Homework on Finality - Questions

Blockchain and Bitcoin 101
#4417

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

It means that once a transaction has occurred i.e. has been verified and added to the ledger, then it cannot be reversed. Hence, using bitcoin as an example, if you send some bitcoin to some other party, it is impossible for them to send it back to you.

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

Because the blockchain network ensures transactions are final, this means that you don’t have to trust in any central authority to reverse the transaction and thus a trustless environment is created.

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#4418
  1. once the transaction has completed… its final. No buts…
  2. trustless b/c the entry in the blockchain ledger cannot be entered as an error!
    it is what it says it is.
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#4419

1. What do we mean when we say that blockchain has transaction finality/immutability?
When transaction is completed it is irreversible, no one can cancel or turn int back.

2. How does this lead to the trustless environment that blockchain creates?
You can easily do business with strangers relying not on the human honesty, but on neutral mathematic algorithm.

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#4420
  1. Once a transaction is sent, it is final. There’s no going back.
  2. An individual doesn’t have to trust the other party when submitting a transaction because the other party cannot reverse or cancel the transaction which was previously the case in some online transactions.
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#4421

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

  • It is a feature of Blockchain that once a transaction is committed it has happened and can not be undone – it is verified mathematically – this is finality.

Therefore you would not use Blockchain technology if its a requirement to Charge Back or undo transactions.

How does this lead to the trust-less environment that blockchain creates?

  • You know the work is verified mathematically. Immutability is also a feature of security as is duplication (both previously discussed). Taken as a whole it leads to the trust-less environment. Thus, Blockchain is open technology to facilitate strangers to do business with each other.
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#4422

1.Once the transaction is done you can’t reverse change or undo.
2.You can’t change the data so you don’t need to trust anyone because the data has been verify by the network.

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#4423
  1. Transaction can’t be changed/reversed after it is executed/confirmed, which includes no
    duplication and no refund.
    2 Because transaction can’t be changed/reversed after it is executed/confirmed, strangers,
    all around the world can make business with each other. In doing so it removes trust through verification.
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#4424
  1. What do we mean when we say that blockchain has transaction finality/immutability?

A: All verified transactions are final… no returns, no chargebacks.

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

A: In the current, non-blockchain business environment, it is always said that “relationship matter”. In blockchain, with its inherent security and verification traits, total strangers can do business with each other around the globe without the fear of falling victim to fraud, scams, and deceptive practices. No relationships are needed… because all parties involved only need to trust the network, not each other.

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#4425

  1. When a transaction is made and accepted by the network you cannot get it back or cancel it, unless you have a time machine and you stop your younger self to make the transaction.

  2. Because the transaction won’t be canceled after being accepted, so stranger can exchange bitcoin without worry to being scam. The only thing a user have to verify is the math behind bitcoin.

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#4426

  1. The transaction can not be reversed/undone, it is final.

  2. It makes interacting with strangers easy, as there is no way to scam someone, by just recalling the transaction. Everybody trusts the math behind the blockchains, the protocol.

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#4427
  1. Finality means that the transactions on the network cannot be undone. You made a comment that Blockchain cannot cure cancer and make the world a better place. @ivan I would have to disagree, Blockchain is censorship resistant so you can sell alternative cures to cancer and not be shut down by centralized systems. It can make the world a better place because individuals in poverty can find a way out and there are a lot of Blockchain solutions for worldwide problems.
    https://www.bernardmarr.com/default.asp?contentID=1302
    2.It creates a trustless environment where finality, transactions cannot be undone.
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#4428
  1. What do we mean when we say that blockchain has transaction finality/immutability?

A transaction can’t be reversed or edited.

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

No party is able to reverse the transaction after service or products have been rendered.

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#4429

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

It is physically impossible to remove/reverse transactions from the blockchain protocol, once they were submitted.

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

When the network verifies a transaction and it is shown in the blockchain, it is mathematicaly proven and irreversable - Finality!. This leads to the sentence “Don’t trust - verify!”"

2 Likes
#4430

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

Transaction finality refers to that once a transaction has taken its course to transfer assets from one party to another party, it cannot be reversed. This is due to immutability, because blockchain is data structure that can add data which cannot be removed or modified. The confirmation of transactions are verified mathematically. Therefore, if an individual is irresponsible and sends assets to the wrong address, they are accountable for that mistake, and that transaction cannot be reversed, period.

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

In early stages of the Internet, merchants scammed customers for money whom never received the product they paid for. For that reason, new laws and regulations were implemented to allow central authorities to reverse transactions for customers. Customers noticed this as an opportunity to scam merchants; that is to say, customers buy something online, they wait to receive the product, and then call the bank to reverse the payment because quote-on-quote “I did not receive what I paid for”. Technically speaking, merchants and customers must establish trust to each other.

On blockchain, these scams of reversing funds cannot be possible. Here, every individual is ACCOUNTABLE for their own decision making. They’ve been warned prior to the transaction that there can be no charge backs once a transaction has been completed. This leads to a trustless environment where strangers can do business with each other and also protect businesses from customers who would resort to scams to get money back.

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#4431
  1. Once a transaction is performed, it cannot be reversed or changed. It is permanent.
  2. Finality means that two parties can do business without having to trust each other - the trust is provided by the finality and immutability of the blockchain protocol. Once the transaction is done, neither party can go back on their agreement, or execute a chargeback, or a reversal etc. Any dispute between the parties would have to be renegotiated and subject to a new transaction.
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#4432

Homework on Finality - Questions

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

When a transaction has been verified and sent it is final! no going back. You can’t change it in any way, it can’t be refunded , cancelled, or edited.

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

By making transactions final and immutable, you can comfortably do business with strangers and there is no trust needed because it is all verified mathematically.

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#4433
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    A. Transaction cannot be reversed. It’s final.
  2. How does this lead to the trustless environment that blockchain creates?
    A. As you can do business with strangers. No reversals
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#4434
  1. Once a transaction has happened, no way to take it back.
  2. We trust the mathematics and protocol. Not trusting an organization and instead trusting the network.
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#4435

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

Transaction finality in the blockchain comes from the primary driving principal of the blockchain in its endless verification of each transaction. Meaning once it is added to the blockchain it is there forever and cannot be undone. A blockchain transaction once complete become immutable and neither party can reverse it. The the decentralized nodes continue validating that transaction forever by rerecording on all future transactions.

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

The trustless environment is created by the inability for either party to reverse or alter the transaction once it has occurred and it has been recorded into the blockchain network. The finality of the transaction allows for the trustless transfer of information or equity between parties that do not need to confirm either ones honesty or integrity. Both parties must only trust the protocol that is open for all to see.

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#4436

1)What do we mean when we say that blockchain has transaction finality/immutability? ONCE THE TRANSACTION IS MADE IT IS FINAL. THERE IS NO GOING BACK ./ REVERSE THE TRANSACTION.

2)How does this lead to the trustless environment that blockchain creates? WE TRUST THE PROTOCOL/ THE MATHS TO ENSURE THAT WE DO NOT HAVE TO TRUST EACH OTHER TO MAKE THE TRANSACTION.

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