Homework on Finality - Questions

Blockchain and Bitcoin 101
#4918
  1. Once a transaction is confirmed it is final.
  2. It removes dishonesty by both parties. However. should one send a transaction by mistake then you would be reliant on human “goodwill” for a refund.
    I think this may lead to legal disputes in the future.
1 Like
#4919
  1. It means that when a transaction happens, it is on the blockchain forever, and cannot be reversed.
  2. This eliminates trust, meaning that a seller and a buyer do not need to have trust in each other that one will deliver the product (see smart contracts) or one will not try to chargeback.
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#4920
  1. it means the transactions are not reversible. Once you send money to someone you cannot cancel the payment.
  2. Because now you don’t need to trust the trading partner, who in other settings could simply not send you the goods you purchased or call their bank and stop the transaction. In blockchain we trust the protocol because the transactions are mathematically verifiable.
1 Like
#4921

  1. Once a transaction is complete and verified, it is stored in the blockchain forever. There is no way to reverse it.

  2. You do not need to worry about the sender or receiver scamming you out of money or product

1 Like
#4922

irrevocable

no one can cheat you by taking back a transaction

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#4923

1 It means that once the Transaction has been confirmed, it cannot be undone/reversed

2 It is Trustless because it doesn’t rely on Trust, it relies on Math, what is done it cannot be undone, therefore the fact that you trust or not the counterparty is irrelevant

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#4924

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    This means that all changes made to the data cannot be reversed or erased.

  2. How does this lead to the trustless environment that blockchain creates?
    Knowing that the chain of confirmed transactions are immutable provides a strong foundation to build upon and extend.

1 Like
#4925

  1. Finality means that a transaction can not be reversed / cant get it back, The transaction is final

  2. All transactions on the blockchain can be verified mathematically, and once a transaction has happened its final cant be reversed

1 Like
#4926
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Transactions are permanent so once a transaction has taken place it can’t be undone
  2. How does this lead to the trustless environment that blockchain creates?
    It is not possible for anyone to change or tamper with data and so the need to trust people is removed
1 Like
#4927

A1. Blockchain has finality/immutability means that nobody can get it back or change it once transaction has happened and confirmed.
A2. By the feature of finality, blockchain creates the trustless environment meaning that it removes trust in the chain of blocks and makes it possible to trade with strangers.

2 Likes
#4928
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    When you make a transaction you can take it back and remains on the blockchain forever.
  2. How does this lead to the trustless environment that blockchain creates?
    There is no need for more funds as the blockchain uses what is there
1 Like
#4929
  1. When it happened, it cant be changed. Not like a cash back with the bank.
  2. No need trust, everything is verified and cant be modified.
1 Like
#4930

What do we mean when we say that blockchain has transaction finality?
it means once you make the transaction it cant be reversed.
how does this lead to the trustless enviorment that blockchain creates?
You don’t have to trust that someone wont call the bank and cancel the transaction, what is done is done.

1 Like
#4931
  • What do we mean when we say that blockchain has transaction finality/immutability?

This means that transactions/ entries are final and cannot be edited. This creates a public record that cannot be disputed or undone (except in rare cases with full consensus, depending on the blockchain).

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

Transactions do not therefore rely on trust of another, or third, party, but are settled mathematically, and physically, by the blockchain - thus “proved” by the network of mining and are indisputable. This resolves the issues caused by dishonest parties in transactions and settles many disputes, as there is now an immutable record of transactions.

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#4932

  1. When a transaction has taken place, it can’t be reversed. It is on the blockchain and the blockchain can’t be mutated once the hash has been entered.

  2. If you send BTC or any other crypto assets you are agreeing that you have indeed gotten the “if” out of the agreement.

1 Like
#4933
  1. It means that transactions cannot be reversed or charged back. And each block is made permanently.
  2. It means that you only trust the network and mathematics, not any individual, company, or authority.
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#4934
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once the transaction is sent it cannot be reversed or changed.

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

We know the transactions recorded in the blockchain are accurate.

1 Like
#4935

1: Basically we’re referring to the fact that all transactions are final. Transactions can be verified & the sender cannot ‘reverse it’.

2: This leads to a trustless environment as the only trust involved is with the Blockchain network which is governed by fixed code & not a 3rd party.

1 Like
#4936

What do we mean when we say that blockchain has transaction finality/immutability?
when a transaction is finalized it can not be changed or removed, or refunded or rather cancelled. Its there to stay for all to see an validate/verify.

How does this lead to the trust less environment that blockchain creates?
Because the protocol and network is used to provide valid and correct information no one else is required to be trusted to know or confirm things are as they should be, which allows people to do business with each other without having to trust each other

1 Like
#4937
  1. Once a transaction is on the blockchain it is transparent and cannot be reversed / removed.
  2. This leads to a TRUSTLESS environment because you can do business with strangers without needing to trust them since transactions can’t be reversed or duplicated. There is no creation of new funds other than those generated by mining.
2 Likes