Homework on Finality - Questions

Blockchain and Bitcoin 101
#4758

  1. Once a transaction is verified by the blockchain network, it is irreversible.

  2. In popular financial transaction methods these days, scamming is a problem. People have the ability to call their banks and reverse transactions, so there are cases of people buying products online and reversing their payment once they receive their product. With blockchain technology they are not able to do this, helping create a trustless environment.

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#4759
  1. What do we mean when we say that blockchain has transaction finality/immutability?
  • a transaction is final and cannot be canceled.
  1. How does this lead to the trustless environment that blockchain creates?
  • It removes trust and people can do business with strangers with verification.
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#4760

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means once a transaction has happened, it is irreversible.

  2. How does this lead to the trustless environment that blockchain creates?
    It removes trust as any transaction is final and irreversible, and it is verifiable by the network.

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#4761
  1. it does mean that transactions can’t be reverted once they are part of the blockchain.
  2. Since every transaction is immutable once it is on the blockchain, there is no need to trust anyone that this transaction won’t be changed.
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#4762
  1. Finality/immutability means that once a transaction has occurred it cannot be reversed or otherwise modified. Chargebacks, for instance, cannot happen on the blockchain due to the immutable nature of the original transactions. It also means that mistakes cannot be reversed.
  2. It replaces trust with mathematical verification thus alowing strangers to do business without needing to establish trust because the trust factor is intrinsically built into the network.
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#4763
  1. Once the transaction is done you can’t change it or get it back.

2)In a trust-less environment you can make transactions with strangers and get transparency of the activities on the Blockchain.

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#4764

1)What do we mean when we say that blockchain has transaction finality/immutability?
Blockchain has transaction finality/immutability thru mathematical verification . Once the blocks are verified it becomes part of the blockchain and cannot be undone.
2)How does this lead to the trustless environment that blockchain creates?
with no reversals or chargebacks once the transaction is part of the blockchain its final, creating a trustless environment.

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#4765

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction has been actioned there is no way to take it back or change it.

  2. How does this lead to the trustless environment that blockchain creates?
    Once the transaction has completed and the BTC is in your account you have it. There are no chargebacks. Enables business with strangers because transactions are final.

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#4766
  1. not changeable
  2. by mining on the blockchain
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#4767
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    That once the transaction is complete it cannot be changed or reversed.
  2. How does this lead to the trustless environment that blockchain creates?
    It enables users to do business with anyone without having to trust them personally.
1 Like
#4768

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means the transaction cannot be reversed or all deleted or changed in any way.

  2. How does this lead to the trustless environment that blockchain creates?
    This leads to the trustless environment as one party cannot fraudulently reverse or delete the transaction once he has been completed. The blockchain will verify everything so there is no need to “trust” the other party in the transaction for it to be completed.

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#4769
  1. There is no way to reverse transactions. Once they are added to the blockchain, they are final. That means that blockchain is not really suitable for use cases, that regularly need the possibility for a reversal of transactions.
  2. The finality of transactions and the trustless environment created by this, enables you, to do business with total strangers. It will be added to the blockchain and stay on the blockchain.
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#4770
  1. When transaction is done it’s final, no one can change it.
    2.Transactions cannot be deleted, reversed or duplicated. Strangers can’t do business by removing trust.
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#4771
  1. There is no way to reverse a transaction. Transactions are FINAL.
  2. There is no way to scam purchase because the payment is final and cannot be reversed. This prevents TRUST from becoming an issue with fulfillment. You can do business with people you do not know.
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#4772
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Blockchain is a Database where you can only add things, you can not delete things. These transactions are registered in the ledger. And the ledger keeps track of all the transactions, which will be verified each time a transaction is made. The transaction will be in the block and that is created through mining. This uses energy. And that is the proof of work. And once the work is done through energy consumption this consumption has been spent and can not be undone. The proof is immutable.

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

Once the transaction has been registered in the block. It becomes part of the ledger. The computer will then check in it local block all historical transactions that are in the ledger. This process is trustless and can be verified.

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#4773
  1. Once a transaction has happened, it cannot be reversed. Even accidental transactions are permanent.
  2. One example is how the buyer cannot scam the merchant by refunding money after the product has been shipped.
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#4774

When it is sent, it is done.

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#4775
  1. it can not be reversed or charged back. It is processed and finalised on the blockchain.
  2. because you do not rely on the honesty of a person or company. the network is designed for transparency and is governed by protocols and mathematics.
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#4776

1 When we say that blockchain has transaction finality/immutability we mean that the transaction can not be deleted or changed

2 This lead to the trustless environment that blockchain creates because you can do a transaction with strangers and don’t worry to lose your money

2 Likes
#4777

  1. transactions cannot be reversed once confirmed

  2. You can interact with strangers without fear of them trying to renegotiate the trade or the rules

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