Homework on Finality - Questions

Blockchain and Bitcoin 101
#4437

1. What do we mean when we say that blockchain has transaction finality/immutability?
It means that once a transaction has happened, it is final and you can’t reverse it.
2. How does this lead to the trustless environment that blockchain creates?
You don’t need to trust a third party to execute your transaction. Thanks to the immutability property, once a transaction is validated by the network it is added to the blockchain and is publicly verifiable.

1 Like
#4438

  1. once a transaction got confirmed by the network it is irreversible and final, because it is written in the ledger.

  2. this leads to a trustless environment as payments cannot be reversed.

1 Like
#4439
  1. What’s send is send, no turning back.
  2. You trust the code, the BTC protocol which hasn’t lied since begging.
1 Like
#4440
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction is made there is no way the transaction can be modified or returned, besides the sum of all transactions stay in the database therefore the entire record of transactions is open source.
  2. How does this lead to the trustless environment that blockchain creates?
    The entire system and database relies only on mathematic solutions, so the human factor (such as misleading or dubious information given by a person) has no effect in the final outcome.
1 Like
#4441

  1. Finality means that a transaction made cannot be undone, and it will be recorded in the blockchain forever.

  2. This leads to a trustless environment because even if you do not know the person you are having business with, you will know if he/she pays you through the records in the blockchain. On the other hand, the person will also see if you pay them during a transaction. No need for intermediaries.

1 Like
#4442

1.once is done is done can not be canceled or refunded .
2. Any transactions can be tracked and anyone can check if was made or not , once was made you can be sure that nobody can say was not been made , this is the trustless environment on blockchain.

1 Like
#4443

[quote=“ivan, post:1, topic:8424, full:true”]
Homework on Finality - Questions

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

It means that once you do a transaction you cannot revert it back.

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

You can do business with strangers and you do not have to trust them, since they cannot take their money back later on.

1 Like
#4444

Once the transaction has happened there is no way of changing it or getting it back, the transaction will be in the public ledger forever. It gets rid of trust and allows business to happen between strangers because you trust the maths and network not the person (s).
Transaction can’t be changed, creating the ability to trade with strangers without changes happening after the trade taking place.

1 Like
#4445

Benefits of Using Blockchain

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    The transaction cannot be reversed.
  2. How does this lead to the trustless environment that blockchain creates?
    For example there can be less scams by customers who buys an item on the Internet and claims refund because it has never arrived, however this is false information.
1 Like
#4446
  1. What do we mean when we say that blockchain has transaction finality/immutability?
  • Once a transaction has occurred it cannot be undone. Once data is added to the ledger it is there to stay and this lack of a data removal mechanic makes this possible.
  1. How does this lead to the trustless environment that blockchain creates?
  • The inability to undo a transaction makes all transactions predictable and thus trustable. Once one has occurred every user knows it happened and that’s the way it will stay.
1 Like
#4447

  1. Once a transaction on the blockchain has happened and verified it is final. There is no way to reverse or cancel it.

  2. Of course blockchain is not a solution for every use case and sector but for example if you need security in payment transactions when dealing with customers and institutions you have certainty that once you have received funds for your services theree is no way that can be reversed or canceled by intermediaries

1 Like
#4448
  1. What do we mean when we say that blockchain has transaction finality/immutability?

once a transaction is accepted by the blockchain it is consensus and is final.
This record is permanent and cannot be erased or reversed.

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

You have a record of the transaction, along with every other part of the blockchain, therefore that record cannot be erased or hidden by any person, company, corp., etc

1 Like
#4449

  1. What do we mean when we say that blockchain has transaction finality/immutability? | In blockchain, once a transaction has been confirmed and is added into the blockchain, it is impossible to edit the transaction, to say, scam a customer.

  2. How does this lead to the trustless environment that blockchain creates? | When a transaction cannot be edited by any party, this leads to no need for any party to trust any other party when performing a transaction.

1 Like
#4450

FINALITY

1. What do we mean when we say that blockchain has transaction finality/immutability?
A blockchair transaction finality means no chargebacks. Once a transaction is confirmed, it cannot be reversed. Immutability allows a successful transaction to remain unchanged or unaltered

2. How does this lead to the trustless environment that blockchain creates?
Finality removes trust because a transaction if final and cannot be changed. Doing business with strangers is easy because there is no need to trust each other. The blockchain global protocol provides a trustless environment, which makes the environment safe for all.

1 Like
#4451

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means that what happens on the blockchain is recorded there forever and can’t be deleted. it can be checked and verified any time in the future.

  2. How does this lead to the trustless environment that blockchain creates?
    What is recorded on the blockchain can be checked and verified any time in the future, so there is no need to trust.

1 Like
#4452
  1. When a transaction has been added to the ledger it cannot be changed or reverted
  2. There is no need to worry about one party reversing a transaction as the transactions are immutable
1 Like
#4453

  1. if a transaction is done, you can not disclaim it did not happen. trustless

  2. because its irreversible even strangers can trust each others

1 Like
#4454
  1. Why is it important for blockchain networks to be high availability networks?
    Blockchain networks are global infrastructure, they need to remain active 24/7/365 to allow constant business.
  2. What is it that enables blockchain networks to have such high availability?
    Incentivized to buy, everyone wants money. If one group of computers goes down, another group can fill that space.
1 Like
#4455
  1. What do we mean when we say that blockchain has transaction finality/immutability?

It means once a transaction has been confirmed and has gone through, there is no way to reverse it and it is on the blockchain forever. If you’ve made a mistake, there is no way to change it, so it is immutable.

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

It leads to a trustless environment because you do not need to trust another entity, you can just verify it on the blockchain.

1 Like
#4456
  1. Once you make a transaction of something you can not cancel it or take it back.
  2. You do not have to know the people before you buy from them.
1 Like