Homework on Finality - Questions

Blockchain and Bitcoin 101
#4497

Homework - Finality

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

Once a transaction has happened you can never get it back

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

because you know once the transaction is over its over

In regular stores the customer can call their bank and get their money back

You only have to trust the network thus allowing you to do business with anyone and we trust it is because we can verify everything mathematically which means you physically canā€™t undo a transaction

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#4498

  1. Irreversible transactions

  2. Canā€™t be duplicated. Only miners can create new funds.

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#4499

1-) What do we mean when we say that blockchain has transaction finality/immutability?
=One a transaction is done it can not be reversed or altered.

2-) How does this lead to the trustless environment that blockchain creates?
= We verify the math behind it , the consensus and the finality.

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#4500
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    it cannot be undone or reversed
  2. How does this lead to the trustless environment that blockchain creates?
    it eliminates the roles of middleman
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#4501

  1. Its a push transaction that cannot be reversed, and not possible central autority to change it.

  2. Transactions are matematicaly verified so no need of third party involvment so is trustless.

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#4502

  1. Answer: Every transaction processed through the blockchain is final and can not be reversed by anybody.

  2. When sellers and buyers are exchanging any kind of services/goods for money, the buyers cannot scam the sellers by reversing their transaction like they can through the traditional financial system.

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#4503

  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?
    Reason we trust this environment is because we can verify each transaction mathematically

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#4504

  1. Once a transaction is in the chain (at least 6 conf). it will be permanent and cannot be changed. How does this lead to the trustless environment that blockchain creates? There is no 3ā€™rd party needed to approve transactions, you do not need to thrust anyone but yourself to send a transaction

  2. Because of Finality /Immutability features, Blockchain creates the trustless environment by default. This allows you to perform transactions that canā€™t be reversed or changed thus eliminating chances of frauds.

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#4505
  1. What do we mean when we say that blockchain has transaction finality/immutability?

It means when a transaction has occurred, there is no way that it can be removed. It will not be changed and will be on the public ledger forever.

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

Because a blockchain cannot be reversed, the trustlessness of the system based on the verifiability of the consensus and digital provenance makes it secure and immutable.

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#4506
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction is performed it is final and cannot be reversed or cancelled.
  2. How does this lead to the trustless environment that blockchain creates?
    In addition to the above mentioned, every transaction can be verified mathematically, so it is completely trustless. Strangers can do business with each other by trusting the protocol. Personal trust is not needed.
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#4507 
1. What do we mean when we say that blockchain has transaction finality/immutability?

Means that once a transaction has performed there is not way to get it back/remove.

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

Because every transaction can be verify mathematically and once has been processed there is no physically way to removed it .

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#4508

1). What we mean by blockchain has finality is that all transactions are irreversible, and therefore permanently recorded on the distributed ledger.
2). The blockchain then creates a trustless system because of finality. The fact that transactions cannot be reverse or edited to fit oneā€™s need.

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#4509
  • What do we mean when we say that blockchain has transaction finality/immutability?
  • How does this lead to the trustless environment that blockchain creates?

Blockchain has transaction finality/immutability due to the energy energy expended and work performed, so transactions are final. No returns, just a new transaction if allowed.

The trustless environment that blockchain creates allows businesses to transact with strangers/customers without the worry of a customer canceling the transaction.
As a customer, Iā€™d like to see the companyā€™s return policy prior to a large purchase.

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#4510

What do we mean when we say that blockchain has transaction finality/immutability?
Once a transaction is done, it is done forever, no taking it back!

How does this lead to the trustless environment that blockchain creates?
The evidence is there forever, the math and the protocol is the trust, so no trust is required between the parties. The pieces of data fit together and are immutable. No one can interfere with the transaction once it has been accepted by the network. It is either accepted forever or it is not. No negotiation, changing terms or reversalsā€¦ever.

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#4511

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Mean that transaction created is unique and final can not be reversed or deleted.

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

The record of transaction is posted in the blockchain database or Ledger and we know that record is verifiable.

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#4512

  1. Blockchain has transaction finality and immutability due to itā€™s irreversible nature, once a transaction has happenedā€¦itā€™s happened. No way to fix or reverse. Trust is removed, no feelings hurt as the information is stored forever.

  2. This leads to a trust-less environment because there can be no scamming between provider and customer. No charge backs by customers, everything is visible on the blockchain and is forever.

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#4513

  1. When a transaction is confirmed it is final. The transaction then cannot be changed or edited in anyway other than the way it was confirmed.

  2. The network then no longer need to rely on trusting each other, the network simply just need to verify the maths and data provided to them thru the blockchain creating a trustless environment.

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#4514

  1. Transactions on the blockchain are final. The mathematics behind blocks and mining makes transactions irreversible.

  2. Mathematic verification between miners insures trust and certainty. It all comes down to facts and physics that are unalterable.

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#4515

  1. It means thereā€™s no going back, the transaction has been done and cannot be reversed.

  2. It means users can do business with strangers, people they donā€™t know and donā€™t trust, but the users
    trust the Blockchain protocols.

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#4516

Homework on Finality - Questions

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

Once the transaction is recorded on the blockchain there is no way to reverse or change it.

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

You donā€™t need to know or trust the other part because you trust the protocol and math, and you can verify the protocol and the blockchain at any time or place only need an internet connection.

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