Homework on Finality - Questions

Blockchain and Bitcoin 101
#4457

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction has been verified by the network, it cannot be reversed or altered

  2. How does this lead to the trustless environment that blockchain creates?
    Parties that transact with each other only need to trust in the network. Not each other

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#4458
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction is done, it can’t be returned, its final, no cancellation or refund possible
  2. How does this lead to the trustless environment that blockchain creates?
    We trust the protocal that once a transaction has happened, it can never be reversed so u do not need to trust intermidiary like banks or the customers to behave in good faith
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#4459
  1. Transactions cannot be reversed.
  2. Immutable nature of ledger ensures no manipulation of transactions meaning more trust.
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#4460

  1. Once transactions are made and confirmed they cannot be reversed.

  2. Because there is finality and trust is removed. business with strangers can be accomplished.

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#4461
  1. When we make a transaction of BTC and it gets confirmed and written On the Blockchain, there is no reversal, we can’t cancel it or stop any more.
    2.there is no possibility for scammers to send money and after cancel it throw there bank or credit card, we are trusting the technology (protocol) and not person or institutions
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#4462
  1. What do we mean when we say that blockchain has transaction finality/immutability?

a) Once a transaction happens and is verified, then it is forever over (final). There is no way to reverse a transaction, transactions cannot be rolled back (immutable).

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

a) If a transaction is verified, then users can rest in knowing that transaction is final (it cannot rollback the transaction) and therefore they don’t need to trust the person on the other end. They only trust transaction verification.

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#4463
  1. Transactions cannot be undone.
  2. The use of physics. Mining and Blocks.
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#4464

  1. A blockchain transaction has finality once a transaction is done, it is not possible to undo a transaction. It is final.

  2. It is a trustless environment cause you can do business with strangers and do not have to trust them.

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#4465
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Transaction cannot be reversed and remains on the database forever.

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

As each transaction is independently verified by different parties perhaps in different parts of the world according to a universally accepted protocol trust is not required.

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#4466

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    The transaction is irreversible and final. You can only add to the ledger and it cannot be manipulated.

  2. How does this lead to the trustless environment that blockchain creates?
    The blockchain is the sum of transaction that is transparent and traceable which does not administered by a single entity but of consensus that verifies the absolute.

2 Likes
#4467

1 Once a transaction has been confirmed, there is no way to reverse. This is finality and prevents scamming and other forms of fraud.

1 We have transactional finality, we trust the math and the protocol, therefore no need for trust.

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#4468

1.) A transaction on a blockchain cannot be reversed. When a transaction has happened ist has happened. It is is therefore final.

2.) Well, the fact that a transaction cannot be reversed means that your counterpart cannot cheat you e.g. by claiming back what he/she has spent or sent to you in a transaction.

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#4469

A1. transactions accepted in blockhain are final and cant be reversed

A2. finality removes the need of trust as participants know that transactions can not be reversed

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#4470
  1. Transactions cannot be reversed or deleted. The record is final.
  2. You don’t need to trust the other party to confirm the transaction, the network confirms that for you.
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#4471
  1. All transactions are 100% final and impossible to alter once completed.

2.This adds to blockchains trustless environment because no one can scam someone after a payment is sent or received.

#4472

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    We mean that transactions cannot be reversed once they’re confirmed through consensus.

  2. How does this lead to the trustless environment that blockchain creates?
    By using mathematics as the only way to verify the validity of transactions. We can then trust the protocol system, which in turn allows us to do business with virtually anyone in the world.

1 Like
#4473

  1. Once a transaction has been processed by the miners, its edged into the ledger. It cant be reversed.

  2. Callbacks like with credit cards arent possible. And the transaction can be tracked on the public ledger.

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#4474

  1. It means that it cannot be undone.

  2. Because the transactions cannot be reversed or duplicated.

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#4475
  • What do we mean when we say that blockchain has transaction finality/immutability?
    It means once the transaction is done it can not be reversed
  • How does this lead to the trustless environment that blockchain creates?
    This creates trust because the customer can not go to their bank and do a charge back after you have supplied a product or service to them.
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#4476
  1. It means that once a transaction has completed it cannot be rolled back or reverted. It is permanent and cannot be altered.
  2. This leads directly to it as nothing can be rolled back or changed, once it is verified it is permanent.

/ Viktor

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