Homework on Finality - Questions

Blockchain and Bitcoin 101
#4838

1.Transactions once confirmed cannot be removed or altered. A recording of that transaction is final.
2.Time stamping & verification by the network of the said transaction qualifies the blockchain to be true & correct for all who wish to see.

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#4839

Blockchain transaction has finality and immutability because a blockchain transaction when it has been executed it can’t be reversed or duplicated etc… Giving it immutability; meaning Not Mutable.

Blockchain creates a trustless environment because transaction in blockchain has finality meaning you can’t be robbed of your money when you deliver your services or product in the way centralized system does cash back and customers use it to cheat.

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#4840
  1. As soon a transaction reaches consensus and it is saved on the blockchain no one can delete it anymore, it is physically impossible, All stored transaction are immutable on the blockchain.
  2. Because of the immutability of the blockchain every transaction can be checked by everyone who wants to verify, so no trust is needed anymore.
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#4841

  1. Finality means that once a transaction has happened it is not reversible, and that once confirmed by the network you are unable to get it back.

  2. Blockchain creates a trustless environment because it is verified mathematically through a network/system/protocol allowing you to do business with whomever, whenever.

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#4842

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once the transaction has been made, it is unable to change.

  2. How does this lead to the trust less environment that blockchain creates?
    It is a no fear environment, no tricks, all verifiable and irreversible transactions.

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#4843

  1. We mean that once a transaction has been made and confirmed on the blockchain that there is no way of reversing this process. The transaction is final and will permanently remain on the blockchain as Final.

  2. It therefore leads to a trustless environment as once a deal is concluded between both parties, party (a) “buyer” will have paid for goods and services - knowing full well that block chain technology and auditing will confirm proof of funds being sent and for party (b) “seller”, the funds will be received 100% and no returns policy will be afforded to buyer.

This creates a trustless transaction for both parties and give both parties protection.

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#4844
  1. Once transaction has happened, you can not reverse it.
  2. You can interact with anybody without trust because blockchain technology has finality. Once transaction took place, no way to reverse that. It is final! It is perfect for exchanging value such as BTC with anybody.
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#4845

1.) Once a transaction is made it is final. There are no reimbursements or chargebacks. No information can disappear or be taken back.

2.) It means that customers cannot cheat customers for requesting chargebacks for products received which often happens with banks.

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#4846
  1. Once it’s there, it’s there
  2. We’re not trusing someone to not reverse it - they can’t.
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#4847

  1. Finality in terms of bockchains means that once a transaction has happened, it has happened, and there is no way to reverse that transaction. There are no chargebacks which are common in centralized platforms.

  2. This creates a trustless environment because there is no central authority that you can convince to initiate a chargeback. Moreover, you don’t have to go through a third party to process the transaction at all, you can make a transaction without an intermediary.

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#4848
  1. What do we mean when we say that blockchain has transaction finality/immutability?

It means that all transactions are final; there is no way to reverse, duplicate or modify them

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

It allows strangers to do business with each other; the transaction is verified mathematically-once you receive the money, it’s yours, it cannot be taken away through chargebacks.

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#4849
  1. In the blockchain finality means it cannot be reversed. You can’t get it back.
  2. It leads to a trustless environment because you can deal with strangers and rely on physics and mining.
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#4850

  1. Transaction finality means that once the transaction is added to the bitcoin it can’t be removed from the blockchain. There are no takebacks. If you send Bitcoin then the network verifies you sent it and there is no way to say you didn’t send it.

  2. The leads to the trustless environment that blockchain creates because the network confirms the transaction so there is no need to trust what someone says they did or didn’t do. Allowing you to do business with strangers.

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#4851
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    After the transaction has been completed, it cannot be reversed.
  2. How does this lead to the trustless environment that blockchain creates?
    You can verify that the transaction has been processed. It’s math, you can check it.
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#4852

1.- Transactions are one-way, cannot be reversed once validated and processed.

2.- Every node check the validy of all transactions before adding it to the blockchain.

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#4853
  1. Blockchain transaction finality/immutability means, that once the transaction is made, it cannot be reversed, chargeback is not possible.
  2. Blockchain finality leads to trustless environment, because there is no need to trust as everything can be verified mathematically.
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#4854
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Blockchain transactions cannot be changed. Once it occurs and is validated, it cannot be changed or reversed. It is final.

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

This allows for people to do business with anyone. Currency can be sent an received without worrying about scammers because you are trusting in the system rather than the other person.

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#4855

  1. What do we mean when we say that blockchain has transaction finality/immutability? We mean that transactions cannot be deleted or charged back

  2. How does this lead to the trustless environment that blockchain creates? Because then you know all the information is true and there is no way to reverse transactions. One can be sure that the blocks are correct

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#4856
  1. Transections are irreversible
  2. It provide security that Transections are final
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#4857

  1. It means once you send/confirm transaction there is no way back, you can not reverse it.

  2. This lead to trustless environment because it relies on math and protocols, not single entity that has authority over the system.

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