    If there is consensus about a transaction being valid it will be valid forever

1 Like