Homework on Finality - Questions

Blockchain and Bitcoin 101
#4898
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Finality means the transaction on the blockchain can’t be reversed or canceled.
  2. How does this lead to the trustless environment that blockchain creates?
    When two parties conduct transactions they do not have to worry about cancelation or reverse payments.
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#4899

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means transaction can not be reversed by third party such as bank.

  2. How does this lead to the trustless environment that blockchain creates?
    Users trust in protocol that can be verified mathematicly.

2 Likes
#4900
  1. What do we mean when we say that blockchain has transaction finality/immutability?

All confirmed transactions are final.

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

This means that every transaction can be verified and accounted for and eliminates the ability to make false claims, thereby eliminating the need for trust between parties.

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#4901

1- Blockchain transactions once verified by the network cannot to be deleted or edited.
2 - It enables businesses, strangers etc. to do business with each other, knowing that the transaction is final, verified by maths as opposed to a third party.

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#4902

My Answers:

  1. Once a transaction has been made/verified on the network, it can no longer be reversed. You can’t rewrite it either, instead the change is stored in a new block showing the updated information.

  2. By knowing that any transaction made on the network can’t be reversed, you don’t have to worry who is receiving or sending that transaction. Enabling people to do business with strangers.

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#4903
  1. That when a transaction as been made it is final. It can not be taken back
  2. Because strangers can make business with each other, without trust. There is no way a transaction can be taken back, meaning I don.t have to trust you, I just need to trust the math
2 Likes
#4904
  1. All transactions are final and immutable. They can not be modified, canceled or reversed so be very sure about proceeding with your transactions on a blockchain.
  2. Because of the finality and immutability conditions on a blockchain it should prevent many frivolous and fraudulent transactions, and therefore paving the road for a more trustless, intent driven environment based on a network of validity and consensus, rather than blind trust.
2 Likes
#4905
  1. Once a transaction has happened, there is now way to reverse it as it has been recorded.
  2. Finality creates a system where strangers can do business as they do not have to trust each other. Instead they can trust the blockchain network where all transactions are final.
1 Like
#4906

  1. Once a transaction has been verified by consensus, neither party has the ability to change the transaction in any way, meaning the results are final. In a financial p2p transaction, if Dvid sends Ivan some btc and the transaction is verified, Dvid can not reverse the transaction after the fact.

  2. Finality renders a third party to mediate obsolete, as “trust” is not required in the environment to fulfill the transaction per the terms. The blockchain’s inherent consensus mechanisms verify and record the transaction, which is then final, and immutable.

1 Like
#4907
  1. There is no possibility of a reverse transaction
  2. No scams possible
1 Like
#4908
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Its irreversible. Once a transaction is added to a blockchain, you cannot remove it.
  2. How does this lead to the trustless environment that blockchain creates?
    No need to trust strangers. You can confidently do business with strangers. Our trust is in protocol, math, and network.
1 Like
#4909

  1. blockchain finality refers to once A transactions is verified there is no reversal/repeat process once data is added to ledger, transaction is complete.

  2. this leads to a trustless environment as there is no reversal process so contract will be honoured.

1 Like
#4910

  1. That there’s no way to change the transaction made, neither cancel it. As soon as it is done, its impossible to remove a block or a transaction

  2. Eliminating the possibility for people to regret, cancel or simply reverse. This enables the possibility to verify it mathematically

1 Like
#4911
  1. you cannot reverse the transaction so when it has gone through it cannot be stopped.
  2. This allows the people to trust the blockchain as we can verify everything with math which allow strangers to do business as their can be no scams such as cashback scams after paying for a product to service.
2 Likes
#4912

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction is confirmed, it will stay in the ledger forever and will never be changed.

  2. How does this lead to the trustless environment that blockchain creates?
    By design, the blockchain disallow modification on the transactions that are validated so any users can feel safe because this technology, which is finally a third party of trust between them, is taking care of it.

1 Like
#4913
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once confirmation is made on the blockchain transactions network it’s final and no one can reversed it.

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

Transactions can’t be duplicated and the is no creating a new funds other than the ones generated by mining.

1 Like
#4914

  • What do we mean when we say that blockchain has transaction finality/immutability?
    There is no way to undo a transaction. When a transaction happens it’s final. There is no way to reverse it, remove it, or change it.

  • How does this lead to the trustless environment that blockchain creates?
    Finality and immutability allow someone to trust the blockchain therefore doesnt need to trust the person they are doing business with. Strangers can work together because they know the system will not cheat.

2 Likes
#4915

  1. When a transaction has been finalised it can’t be changed so it’s on the block chain forever.

  2. This means that transactions on the block chain can’t be reversed or recalled so reduced the risk of scams.

1 Like
#4916

1.Transaction cannot be redone. They are set. One cannot reclaim.
2. Through finality no participant can change the contract by himself. Transaction cannot be reclaimed, hence you do not have to trust people. Your transaction are verified, not trusted.

1 Like
#4917

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Transaction are final, can not be reversed, are part of a block that can not be altered afterwards.

  2. How does this lead to the trustless environment that blockchain creates?
    One can trust the system/the transaction, one does not need to trust a central agent or entity. The transaction is final, the new state of ownership is final and can not be altered afterwards, hence one does not need to trust a third party to transfer value to another party.

1 Like