Homework on Finality - Questions

Blockchain and Bitcoin 101
#4657

Answer 1:

When a transaction is approved on the blockchain, it is 100% confirmed that it has happened. There is no two way about it.

Answer 2:

The concept of the finality of the transaction in blockchain refers to the fact that when a transaction has happened it has certainly happened. There is no need for any central authorities to verify it.

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#4658

  1. Transactions in the blockchain are irreversible.

  2. Because any one party can not back out from a transaction that has already transpired, blockchain is a good medium for transacting with anyone in the world. No need to risk trusting a stranger if he/she will pull through, the blockchain protocol (a neutral entity) will ensure that the desired transaction is carried out.

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#4659

The transaction cannot be changes after they have been verified
One do not need to trust the counterparties only the math and the protocol of bitcoin.

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#4660
  1. What do we mean when we say that blockchain has transaction finality/immutability?
  • We mean that once a transaction has been verified, it cannot be changed.
  1. How does this lead to the trustless environment that blockchain creates?
  • Because we no longer have to risk that chargebacks might be made or transactions reversed. The math and mining aspects of blockchain ensure that the system has immutability
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#4661
  1. Once a transaction has taken place, it is done, there is no way to get it back or change it. It is impossible to reverse transactions.
  2. You donā€™t have to trust strangers, you trust the network which enables you to do business with people you donā€™t know.
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#4662

It means that the transactions on the network cannot be reversed, erased and can be traced on the blockchain.

Its impossible for the two parties to trick each other in any way because the transaction between them is trusted trough mathematical formulas stored forever on the blockchain.

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#4663

  1. Once the transaction has happened, it is final and on the blockchain forever. So once money is sent it cannot be retrieved.

  2. The user can not buy something and claim fraud to get money back. All users can verify transactions making it a trustless environment.

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#4664 
  1. It means that once a transaction is made, it is final and cannot be undone.

  2. It greatly reduces the possibility of fraud and makes it easier to do business with people that you do not know.
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#4665
  1. WHen we say that blockchain has transaction finality we mean that once a transaction has happened it can not be reversed. Once a block is added to the chaijn it can not be removed.
  2. This leads to the trustless environment that the blockchain creates because you can do bussiness with anyone, and once you have been sent the money it can not be taken away from you, by for example someone calling their bank and saying that they got scammed. You can also trust in the math and the protocol of the blockchain that the right decission was made and it will be final.
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#4666
  1. once the transaction is done it cant be changed or reverse
  2. it allows is to trust doing business with strangers,
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#4667

1.Once a transaction has been made its final meaning it cannot be reversed by any of the parties involved. Immutability means that the transaction within a block can not be manipulated. Verifiable on the public ledger.
2. The blockchain creates a trustless environment by removing the middleman. We trust the decentralized mathematical protocol.

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#4668

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means that once the data has been ā€œputā€ in the system, it cannot be changed

  2. How does this lead to the trustless environment that blockchain creates?
    You can do business with strangers or transfer value by using a system that runs on electricity, math and community support.

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#4669
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Anytime a transaction is processed it canā€™t be undone.

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

Because we will no longer need to trust each other proof of business will be recorded in the clock chain.

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#4670

  1. That means that once the transaction has happened, its happened, thereā€™s no way to get it back through any conventional means of a refunded transaction making it trustless, because the transaction gets finalized based off of verification and validation with in the network.

  2. Once a transaction has happened, and its verified and accepted into the blockchain, the transaction then becomes publicly transparent and accessible into the blockchains public ledger, then the transaction has been made trustless from stranger to stranger because itā€™s all based off of code transactions that are verifiable and validated and un-reversible.

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#4671

Homework on Finality - My Answers:

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Ans: It means that once a transaction has been executed then itā€™s final - no reversal in anyway in the public ledger.
  2. How does this lead to the trustless environment that blockchain creates?
    ANS: This makes it superior with any current and future transaction by eliminating trust to strangers - all verified in the network and reflected in the public ledger.
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#4672
  1. What do we mean when we say that blockchain has transaction finality/immutability? Once a transaction has been executed it cannot be modified or deleted.
  2. How does this lead to the trustless environment that blockchain creates? The consensus in the blockchain network allows for trustless verification of all transactions .
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#4673

once the transaction happens, it is on the blockchain and it cannot be changed. it becomes permanent.
trust is removed. it becomes a public transaction, miners produce a proof of work and itā€™s part of the network.

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#4674
  1. Transaction cant be cancelled
    2.No worries about reversing transaction
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#4675

1/ It means that ones a transacction is made, there is no posibility to reverse it,
2/ because with this system, strangers can do business with each other by verifying transacctions by maths (phisics) protocol. It removes trust.

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#4676

No transaction can be reversed, making all transactions final and absolute.

Finality completely removes trust from the equation so that complete strangers may do business with each other with no fear of being cheated on the transaction

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