Homework on Finality - Questions

Blockchain and Bitcoin 101
#4778
  1. We can’t reverse the transaction
  2. Because all responsibility relies on the payer, no option to blame the receiver
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#4779

Once a block is created and verified by the blockchain, it can’t be destroyed.

Once it’s been added to the chain, a transaction can’t be altered or copied.

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#4780

1 Once a transaction is executed on the blockchain it cannot be reversed, nor cancelled, etc.
2. You don’t need to trust the vendor nor fear doing business with a stranger. You only need to trust the blockchain.

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#4781

Transactions are final and can not be altered after-the-fact that they are permanently in the blockchain as blocks, and can be verified/validated by each other node in the network.

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#4782
  1. Once a transaction has been added to the block chain it cannot be physically reversed, energy has been expended to create it.
  2. Trust is transferred to the system you buy something or notate something you send cryptocurrency or register your interest the other party receives it and acts on it or very rapidly goes out of business, so you can do business with strangers.
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#4783

  1. That you can not charge back or scam peoples money, the money you send or recieve is final

  2. You can work with strangers trustless bc you trust in the system and math that is involved

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#4784
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once a transaction has been recorded on the blockchain it is impossible to remove this record from the blockchain again. The data record cannot be removed or reversed at a later stage, it is final and remains on the database forever. In other words, once a transaction/data record is accepted and written on the blockchain database, the data record becomes immutable.

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

Users of blockchain can be sure that once a transaction/data entry is verified and recorded on the blockchain, it is not possible to change or delete this data at a later stage. Users don’t have to trust each other, instead they can rely on the system and the application of mathematical verification methods to assure data integrity.

2 Likes
#4785

  1. The blockchain transaction finality/immutability means that every transaction is final and can’t be reversed, cancelled or altered.

  2. Since the transactions can’t be altered, this means that whatever is put on the blockchain is the truth, (trust less). This means you can do business with strangers because they can’t lie about the transaction when everybody can verify it.

2 Likes
#4786

  1. Blockchain has finality/immuntability because transactions are permanent and can not be reversed.

  2. Having a system with finality allows strangers to do business with strangers and not rely on trust to ensure transactions are complete.

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#4787
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means no transaction is reversible.
  2. How does this lead to the trustless environment that blockchain creates?
    This makes sure that once confirmed on the network, it is not possible to change. This makes the network and the users comfortable that action will always be confirmed once in the network.
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#4788

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means transaction are final and they can’t be reversed or edited.

  2. How does this lead to the trustless environment that blockchain creates?
    It enables strangers to work together and the transactions are based on mathematical figures and no on personal relations.

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#4789
  1. What do we mean when we say that blockchain has transaction finality/immutability?

It means that any transaction on the blockchain can’t be cancelled or reversed.

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

Because anybody can do transactions with strangers without having to trust them. Instead they’ll trust the blockchain and verify if and when the transaction is made which is immutable.

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#4790
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Verified transactions are irreversible and will remain on the blockchain.

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

Customers and vendors are unable to scam each other. Ex. There is no way to call a bank and reverse a transaction for a product one has received.

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#4791

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Finality removes trust and fraud potential making all sales final.

  2. How does this lead to the trustless environment that blockchain creates?
    Again, finality removes trust by making all sales final via no charge backs.

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#4792
  1. The blockchain has transaction finality/immutability because all transactions are final and are difficult to alter.
  2. It lead to the trustless environment that blockchain creates by the fact that sending your transactions are final.
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#4793

  1. Once a transaction has been recorded, it cannot be reversed or undone.

  2. Blockchain does not require trust on anyone’s part because it takes humans out of the equation.

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#4794 
1. What do we mean when we say that blockchain has transaction finality/immutability?

Every transaction is irreversible and unchangeable.

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

You don’t need to trust the stranger you do business with.

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#4795

[quote=“ivan, post:1, topic:8424”]

  • What do we mean when we say that blockchain has transaction finality/immutability? [/quote]
    A transction can’t be reversed.
  • How does this lead to the trustless environment that blockchain creates?
    We can totaly rely on the tech so that you will not need someone else to check a transation , (i.e. normally meaning a midlemen) since it can’t be reversed or changed.
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#4796
  1. It means that blockchain transactions cannot be undone, reversed or unwound. If I agree to pay you for a product, you get the money I agreed to pay. I cannot go back and say ah, nevermind, I want to reverse the transaction.
  2. This leads to a trustless environment because you do not need to trust that I will stick with my decision—I have no way to reverse it. This means that you can be safe transacting with complete strangers because we are both agreeing to facilitate a transaction that cannot be unwound. We are both locked into our decision — it is final and irreversible.
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#4797

  1. There’s no way to remove, change or reverse transaction.

  2. We trust the protocol not the person.

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