Homework on Finality - Questions

Blockchain and Bitcoin 101
#4597

  1. ledger can’t be changed

  2. you trust protocol and blocks of transactions that are written on ledger

1 Like
#4598

1. What do we mean when we say that blockchain has transaction finality/immutability?
We mean that once a transaction has been verified on the blockchain it is immutable and cannot be changed, reversed, or deleted.

2. How does this lead to the trustless environment that blockchain creates?
Instead of people interacting on the blockchain with one another having to trust each other they trust the blockchain network and its underlying mathematical principles instead.

1 Like
#4599
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a tx has been accepted into the blockchain it cannot be reversed, removed, or modified.
  2. How does this lead to the trustless environment that blockchain creates?
    This creates a trustless environment because the trust is no longer put onto people making tx’s, rather the blockchain which is irreversible.
1 Like
#4600

  1. It means that the transaction is final. It cannot be recalled.

  2. It means you do not need to trust the persons or organisation you are dealing with.

1 Like
#4601
  1. Transactions cannot be reversed.
  2. One doesn’t have to work about financial chicanery.
1 Like
#4602

  1. Finality on the blockchain means that when a transaction is confirmed it is final and cannot be taken back or altered. Immutability is just this quality extended back into time, i.e., Past transactions cannot be altered.

  2. When you receive payment you can be sure that you have received it. And furthermore, everyone else can be sure that a payment has gone through as well. You can also be sure that the record is correct. This removes a lot of ambiguity.
    The reason why this leads to a trustless environment is because this finality is not a function of some trusted third party, it is a function of the programming, which is a function of mathematics and physics. You KNOW the money has arrived because the system cannot be manipulated except through the resources of a medium to large nation state (currently).

1 Like
#4603 
  1. What do we mean when we say that blockchain has transaction finality/immutability?

When a transaction is done, it can’t be undone.

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

The fact that you can’t get your money back, when it is transfered. This makes it impossible for you to buy something online, get it, then claim that you never got it and therefore make your bank cancel the payment.

1 Like
#4604
  1. All transactions are final, it cannot be reversed. Transactions can be traced in real time.
  2. The trustless environment is created once the protocol on the network is not questionable. It doesn’t require trust on the network because everything is verifiable.
1 Like
#4605

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction is confirmed on the network, there is no way to reverse it. This provides finality.

  2. How does this lead to the trustless environment that blockchain creates?
    This enables transactions to occur with strangers without the risk of reversals. This means that once a transaction is confirmed by the overall network, that is the truth.

1 Like
#4606

*What do we mean when we say that blockchain has transaction finality/immutability?
It means that once a transaction is completed, it literally cannot be undone. It is permanent and forever accounted for on the blockchain.

*How does this lead to the trustless environment that blockchain creates?
It creates a ‘trustless environment’ by lending itself to the idea that you do not need to trust the person you are making the transaction with, you only need to trust the network. Trusting the network literally means that by using mathematics, each and every interaction can be verified, and can be verified by multiple people. Transactions with strangers can now not be seen as a shady or as an ‘untrustable’ situation.

1 Like
#4607
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    That means when a transaction has happened it is irreversible.
  2. How does this lead to the trustless environment that blockchain creates?
    Every transaction is mathematically verifyable and therefore no trust is required - verify!
1 Like
#4608

  1. It means that once something is put on the blockchain it is there forever and cannot be changed.

  2. There is no worry of getting a transaction removed or reversed.

1 Like
#4609

  1. Immutability by definition means it cannot be changed. So there are no reversals of payment, chargebacks, etc. Payment is final. And its existence is forever on the block to see.

  2. If your payment is there for all to see, and cannot be tampered with, you need not trust any entity. It is there and exists. Never to be changed. Can be amended with a separate transaction later in another block, but that one is always as is.

2 Likes
#4610

  1. it means once the transaction is done there is no way to revert it back same as banking system.

  2. it means that you can do business with strangers and trust that you will get the payment or product because the system (block chain smart contract) wont initiate the transaction till all the conditions are met

2 Likes
#4611
  1. It cannot be changed or reverted back to the original source.
  2. Transactions are simply verified by math. Don’t trust…verify!
1 Like
#4612
  1. Once it has happened, it happened and can not be reversed.
  2. We trust the network by utilizing the protocols instead of trust anyone, any company, any third party, or any kind of authority.
1 Like
#4613
  1. When transcation is confirmed it is final and publicly available for ever and can not be reversed.
  2. Trust is guaranteed by network.
2 Likes
#4614

Question one: The meaning of blockchain finality/immutability in transactions is that all transactions once completed, the transactions are closed, (not open to revisits for refund, or changes). Finality is based on evidence/ proof of transaction and not trust between clients or parties completing transactions. The consummation of transaction is finality/immutability. This differs from conventional buying in that a person can change their mind if a contract allows, return for refund, or have bank stop payment. This is not possible with blockchain. Trust is in the math, science and protocols which is more trustworthy than “lets make a deal.”
Question two: Finality/immutability gives way to being able to know that the transactions do not have to be revisited or haggled over. The math, science and protocols are trustworthy. However, conventional transactions are not necessarily trustworthy and do not have the same levels of assurances as does blockchain.

1 Like
#4615
  1. When we say that blockchain has transaction finality, we are saying that transactions cannot be undone; they are permanent.
  2. This finality leads to a trustless environment because you can be positive that the data is not corrupted and is reliable; there is no longer a need for ‘trusting’ some authority.
2 Likes
#4616
  1. The transactions cannot be changed, reversed or deleted.
  2. It allows strangers to trust the network and the science and maths.
2 Likes