Homework on Finality - Questions

Blockchain and Bitcoin 101
#4577

  1. The transactions cannot be reversed once they are confirmed.

  2. People cannot scam you, by saying that transaction never occurred

1 Like
#4578

  1. blockchain has transaction finality/immutability because once transaction has gone through it cannot be reversed by the either party.

  2. This leads to the trustless environment because all transactions are final and immutable and can be checked publicly by all parties involved.

2 Likes
#4579

  1. When you transact something on the blockchain network i canĀ“t be reversed.

  2. When a transaction is validated by all the nodes you trust the math you trust the blockchain . you donĀ“t have to trust another person or entity.

2 Likes
#4580
  1. Once transactions are verified and added to the blockchain they cannot be altered or removed.
  2. People are not able to scam by reversing their transactions.
1 Like
#4581

  1. Transactions are committed to the block forever. Nobody can change it at any time

  2. You can do business with other people (strangers), which is not easy in some business areas

1 Like
#4582

  1. No transaction can be undone. Everything is final, and there is no way to scam or cheat people.

  2. You can simply look at the math and know exactly what happened, thereā€™s no need for a middle man.

1 Like
#4583
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Any transaction that happens on the blockchain network is final and cannot be undone. This is a stark contrast with how transactions in our current financial system can be back charged or ā€œundoneā€.
  2. How does this lead to the trustless environment that blockchain creates?
    Since all transactions are final and they cannot be undone, end users know for a fact that once they have sent ore received funds, the transaction can never be undone.
1 Like
#4584

1.It means that transactions cannot be reversed or changed in anyway.

2.Once a transaction is agreed on neither party can try to change the terms or try to get a refund.

1 Like
#4585

1:This means that the transactions can never be reversed. Once you send money to someone you cannot get it back by doing a reverse transaction they do not exist.

2: You are able to business with complete strangers that you may have never even met. This can be applicable on the global level with rent or other types of smart contracts.

2 Likes
#4586
  1. Transactions cannot be changed or removed later without majority consensus on the network.
  2. That means transactions and their outcomes can be verified at any time and used as proof for any agreement or connected system.
2 Likes
#4587

  1. Block consists of transactions and chained with checksum, once itā€™s determined (finalized) and validated across the nodes, itā€™s impossible to modify this checksums without being exposed.

  2. We no longer trust single entity to validate the transactions.

1 Like
#4588
  1. A transaction is peranant and cannaot be recalled.
  2. It is all based on the Physics of the math which does not lie or change.
1 Like
#4589
  1. It means that transactions are irreversible and canā€™t be modified.
    Physically not possible due to mining mechanisms.

2.This leads to a trustless society where trust is replaced with instant verification.
We donā€™t trust people anymore we verify both parties at every transaction.

1 Like
#4590

Homework on Finality - Questions

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

Once a trasaction is done, is done. It canā€™t be reverted. It has its pros and cons as well.

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

Makes it possible to make business with strangers because it adds a layer of trust given by the protocols and math of the blockchain. At the beginning of the eCommerce, vendors used to scam costumers by not sending the item sold. Therefore, banks invented the transaction reversibility. However, nowdays is more common costumers to scam real online business. Business are somehow unprotected by these people. The blockchain protects in this case the vendor, because it can assure the customer has paid the item and wonā€™t abuse with reversability. However, again leaves unprotected to the costumer

1 Like
#4591
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means that once a transaction has happened, it will be recorded on the blockchain and it can never be reversed
  2. How does this lead to the trustless environment that blockchain creates?
    It leads to a trustless environment because you will no longer need to worry about chargebacks from frauders nor will you ever have to trust any strangers when doing business with new companies because you are sure that when you get paid the money will be in your hands with no problems as soon as the payment has been sent
1 Like
#4592
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It cannot be reversed
  2. How does this lead to the trustless environment that blockchain creates?
    It gives you the ability to do business with strangers without them being able to reverse the transaction
1 Like
#4593

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction is made it is final. It cannot be changed by anyone.

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

It means your not having to trust your end user you can safely make transactions with anybody

1 Like
#4594

  1. Blockchain finality immutability means, that once a transaction is done on the blockchain it
    could not be removed or reversed.

  2. Trustless environment that blockchain creates is that you can do business with strangers and
    no longer have to rely on trust but via mathematically verifying.

1 Like
#4595

  1. Transactions canā€™t be reversed, modified or deleted.

  2. Trust is in the network in the form of math and physics (electricity spent on mining). Transactions are public and transparent forever.

1 Like
#4596

#1 Cant be changed or taken back, itā€™s final.

#2 All transactions are for ever and canā€™t be modified which means you donā€™t have to trust the other person or entity on the other side.

1 Like