Homework on Finality - Questions

Blockchain and Bitcoin 101
#4737

  1. It means you can be sure the transaction cannot be reversed. Its final and all parties abide by the same fact so that no manipulation of the transaction can occur.

  2. It leads to more trust as all actors are abiding by the same rules, and cannot manipulate the rules for their own benefit. I.e. we all play with equal footing when doing transactions.

1 Like
#4738

  1. It means that by the time that a transaction has been confirmed there is no way to get back and reverse, or change or cancel it.

  2. By the time that we verify that is impossible to reverse or change a transaction that has been confirmed, we trust this network (protocol) and use it to make business with strangers.

1 Like
#4739

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction is added to the blockchain it can never be modified or removed. It will be there forever.

  2. How does this lead to the trustless environment that blockchain creates?
    You can do business with strangers you have never met because you can trust in the finality of the transaction. there is no chargeback. there is no further negotiation. there is no alteration of the deal.

1 Like
#4740

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Final transactions on the blockchain are indeed final. Irreversible.

  2. How does this lead to the trustless environment that blockchain creates?
    Since transactions on the block chain are irreversible this creates trust in the network protocol only.

1 Like
#4741
  1. Transactions are done one way and not reversed meaning that transactions cannot be undone.
  2. As the main goal of blockchain to remove trust, strangers could easily deal with each other and just rely on mathematical verification.
1 Like
#4742

1 Once a transaction takes place, it cannot be reversed, the transaction can not be modified or removed. It is there for ever, and it is public.
2 Because once a transaction takes place on a blockchain the record is there forever, and is public for anybody to view. It can not be changed or deleted, because of this there is no one to be trusted. You totally rely on math and protocol, controlled by a whole network.

1 Like
#4743
  1. It means that all transactions are final
  2. You can trust that the transaction will be final and it will not be able to be charged back
1 Like
#4744

Benefits of Using Blockchain

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a blockchain transaction is confirmed it is final, there is no way to reverse it. Bitcoin transactions as the best, most obvious example, cannot be reversed once finalized.

  2. How does this lead to the trustless environment that blockchain creates?
    This is a huge advantage when doing business with strangers online because once the transaction is finalized there is no dependence on “trust” as in trusting a third party. Because the transaction is immutable through Provenance, Consensus and lastly Finality, there is no counter-party risk; there is no need for trust.

1 Like
#4745

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once the transaction is send on the blockchain it cannot be modified or refunded. The payment is permanent, the parties can verify the transaction and rely on the network that the transaction is valid.

  2. How does this lead to the trustless environment that blockchain creates?
    The transaction can be verified by both parties.

1 Like
#4746

We mean the transactions once confirmed or processed by the network is final/immune i.e the transactions cannot be reversed.

The transactions are verifiable in the blockchain which is public, hence creating trustless environment.

1 Like
#4747

1 once a transaction is sent its final and it cannot be changed.
2 all transactions are mathematically verifiable in the blockchain

1 Like
#4748

  1. Finality in blockchain means that once a transaction is processed there is no way to reverse or dispute it.

  2. Finality results in a trustless dynamic because both parties can be confident that once a transaction is complete the value will be moved or traded accordingly and the other party can’t change the outcome or attempt to renegotiate or change the agreement later.

1 Like
#4749

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once the transaction is done, completed it cannot be reversed. No one can cheat someone else. once the blockchain transaction is completed the $ has already changed hands, with no takebacks.

  2. How does this lead to the trustless environment that blockchain creates?
    You don’t have to trust that you won’t get scammed out of your $. Once you have paid it is final. No one can come into your wallet and reverse the charge and take that transaction away from you as a bank can.

1 Like
#4750

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    A: If a transaction has been sent to the blockchain and nodes will approve it, then it’s successfully done. Nodes will write down the transaction on the block and it’s permanently sealed there.

  2. How does this lead to the trustless environment that blockchain creates?
    A: We get rid of the middleman in the transaction. You can now make payments with anyone who has an internet connection, around the “block”, whitout having fear on the transaction’s process.

1 Like
#4751

1.) there is no way to reverse the transaction once sent it would stay on the block chain indefinitely

2.) It can help prevent cases of charge back scams and confidence in selling in retail

1 Like
#4752

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    When a transaction is completed it cannot be returned. So if I buy something online and the product is not what I expected lets say Bitcoin cant return back. So thats why we are looking for trust transactions.

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

Is all about physics and maths. Transactions are final and immutable and we can allow this to happen because we trust in the validity of the mathematics behind them.

1 Like
#4753
  1. That once youve send your bitcoins they are send, there is no way of getting them back/chargback.
  2. you cant scam/get scammed with chargeback and once the money is sent its sent and isnt possible of changing it.
1 Like
#4754

1.once transaction takes place, it cannot be reversed.
2. you trust mathematics to do the work.

1 Like
#4755

1.Once the transaction is executed it can not be changed or reversed. It will be in the public ledger forever.
2 Since the transaction cannot be altered, this feature leads to a trustless environment where strange entities can trust each other thanks to the blockchain.

1 Like
#4756

  1. What do we mean when we say that blockchain has transaction finality/ immutability?
    Finality is the affirmation that all the blocks will not be revoked once it is committed to the blockchain. Once the transaction goes through, it cannot be arbitrarily revoked or reversed.

  2. How does this lead to the trustless environment that blockchain creates?
    Blockchain creates a trustless environment because of the immutability. Once a transaction is placed on the blockchain it cannot be taken back. Both parties that are transacting know what is at stake, so the accountability is present. Both parties know that once a transaction goes through on the blockchain it cannot be revoked. There are no intermediaries involved that can alter the outcome. This use case is good for business where a customer is transacting with a business. Payment become more reliable because it ensures that funds are not subject to a reversal by a 3rd party. The business is able to provide goods or services, while trusting that the payment for those goods and services rendered will be in their account.

1 Like