Homework on Finality - Questions

Blockchain and Bitcoin 101
#4818

  1. It means transactions can’t be reversed.

  2. Everyone can verify that a transaction has happened, based on verifiable mathematics. Math can’t lie, so everyone can trust the protocol instead of relying on a (trusted) 3rd party to verify.

1 Like
#4819

  1. The transaction once processed is a permanent part of the blockchain and cannot be reversed.

  2. You don’t have to know or trust the companies or individuals you are dealing with as the blockchain system creates a trustless business environment with no ambiguity, as any terms initially agreed by the parties are permanently on the ledger and unequivocal.

2 Likes
#4820

1. What do we mean when we say that blockchain has transaction finality/immutability?
Answer: It means that once a transaction has happened, it has happened and no chargeback or scam is possible. As a result, strangers can do business with each other.

2. How does this lead to the trustless environment that blockchain creates?
Answer: No scam or charge is possible. The transaction cannot be canceled or reversed. Once a person has paid the fee, the system should confirm and when it says that the payment has been sent, we can trust it. We trust the network, not the payer.

1 Like
#4821
  1. What do we mean when we say that blockchain has transaction finality/immutability?

We mean that each transaction is final, it cannot be removed, erased or cancelled. It is also immutable, it cannot be altered or modified.

  1. How does this lead to the trust-less environment that blockchain creates?
    It allows us to do business with strangers. We don’t need to trust in a person or a business partner. 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
#4822

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    A transaction can not be reversed changed or edited

  2. How does this lead to the trustless environment that blockchain creates?
    You can not lie and said you have sent your funds when you have not and ask the sender to send the product.

1 Like
#4823
  1. once a transaction is added to the chain, it can’t ever be changed
  2. transactions can’t be reversed out or changed. you no longer need to trust a central authority to keep transactions accurate
1 Like
#4824
  1. Once a transaction is completed, there is no way for refunds, nor canceling.
  2. All transactions being public, they can be verified anytime, no 3rd party entities to approve these transactions.
1 Like
#4825

1. What do we mean when we say that blockchain has transaction finality/immutability?
It means that each transaction is final, it cannot be removed, erased or cancelled. It is also immutable i.e. it cannot be altered, manipulated or modified.

2. How does this lead to the trustless environment that blockchain creates?
Mathematical verification gives people the confidence to transact with strangers without being cheated or scammed or disputed.

1 Like
#4826
  1. What do we mean when we say that blockchain has transaction finality/immutability? Simply put; when a transaction is executed, it is final. The transaction is recorded on the blockchain and it is not going anywhere (immutability).
  2. How does this lead to the trustless environment that blockchain creates? Finality and immutability lead to trustlessness because through these mechanisms, we no longer have to rely on third parties to act on our behalf. Instead, we are placing our trust in a protocol and a mathematical process that cannot be corrupted, bribed, or coerced into acting in bad faith. In this way, we can safely do business with parties we do not know and trust that the transactions, once executed, are final and immutable.
1 Like
#4827
  1. the transactions can bee seen by all and thats the final word.
  2. this leads to the trustless environment through physics and mining
1 Like
#4828
  1. Once a transaction is done, it can’t be undone
  2. We know that once we have received the transaction, it’s our and it can’t be canceled or retaken in the future
1 Like
#4829

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    the transaction cant’ be reverse even sent the wrong amount or receiver.

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

you don’t need a third party to deal , the network is decentralized, once the transaction is finised ,its public on a trustless network that everyone can verfiy.

1 Like
#4830

Homework - Finality

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

Transactions, once executed and validated cannot be reversed or changed. Consensus ensures that transactions are forever immutable and on record.

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

An immutable record of the promised transaction is available to be examined and provides proof both parties can view. This makes the transaction itself trustless.

1 Like
#4831

  1. Once a transaction has happened it is final and will be tracebale on the blockchain forever. There are no chargebacks or cancellations.

  2. This makes it possble to do business with strangers. You do not need to trust them if there can be no chargebacks or cancellations.

1 Like
#4832
  1. Having finality and immutability means that no one can change what is write on the blockchain. For exemple when a transaction is irreversible. This reduces Trust.
  2. You can do business with strangers.
1 Like
#4833
  1. Finailty is once a transaction is approved it can’t be reversed. It can’t be canceled or withdraw, even if sent by accident. To understand this, we must establish that the blockchain is immutable- as no one can edit or alter the data and change or erase transactions.
  2. This removes trust, as strangers can do business with eachother- knowing that one side will definitely get paid, and not tricked and backcharged
1 Like
#4834

  1. the transaction cannot be changed or undone once its added to the blockchain

  2. allows for strangers to do business together due to no chargebacks or refunds.

…Although when buying a physical item or service in the current state of the blockchain system you still need trust that you’ll receive it?

:thinking:

1 Like
#4835
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once a transaction has been executed and validated by the network it cannot be changed nor reversed. Making anything that gets registered final.

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

Because of the immutable records there is proof of the promised transaction (visable to both parties).
Because both parties can verify that the transaction actually happend the layer of trust is removed.

1 Like
#4836
  1. A transaction once completed cannot be recovered or deleted
  2. You can transact with anybody including strangers with the need if trust.
1 Like
#4837
  1. It means that history is concrete. The past is known and verifiable.
  2. With no central authority that can rewrite history, blockchain allows for trustlessness.
1 Like