Homework on Finality - Questions

Blockchain and Bitcoin 101
#5599
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once the transaction has been validated, we can not get back on it. The transaction is immutable, it can not be modify or erased.
2. How does this lead to the trustless environment that blockchain creates?
Because nobody can not reverte a transaction.

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#5600
  1. A transaction cannot be reversed or removed
  2. We do not need to trust either party involved in the transaction because everyone knows that the transaction definitely went through and that if someone sent you money they cannot later reverse and get that money back out of your bank account
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#5601

You can’t reverse anything on the blockchain.
You don’t have to trust - you can rely on the blockchain technology/ protocol.

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#5602

  1. It means that if a transaction happened, it happened. There is no way to change or reverse it back. It will be on the blockchain forever.

  2. Because we no longer have to trust anyone, if we do one transaction we can definitely see it on blockchain and verify it happened.

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#5603

Why are the transactions mad?

#5604

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
  • That transactions cannot be reversed and once data is set and locked into a ‘block’, said data/‘proof of history’ will forever remain there.
  1. How does this lead to the trustless environment that blockchain creates?
  • In today’s modern world, where trust is everything for online sales, both those running businesses and selling products, or those simply just buying online, all seek truth in their agreement. That agreement being a buyer/seller agreement to pay, and deliver, and overall not be ‘unethical’ in ways (not screw anyone over in the process of said agreement). Blockchain creates this through its finality of transactions, through its data in which it records and processes. With this data being recorded, (hypothetically) anyone (banks, insurance brokers, etc.) can go have a look and see such information, therefore removing people’s ability to call ‘scam’, when it’s not legit of course.
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#5605

  1. It means that everything is saved, you can’t scam with blockchain and say this transaction never happened, to get you money back. Nothing can be reversed.

  2. Everything is set once it happens. Nothing can be removed, only added. You don’t need to trust anyone cus no-one can scam or trick you.

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#5606
  1. because the blockchain is immutable it is final.
    2.by not being able to tamper with the data once its transmitted to the chain.
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#5607
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Transactions can not be removed, deleted, or reverse. You can not take it back, if you send accidentally btc to someone, for example.
  2. How does this lead to the trustless environment that blockchain creates?
    Transactions can be mathematically verified and it is a public.
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#5608

1 - You cannot reverse a transaction or undo it.
2 - Everyone knows a transaction is final. There is no trust in another person involved. Once a transaction has happened, we can verify and have confidence that this is complete.

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#5609

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once the data is part of the blockchain and the consensus accepts it that’s it… it’s final and cannot be changed.

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

Because it removes 3rd parties. Noone can reverse a transaction. There is no risk involved on either end of the transaction. Once that transaction has happened that it. All she wrote.

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#5610
  1. What do we mean when we say that blockchain has transaction finality/immutability?

If the transaction happened, it happened. There’s no way in reversing the transaction when it is added to the blockchain.

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

We can trust the network. You don’t have to trust another person ( you can do transaction with strangers). The transaction is mathmetically verified. Besides, no one (third party’s) can reverse the transation, whih removes the risk on the other end of the transaction.

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#5611

Hi everyone,

My answers:

  1. Once a transaction has been made, there is no way to reverse it. Its not like making a transaction online and call your bank to reverse it.
  2. If you do a transaction with someone else (for example you agreed with someone to receive bitcoins from him/her), you know that person can not revert it and get the money back. You know it, not because you trust that person, but because the system ensures it is physically impossible to revert whoever that person is and no matter the level of trust between you.
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#5612

  1. What we mean is that once a transaction has been verified it is impossible to reverse the transaction. The transaction is final.

  2. This leads to a trustless environment because you don’t have to worry about someone scamming you and you can do business with anyone because all the transactions are verified by the network and you put the trust in mathematics.

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#5613

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Because the transaction can’t be change, reversible, or altered.

  2. How does this lead to the trustless environment that blockchain creates?
    it creates an environment where you can do business with anyone including strangers because trust is removed from the equation.

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#5614

  1. It means once a tx goes through, it is written in the blockchain forever and cannot be undone. Which is a major issue atm with current financial institutions allowing people to make purchases and then the purchaser can recall those funds leaving the seller/recipient of funds with no funds for their service or product. It happens quite often.

  2. having immutability means that we do not have to place our trust in the random person who is sending funds for your product or service to not recall the funds or not have funds in the first place. Once the funds are sent, they cannot do anything about it once it is confirmed on the. blockchain.

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#5615

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Finality/Immutable transactions are set in stone and not reversible once complete. There is no freezing of funds or claiming fraud to your bank.

  2. How does this lead to the trustless environment that blockchain creates?
    Strangers are able to hold transactions without having to trust that the purchaser will actually pay, regardless of anyone’s reputation or credit score. Tho, I am curious as to how blockchain confirms the actual product was delivered to the customer? Sure, a transaction for shipping a package can be verified, but how can blockchain confirm the package contained the actual product, and not a bag of dog doo?

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#5616

  1. Once a transaction is made its saved in the blockchain in all notes running this blockchain and can’t be reversed for ever (except 51 attack)…

  2. Because no entity can reverse a transaction I can be sure that once a transaction is made and on the bkockchain, that it will stay there for ever and can’t be changed

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#5617

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    [Ans] Transactions once mined/written on the blockchain, can not be reversed.

  2. How does this lead to the trustless environment that blockchain creates?
    [Ans] Transactions can be validated by anyone and anyone can transact with others/strangers knowing transaction can not be reversed.

1 Like
#5618
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    We mean that once you’ve send money to somebody you can’t return them.
  2. How does this lead to the trustless environment that blockchain creates?
    The blockchain currencies users can’t create scam schemas to stealth somebodies goods or work.
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