Homework on Finality - Questions

Blockchain and Bitcoin 101
#5238

1 - Once a transaction is confirmed, it can note be reversed. it’s not possible to get back what is sent, only if it is sent back by the other part. It’s immutable and it’s for always printed on the blockchain

2 - Transactions can’t be reversed or duplicated, by making it irreversible in which everybody can trust each other because when a block has been made it can’t be removed or refunded

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#5239
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once a transaction is done, it cannot be un-do / reverse no matter what reason behind it.

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

As in Blockchain, no reason will be accepted for any error transaction you have done, whether it is an intentional action / by mistake.

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#5240
  1. The transaction has finality means it’s irreversible. Once a transaction is on the blockchain it is locked.
  2. This leads to the trustless environment because you can do business with strangers and do not have to trust them. They cannot take the money back because there are no chargebacks.
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#5241

1.) Once a transaction has happened,it cannot be retracted.
2.) Both parties (which are only 2 and no trusted third party is involved) can be sure that a transaction has provably taken place, and can not be modified afterwards.

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#5242
  1. Transaction finality in the blockchain is reached by the inability of the transaction to be reversed.
  2. Transaction finality leads to a trustless environment by not needing to know parties involved in the transaction. The parties only need to see the transfer of assets. Once the transfer of assets has been completed there is now way for one party to reverse the transaction.
2 Likes
#5243
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once the transaction is complete then there is no turning back like in the banking system you can call to collect back your money.

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

The system trusts the protocol embedded in the code, and other computers in the network verify and validate the txn, so you don’t trust the person but the protocol.

2 Likes
#5244
  1. Once a transaction is sent, its sent for good and cannot be reversed.
  2. This creates trust because there can be no scams on merchants or chargebacks.
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#5245

  1. Transactions rant be reversed.

  2. The stranger cannot take the money back.

1 Like
#5246

  1. It means that the transaction can not be reversed, once it happens it remains that way on the blockchain forever.

  2. Because we do not have to trust the other side to do a payment without hoping it will no reverse that payment due to blockchain immutability

1 Like
#5247

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction has happened it cannot be reversed and will be recorded on the blockchain forever.

  2. How does this lead to the trustless environment that blockchain creates?
    Parties are able to trust the math and the protocols opposed to relying on trusting people who can be untrustworthy.

1 Like
#5248

  1. This means once the transaction is accepted there can be no refunds from the sender or a charge back. Once it hits the blockchain it’s done.

  2. Strangers can interact with one another because they know the once they pay for an item or service there is no denying that fact because it’s on the blockchain.

1 Like
#5249

Finality - Answers

  1. Transactions are irreversible and trustless.

  2. This system allows you to conduct business with strangers. :handshake:

1 Like
#5250

Homework

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

all transactions are final - you are unable to reverse transactions

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

by making it irreversible, you can transact with strangers by trusting the math and the protocol

1 Like
#5251

Once the transaction is complete it cannot be reversed.

It removes the worry of entities withdrawing, or manipulating the transaction. It relies on objective facts that cannot be over ridden.

1 Like
#5252

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

Once the transaction happens on the blockchain it can not be reversed, its final. Immutability
means you can not add/delete or duplicate anything to the transaction once its final, its
immutable.

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

There’s no human involvement in the blockchain transaction. We are not trusting any third
party or any entity for the transactions verification. Its the protocol and math & algorithm
doing everything in a trustless manner.

1 Like
#5253

Homework - Finality

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

This means that once a transaction has been verified and added to the blockchain, it cannot be reversed.

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

This leads to the trustless environment that blockchain creates as this process enables us to do business with strangers. No trust is needed as the strength of the network ensures that transactions are verified mathematically and once confirmed they are final and therefore cannot be changed / undone.

1 Like
#5254
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once the blockchain network approves the transaction it can not be canceled or get it returned.

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

You can do transaction with any strangers, and nobody can reverse it. We dont’ have to worry about third parties to disrupt or alter any transaction. Theres no need to trust each other, the network system verifies it all mathematically. No room for mistakes, once done there’s no turning back.

1 Like
#5255

1.All transactions on the blockchain are final and irreversible.

2.Since the ledger is public, all transactions can be seen and proven to have happened. The trust is in the maths and protocol, not any party

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#5256
  1. The transaction cannot be refunded/alter once is complete and store in the blockchain.
  2. Honestly i am not quite sure on this. As far as i know now that nodes in the network can verify the transaction by making sure it is true (this make every transactions proceed without frauds but human can still scams by many other ways to convince someone to send over the money).
1 Like
#5257
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Transactions in the blockchain can’t be erased or reverses. Once a transaction is done, it’s final. There is no way to change it.

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

You can have strangers creating transactions with each other without the need of a central trust party.

1 Like