Homework on Finality - Questions

[turbodrakul]

1. If there is consensus of transactions accepted by nodes transactions are irreversible.
2. If transactions are irreversible certainly teaches responsibility for decisions.

[KennethJP]

(1)It means that every transaction that takes place on the blockchain, once confirmed, can’t be reversed or changed. (2)This leads to a more trustless environment as it allows users to have confidence that once the transaction has happened, it is impossible for someone to reverse it/call his bank or paypal to file for a charge back.

[mima]

What do we mean when we say that blockchain has transaction finality/immutability?
How does this lead to the trustless environment that blockchain creates?

This means that when a transaction is executed, it is permanent, it stays on the blockchain forever, it cannot be changed or reversed even if the money is accidentally sent to the wrong wallet.
That is why we say blockchain network is trustless, we do not have to trust other parts, even total strangers.

[merengue]

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

2. How does this lead to the trustless environment that blockchain creates?
   Transactions are public, so you can verify every transaction knowing once it is added to the blockchain it will remain there forever. This way you can transact with strangers without having to trust them.

[TiffanyG]

1. Transactions are final. Records are on the chain forever. Reversals are not possible because of mathematics and physics.
2. We are able to verify it mathematically so there is no opportunity for reversals from the bank. Through mining and proof of work the transaction is locked in the system.

[DHash]

1. You cant go backwards and undo a transaction
2. It avoids scams and means a more trustless network

[wfree02]

1. Analogous to stonecutting, once you have cut into the stone, it cannot be undone. Similarly, when you post a transaction on the blockchain, it cannot be undone.

2. It’s physically impossible to change the ledger so there’s no room for any dishonesty within the environment.

[SG_miki]

1,All transactions are final, no pay backs or cancellations once confirmed
2,no need to have trust in a stranger,you have faith in the protocol

[Crypto_PONY]

1. Transactions on blockchain are final and irreversible once approved.

2. Business can be done with strangers as finality in blockchain ensures trustlessness.

[DMT_RAINDROP]

Finality is the word used to describe the a transaction that has been completed. It cannot be modified or removed once it has entered the network.

Strangers can trust the transactions thats been made due it the immutable nature of the transaction and its availability on a public ledger.

[CryptoPedro]

1. A completed transaction cannot be reversed.
2. No need to trust someone’s word.

[mikimak0821]

1. What do we mean when we say that blockchain has transaction finality/immutability?
   Once the transaction happens, it wont be removed
2. How does this lead to the trustless environment that blockchain creates?
   As it relies on the mathematic protocol rather than a centralised party.

[Hudsen]

1. Once a transaction has been made, it is final. You cannot cancel it or get it back.
2. It ensures that once someone has sold something, they will get their money for it. Transactions cannot be reversed so everyone can trust the network.

[AndrewDavid]

1. when making a transaction, it cannot be altered once sent and is therefore final and immutable.
2. it removes the possibility of manipulation because all events are recorded and irreversible.

[Simon1968]

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

A blockchain is said to have finality/immutability because each individual node on the network holds its own, updated, verified copy of the ledger, and this ledger cannot be tampered with, without miners on the network rejecting the new ledger as fraudulent. This decentralized network then, has assurances built in to the protocol that the current state of the ledger is true, and any transactions made cannot be reversed or cancelled, giving the transaction finality and immutability. This process of creating finality holds true for data such as supply chain records and merchandise inventory, as well as financial transactions.

Question 2) How does this lead to the trust-less environment that blockchain creates?

Blockchain creates trust-less environments by not expecting end users to trust the intentions of any one centralized person or group. It achieves this by utilizing a decentralized network of nodes and miners that use financial incentives to confirm and update transactions on the ledger, this ledger is held by every node on the network, can be freely audited, and provides transparency to transactions. No trust is required, only a sophisticated use of mathematical protocols and code.

[Maxwell]

1. This means once a transaction has been made there’s no mechanism to claim it back, or claim the payment has gone missing as this is final and recorded on the blockchain.

2. As there’s no mechanism to scam a transaction through charge backs for example, it allows peers to comfortably make global transactions with strangers knowing there’s no loopholes or means to breach the protocol.

[Peter_Vongpaseuth]

1. The blockchain has transaction finality/immutability means that all transactions cannot be changed once they are accepted onto the blockchain.
2. This leads to the trustless environment by the transactions being verified by mathematics built into the network.

[kal]

1. Once a transaction has been made, it cannot be reversed.

2. In traditional systems, a third party such as a bank or payment processor has to grant or reject a chargeback based on word of mouth from the buyer or seller, it is near impossible to tell for certain if a product has been received and in the condition it was specified as. In a blockchain every transaction is final, publicly verifiable and governed by math.

[maddie]

1. What do we mean when we say that blockchain has transaction finality/immutability?
   When a transaction has been added to the blockchain it can not be altered or removed. It is publically displayed in the ledger forever.

2. How does this lead to the trustless environment that blockchain creates?
   There is no possibilty to scam someone by making a chargeback since transactions are not reversible.

[Austaino]

1. Blockchain transactions can’t be reversed once they are verified. This is just another way blockchain removes trust.

2. This leads to the trust-less environment that blockchain creates because we don’t have to trust the people we are making transactions with, though we trust the system and the protocols.