Homework on Finality - Questions

Blockchain and Bitcoin 101
#5258
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Finality and immutability in terms of transactions on the blockchain means that they cannot be reversed. Once a transaction is sent, it is added to the ledger and it cannot be undone. This ties back to the nature of the blockchain system – it’s an add only database.

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

Finality and immutability create a trustless environment because unlike retail, you don’t have to worry about people dishonestly scamming you out of product or money. A trustless environment rather facilitates doing business with strangers.

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#5259
  1. What do we mean when we say that blockchain has transaction finality/immutability?
  • all transactions that are made in the blockchain are recorded in the network and cannot be reversed.
  1. How does this lead to the trustless environment that blockchain creates?
  • One is assured the transparency of any transaction made cannot be reverted or tampered with.
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#5260

1 Transactions once confirmed its confirmed till eternity, no reverser, no refund, no chargeback

2 Parties involved are sure none can deny it. Buyer can not chargeback while seller can not claim not to receive money when actually they do. Both of these are common issues in developing countries like Africa where banks seems to careless of you fall victim of scam or not and infact makes it harder to retrace things when you are the victim of scam

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#5261
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once a transaction is completed, it is done! The transaction is documented on the blockchain and can not be changed.

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

All transaction can be confirmed and verified with math. Additionally, the transaction cannot be removed or reversed. Everything is final.

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#5262

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction has been confirmed it cant be reversed.

  2. How does this lead to the trustless environment that blockchain creates?
    It is a trustless environment because trust is being removed and verified with mathematics / protocol.

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#5263
  1. Blockchain achieves transaction finality/immutability by consensus, once consensus is agreed the transaction is final and can’t be reversed, called back or changed.
  2. It has removed the need for trust as it uses mathematical protocol to achieve consensus that is final and irreversible. It is not using trust that one person has the money and one is owed the money it uses facts that are stored on the global network that uses one infrastructure and protocol across the globe thus contains the same information.
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#5264
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Ans. Meaning once the transaction is done, it can’t be reversed.
    1. How does this lead to the trustless environment that blockchain creates?
      Ans. A trustless environment here means no need to trust the other party/guy. Unlike other payment systems where the buyer or the seller can scam each other, blockchain does not allow the transaction to be reversed. Therefore both sides already know this rule and can’t run a scam. Hence a trustless environment
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#5265

1- the transaction can’t be reversed. each transaction is a new block in the chain and you cant remove blocks.
2- as everyone knows that the block can’t be removed/changed, people don’t try to cheat the blockchain like in the ecommerce

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#5266
  1. When we say that blockchain has transaction finality/immutability we mean that the transactions are final. It cannot be reversed.
  2. The parties involved in the transaction don`t have to trust each other, they know that once a payment is sent the funds are there, there are no possibilities for scams.
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#5267

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

Transactions that have been verified and confirmed by consensus are final. They cannot be reversed, removed, refunded or altered. They stay on the blockchain forever.

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

Verification by consensus removes having to rely on trusting an individual entity to act honestly and is instead agreed upon mutually by several nodes working together and who are financially incentivised to act in good faith.

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#5268
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means transactions are irreversible and can not be changed once completed.
  2. How does this lead to the trustless environment that blockchain creates?
    It allows for a trustless environment because all parties need to agree and verify the transactions as they can not be returned.
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#5269

  1. This means that once we make a transaction, it cannot be undone or reversed. It means that we can put trust out of the equation in order to reach a higher level of finality (everything’s made based on mathematical trust) and immutability in every transaction or action we make on a blockchain.

  2. It reduces the possibility to lie, hack the system or do something in favor of a specific group by using computers in an immutable network.

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#5270

  1. Finality means that are transactions are final. On cannot retract a transaction once sent.

  2. It leads to a trustless environment by only trusting the network not having trust the individual you are transacting with.

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#5271

1.once a transaction is confirmed on the blockchain it cannot be reversed or changed in anyway making it final and immutable .
2.trust is not required as transactions cannot be reversed so no fraud can happen peer to peer once btc is sent and received

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#5272

  1. Once a transaction as been submitted, verified, and accepted into the blockchain, it cannot be taken back or reversed. In this way, the transaction is final.

  2. It creates an environment where neither “customers” nor “merchants,” aka no-one taking parting in the blockchain, can lie about a transaction occurring, it’s amount, who it went to, etc. This makes it very difficult for scams or lies to take place on a transactional basis (although the organization prompting you to send money could still be a scam).

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#5273
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Answer:
    That means, once a transaction is completed it cannot be reverse.
  2. How does this lead to the trustless environment that blockchain creates?
    Answer:
    Due to the immutability of the blockchain protocol, and the finality in transactions, its provide high efficiency for a trustless network environment worthy of reliance.
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#5274

  1. It means that once a transaction occurs it is final. It is physically impossible to remove it from the blockchain.

  2. It means that the blockchain consists of transactions validated by the decentralized network. You can verify for yourself the entire history of transactions without having to trust anyone.

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#5275
  1. What do we mean when we say that blockchain has transaction finality/immutability?

This means that a transaction can’t be modified or altered once its confirmed, the is no reverse to it.

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

The same rules apply to every participant of the chain, there is not one side that has more power over the decision of the transaction, no central entity can alter the record, this enables everyone participating on the chain to interact on peer-to-peer transaction with anyone with clarity of the outcome.

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#5276

  1. Once the transaction is verified and a block is created and added to the blockchain it is final and imutable in the sense its almost impossible to change.

  2. There is no need to confirm from any intermediaries about the execution of the transaction, because it is a peer to peer system and involves no middle men, hence a trustless environment.

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#5277
  1. We mean that is committed to the open ledger and has been verified by the miners and thus can never be changed.
  2. We know that the protocol is public and cannot be tampered with so there is no reason to trust (or not trust) the other parties involved. We need only trust in the math/physics of the network.
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