Homework on Finality - Questions

Blockchain and Bitcoin 101
#4958

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction has been confirmed there is no way to take it back or change it.

  2. How does this lead to the trustless environment that blockchain creates?
    As there is no way to scam each other using this system, this allows strangers to essentially interact with each other without necessarily trusting each other. Everything is mathematically verified instead.

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#4959
  1. Transactions are entered into the ledger and cannot be reversed
  2. Trust between users is not necessary as all information is on the blockchain
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#4960

  1. Transaction finality/immutability means that once a transaction is verified and added to a block on the blockchain, it is very difficult, almost impossible to change. Since every node on the blockchain would have to simultaneously agree on the change, which is almost impossible.

  2. It is this finality that leads to the elimination of a trusted third party. If a transaction is truly invalid it will be thrown away by the miners but if someone sends btc to a person on accident it will be very difficult for that person to get it back.

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#4961
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    ANS-it means there is no refund after the transaction has been processed by the networks.
  2. How does this lead to the trustless environment that blockchain creates?
    ANS-as the blockchain is going through simultaneous verification among all the networks on the ledger , one can do transaction with anyone almost instantly with out any doubt about being cheated.
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#4962

  1. It cannot be undone, or reversed once it has taken place

  2. The finality feature means that people can be confident in the transaction, that the money has changed hands and is not going to be reversed, or appealed as non-authentic. The authenticity of the transaction can be relied upon as true and final. You don’t need to get to know somebody before making a transaction and establish trust with them prior to proceeding.

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#4963
  1. Once a transaction is written to the blockchain it is permanent. It is a record that will be there unchanged until the end of time.
  2. With the blockchain being public, every transaction is available for the world to see and users know that it can never be changed or deleted.
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#4964
  1. It means that once the transaction is recorded it is there forever and cannot be reversed.
  2. It leads to a trustless environment wherein all transactions are recorded on the blockchain and are easily accessible for everyone to view.
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#4965

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It mean the work is being done. It could be a transection related to money or some product. As blockchain is immutable so transection can’t be edit or removed.

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

This characteristic bring trust on system because we can check the facts and evidence that is available on blockchain to everyone (Digital Provenance). This feature of blockchain can empower the business and society in many ways. i.e money transection, Charity, Wages, Voting, Supply chain provenance, reduce fraud and scam or corruption.

Finality => Highly Availability => Digital Provenance => Trustless environment (Trust less on people and More on System because system can be verified at any given time by anyone)

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#4966

  • What do we mean when we say that blockchain has transaction finality/immutability?
    A transaction, once verified, can not be reversed.

  • How does this lead to the trustless environment that blockchain creates?
    You take “trust” out of the equation due to the evidence of each confirmed transaction. I prefer the word “infallibility”. It suggests honesty, no need for correction, no lying or deceit. “Trustless” suggests there is less trust, when actually trust is taken out of the equation all together!

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#4967
  1. finality means once information has been processed and recorded it cannot be changed. This just means that nothing can be done to undo the process. Theoretically it is possible but all parties would need to be convinced to produce a different. Changing everything would also cost an insane amount of energy.

All transactions are public and can be checked whenever.

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#4968

Rob here on Finality:

1.) When we say that blockchain has transaction finality/immutability we mean that all transactions are final with no reversals, verified mathematically, permanently recorded on a public ledger & unable to be changed over time.

2.) Finality/immutability leads to the trustless environment that blockchain creates by removing the possibility of fraud and chargeback scams due to the fact that transactions are mathematically/physically impossible to reverse. If there is no way to commit fraud or chargeback scams, then trust is not necessary to do business with strangers.

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#4969
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction has happened it has happened. There is no changing or reversing.
  2. How does this lead to the trustless environment that blockchain creates?
    With finality we can verify mathematically, so there is no need for trust.
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#4970

Once transaction is made its final.

You trust the code, therefore you can have faith in your transactions and the people you trade with.
“Don’t trust verify”

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#4971

Once a transaction is done, one can not remove it or change it. There is no way to call a bank and undo the process

Transactions are public, transactions get verified, all transactions are distributed all over the network

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#4972

Hi everyone,

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    When a transaction is done, there is no way to reverse it.

  2. How does this lead to the trustless environment that blockchain creates?
    We have the math that rules the protocol, miners that are rewarded to make things correctly; it allows you to make business with estrangers.

1 Like
#4973

  1. It means that every transaction is final once confirmed and cannot be reversed, tampered with, refunded, or manipulated.

  2. Both parties are aware of this feature, therefore there is no trust needed because each party must hold up their end of the transaction without fail. This protects both parties from being scammed and allows strangers to interact and conduct business without needing to trust the other party.

1 Like
#4974
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Transactions are regarded as final and unchangeable once they are added to the blockchain (due to the prohibitive cost of altering transactions added to the block chain).
  2. How does this lead to the trustless environment that blockchain creates?
    Trust is ensured by the mathematics/protocols of the blockchain network as transactions are irreversible and final, removing the need for trust in an unknown party.
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#4975

when an transaction is made and confirmed there is no way back

unlike in retail it is not possible to ask your money back from your bank

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#4976

1- Once a transaction has happened, it’s happened. There is no way to get it back. And it will be written on the blockchain forever.

2- We don’t need to trust a middle man, or we don’t have to worry about chargebacks. It can be verified mathematically. We can easily do a business with strangers.

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#4977
  1. The transaction is finalized, cannot be changed and permanent.
  2. There are permanent records showing the transaction between the users the transaction cannot be altered.
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