Homework on Finality - Questions

Blockchain and Bitcoin 101
#5619

  1. By having finality/immutability a transaction is permanent and cannot be reversed, altered, or cheated.

  2. This leads to a trustless environment by giving people the satisfaction that their transactions are safe and secured/tamper-proof. Or that once information is launched it cannot be changed or copied.

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#5620

  1. Transaction finality means that once a transaction is executed, it cannot be reversed.

  2. Once you receive payment from someone via the blockchain, you are assured that it canā€™t be revoked and the transaction is final.

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#5621

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
  • It means that once the transaction has been made and the block created in that blockchain, it can never be reversed or changed. The information will stay there basically forever and cannot be deleted.
  1. How does this lead to the trustless environment that blockchain creates?
  • This finality and immutability of a blockchain create a trustless environment by virtue of the information or transactions are made public for all to see and any attempt of tampering can be easily detected and removed.
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#5622
  1. What do we mean when we say that blockchain has transaction finality/immutability?
  • Whatever that is posted on the blockchain will be unable to be altered. It is final.
  1. How does this lead to the trustless environment that blockchain creates?
  • One will not need to worry about alteration of data. This leads to trust through verification, instead of plain trust through gut feel.
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#5623
  1. transactions cannot be reversed, once its done its public on ledger cannot be undone.
  2. trusting system not the people , not the two part but system itself.
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#5624
  1. Once a transaction has happened it is final, it can not be reversed, cancelled, or argued.
  2. You know that once you have received payment for goods/services your money is safe.
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#5625
  1. Transaction finality means the transaction can not be reversed or canceled after it has been confirmed hence reducing cases of scams.
  2. It leads to a trustless environment as it enables strangers to do business without fear of getting scammed.
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#5626
  1. Finality means that it is non-reversible and it cannot be cancel in any ways.
  2. No need to worry about forging data, and it will give the user trust the process through blockchain.
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#5627
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once you placed a transaction, you cannot stop or cancel it.

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

Every transaction is saved on record. Therefore, it makes harder to scam by canceling transactions after receiving the service.

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#5628

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction is made it cannot be deleted, changed, or reversed.

  2. How does this lead to the trustless environment that blockchain creates?
    It allows us to believe the blockchains finality and immutability without having to trust people or without having to trust strangers because the blockchain is verifiable.

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#5629
  1. What do we mean when we say that blockchain has transaction finalty/immutability?

You canā€™t get chargebacks, itā€™s finalized, once you make a transaction you canā€™t get your money back.

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

You can do business with strangers, no way to reverse transactions, and mathematics builds verfication.

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#5630

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

The meaning of transaction finality/ immutability means that nobody can alter, change or reverse any transaction once the blockchain transaction has gone through, neither a central authority or hacker. The Blockchain has the final truth.

How does this lead to the trustless environment that blockchain creates?
As nobody can alter or compromise the information on the blockchain, because the trust is verified by maths and the blockchain protocol. This trustless environment of the blockchain leads to the fact that strangers anywhere can transact with each other across borders. This is different from traditional banking, where one can just stop any transaction by calling the bank or be hacked etc.

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#5631

  1. Blockchain transactions have finality/immutabilty, because they cannot be reversed/changed/removed from the Blockchain.

  2. Finality/immutability lead to a trustless environment using math and protocols to establish provenance, thus removing trust.

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#5632

  1. Once a transaction enters into blockchain, it canā€™t be reverted or modified, hence immutable.

  2. Because any past transaction canā€™t be modified/removed by any entity, there is no need to trust any entity.

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#5633

  1. Transaction finality/immutability in the blockchain means when a transactions is made it is final and cannot be undone.

  2. This leads to a environment where you trust the network and system because of Maths and physics. Therefore you can do business with total strangers.

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#5634
  1. What do we mean when we say that blockchain has transaction finality/immutability?

All transaction are final and can not be reversed without the receiver choosing to reverse all or part of a transaction

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

It prevents people calling up their banks a requesting a charge back after they have received their product or service. However, this does leave the road open for extortion and other bad actors.

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#5635

What do we mean when we say that blockchain has transaction finality/immutability?Once the transaction is on the blockchain,it canā€™t be changed.

How does this lead to the trustless environment that blockchain creates?Anyone can read the transaction because it canā€™t be changed.

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#5636
  1. Once a transaction made in the blockchain its not reversable. Since its is immutable no one can alter the transaction
  2. Any transaction happened in the network is not based on trust but through the set of rules which verify and authenticate before adding that to the ledger.
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#5637

1- A transaction is irreversible once confirmed by all nodes and added to the blockchain.

2- It provides a immutable secure network verifiable by all nodes.

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#5638

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means that when a transaction is mined into a block itā€™s become irreversible and immutable (if we exclude a fork)

  2. How does this lead to the trustless environment that blockchain creates?
    Everyone can trust the data (or code) to never change and be predictable

1 Like