Homework on Finality - Questions

Blockchain and Bitcoin 101
#5298

  1. it means that you can’t reverse, alter a transaction that is sent through blockchain network. I like this because it holds the sender 100% accountable for any transaction he/she wants to send, that means what’s done is done and you better think hard before you decide.

  2. So it takes the trust/untrust element out of the equation, meaning as sender or the initiator of the transaction, you can sleep like a baby knowing that the transaction that you confirmed and sent will get to the intended recipient exactly. You don’t go through 3rd party and subject to 3rd party terms and conditions.

1 Like
#5299

  1. Non reversible one way transactions.

  2. Security of finality and transparency of transactions.

1 Like
#5300
  1. Transaction finality/immutability means that once a transaction has been validated and processed, it can not be reversed or changed
  2. Strangers can do business with one another as no single entity controls and can manipulate the transaction for their benefit
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#5301

Once a transaction is confirmed on the blockchain as having taken place, it can not be undone-- it is final and official.
No one therefore needs to trust another to keep and maintain records of transactions… it is automatically done as they are verified, and no one can go back later and alter one.

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#5302
  1. Blockchain has transaction Finality/immutability means that every transaction that happens cannot be reversed. It will exist forever.
  2. This leads to a trustless system because you no longer have to worry about schemes or scams through the traditional banking system. You can trust that once a transaction happens, the money cannot be reversed out of your account.
1 Like
#5303
  1. Finality means that transactions cannot be reversed. Once there is confirmation on the blockchain there is no way to reverse it due to proof of work.
  2. This means that we don’t need trust anymore when doing business with strangers. We don#t have to rely on trusting them, but can verify ourselves on the blockchain whether a transaction took place. However, in some cases this only shifts trust to the other party. if I buy something online with Bitcoin, the merchants can verify that the transaction went through. However, if they decide not to send me the product, then I canot get my money back. So when previously the merchant had to trust me to pay him, now I have to trust him to send the product.
1 Like
#5304
  1. All the transactions on the blockchain can not be revokes, once it’s initiated, you can not take it back.
  2. It can prevent fraud especially in the retail sector when retailers lie about the transaction that happened.
2 Likes
#5305

Once the transaction is done it can never be reversed. There are no chargebacks.

There is no need for trust, thus allowing business transactions to be done between strangers. Due to the transparency of each transaction.

1 Like
#5306
  1. It means that all posted transactions can not be removed or deleted from the blockchain network. Every verified transaction is final and irreversible.
  2. This leads to trustless environment because the network is the one which will fulfill promises instead of trusting that the next person is going to do what he promised.
2 Likes
#5307
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    A: impossible to change once a transaction has been made. I cannot be changed,
  2. How does this lead to the trustless environment that blockchain creates?
    A: no need to trust the other participant in the transaction since it is unchangeable and no intermediary to contest the transaction.
1 Like
#5308

1 We can’t reverse a transaction / cancel it / amend it - once it is put through and accepted that’s it.

2 Its trustless because everything that goes on the blockchain is public and can be seen by everyone. And the transactions cannot be modified. That’s it, final.

2 Likes
#5309

  1. Finality means that the ledger in which transactions are written is an append only ledger. The ledger itself can not be amended.

  2. It is trust-less because of the immutability of the protocol. In other words, once the transaction is recorded on the blockchain a bad actor cannot reverse the transaction via other means without destroying the entire blockchain.

1 Like
#5310
  1. a transactions has been sent it is final and you can’t get it back, change it or cancel it.
  2. The network verify every transactions so no need to trust peoples.
1 Like
#5311

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It is a “one-way” ticket. Once the transaction is done it cannot be reversed

  2. How does this lead to the trustless environment that blockchain creates?
    No optionality to reverse the transaction so we can trade with everyone.

1 Like
#5312

Blockchain only adds transactions - once a transaction is on the blockchain it cannot be removed or modified. This way the transaction is final/immutable.

This leads to a trustless environment because everyone knows transactions have been verified and not been changed. The blockchain is a full audit.

2 Likes
#5313

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction is in the blockchain, it may not be removed not amended. Doing so would render the block and all successive blocks in the chain invalid.

  2. How does this lead to the trustless environment that blockchain creates?
    It eliminates chargebacks and double spending, and removes the need to trust a third party to perform the actual transaction.

1 Like
#5314
  1. it’s can’t be reversed, changed or charged back
  2. you don’t actually have to know the party that you were transacting with because all of the trust is on the blockchain
1 Like
#5315

Transaction finality/immutability means that when a transaction is done it is done; it can’t be reversed.

Once transaction on blockchain is confirmed it is done. Meaning that if one accidentally sends money to misspelled blockchain wallet address the transaction can’t be reversed and one has just sent funds to wrong address. Done is done.

Transaction finality, real-time auditable and immutable data written on a public ledger are factors blockchain technology brings and that enables building of trustless environments.

Data on blockchains is information that anyone can go and verify, which means that we don’t need to question if a transaction happened or not because we can audit and verify it by ourself.

And since transactions are final after they have been confirmed it means that all the transactions we can audit have really happened. Again, there is no need to trust anyone regarding this info.

1 Like
#5316

  1. Since the blockchain is immutable, if a transaction has been added to the blockchain, it cannot be removed.

  2. I can therefore verify that a transaction is final by verifying the blockchain myself, there is no need for a third party to guarantee a payment.

1 Like
#5317

  1. Blockchain transactions require electricity and etch a transaction into the blockchain making it final and immutable.

  2. This leads to the trustless environment because all transactions are verifiable.

1 Like