Homework on Finality - Questions

Blockchain and Bitcoin 101
#5418

  1. Once a transaction has been posted (and confirmed) on the blockchain it can’t be deleted or modified. If changes want to be made every participant has to agree on this but every modification will always be visible.

  2. Every party can see previous changes. This way trust isn’t necessary.

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#5419

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It refers to the fact that once information/transaction is added to the blockchain it cannot be reversed back or changed, it will be on the block forever.

  2. How does this lead to the trustless environment that blockchain creates?
    By knowing that data on the blockchain cannot be changed/reversed once confirmed, not having to worry about trusting strangers who you are making transactions with.
    [/quote]

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#5420

  1. Transactions on the blockchain cannot be reversed once completed. This reduces the risk of fraud eg making a payment online then reversing the payment.

  2. You can do business with complete strangers and rely on finality. Once the transaction is confirmed its final.

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#5421

  1. When a transaction has finality/immutability, that means it cannot be changed once it is made.

  2. With hundreds of thousands of nodes verifying the transactional history of blockchain at 27/4 in any geographical location, strangers can trade value with out being frauded by the other. This what creates a trustless environment.

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#5422

  1. Finality/ Immutability means that after a transaction is verified, it is impossible to go back and change it.

  2. This contributes to the trustless environment by allowing for no deletions. Every transaction will always be kept as a record.

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#5423
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    A: Transactions are not able to be reversed or modified after the fact.
  2. How does this lead to the trustless environment that blockchain creates?
    A: Users are not able to edit or modify a transaction that has already been recorded
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#5424
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Simply:
  • on the blockchain forever
  • no way to get it back
  • or change it
  • can’t reverse transactions
  • mining uses electricity to produce the blocks - that don’t get changed
  1. How does this lead to the trustless environment that blockchain creates?
  • trust protocols
  • verify transactions scientifically/mathematically
  • you can have confidence in doing business with strangers
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#5425
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means a transactions, once completed, cannot be reversed.
  2. How does this lead to the trustless environment that blockchain creates?
    The transactions will be added to the blockchain and can there be verified by each and everyone. It’s pure math, you don’t need trust.
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#5426
  1. It means it can not be changed.
  2. This enables trustlessness because it creates finality but at the same time it creates new problems because if the product supplied is faulty then there has to be some way of recourse is the system.
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#5427
  1. What do we mean when we say that blockchain has transaction finality/immutability?

When a transaction happens it is verified by the nodes and added to the public ledger, after that it cannot be removed or changed in anyway by anyone.

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

The transaction cannot be edited or retrieved, meaning a stranger who sends you money e.g., via a smartcontract cannot scam you by undoing it.

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#5428

  1. When the transaction is done/verified, is a immutable, it can’t be revert

  2. Because is base on maths and science, through the blockchain, so you can verify everything

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#5429

  1. Finality/Immutability means that once a transaction is made, it cannot be reversed, it will always remain in the blockchain/ledger.

  2. Finality leads to the trustless environment because there’s no physical/mathematical way to reverse the transaction once it’s verified, this leads to strangers and the network exchanging with each other without a central authority / middlemen.

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#5430

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means that once a transaction happens, there’s no way of getting it back. It takes away fraud.

  2. How does this lead to the trustless environment that blockchain creates?
    You don’t have to trust the customer or seller in a decentralised network, they can’t scam you.

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#5431
  1. High availability makes trust in reliability in the user base and encourages adoption by both users and app developers.
  2. Incentive via block rewards.
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#5432
  1. once a transaction takes place, it is final. There is no reversing the transaction, no chargebacks. It takes away the possibility of fraud.
  2. A consistent state is provided and can be relied upon by all participants and stakeholders, without having to rely on central authority, via consensus.
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#5433

  1. Finality means that once a transaction is sent it can no longer be cancelled or reversed. Meaning there is no chance that you can change your mind about the transaction at any point. Immutability means that the transaction cannot be edited even to a small degree. Once you make a choice or action on the blockchain it is because you decided to do so.

  2. Finalit and immutability leads towards a trustless environment by making a clearly defined action unchangeable at any point. It is best examplified with how people order items from online stores/sellers and then once the product arrives the customer either gets a refund from their bank or service provider for dubious reasons. If the entire procedure; Production, Logistics, Payment, and confirmation was done on the blockchain using different systems it would prevent any of these issues/scams from being viable

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#5434

  1. It means that once a transaction in the blockchain has been processed, it is Final.

  2. By making a transaction irreversible. this creates an environment where strangers can do business with each other, with the knowledge that once a block is created, it cannot be undone.

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#5435
  1. the transactions are irreversible once it has been confirmed on the blockchain.
    2.transactions cannot be duplicated, new funds cannot be created other than mining
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#5436
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    A blockchain transaction is engraved in the blocks and cannot be reversed nor cancelled. Each transaction is therefore final and immutable…just like graved stones
  2. How does this lead to the trustless environment that blockchain creates?
    As there is no third part, in blockchain transactions, we have the advantage and risk of its process. We can only trust ourselves to realize a successful transaction.
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#5437

  1. Blockchain has finality means that once something is done or recorded, it can’t be reversed or cancelled regardless of any reason.

  2. It leads to a trustless environment by removing the power of the counterparty to reject or deny the transaction, so that no defaulting or scamming can occur in such situations.

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