Homework on Finality - Questions

Blockchain and Bitcoin 101
#5659

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction is confirmed it is on the blockchain forever. There is no return/chargeback/way to get it back.

  2. How does this lead to the trustless environment that blockchain creates?
    It allows you to do business with people you don’t know. Once a transaction is confirmed you are confident the money is now in your account.

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#5660

  1. They can not be reversed.

  2. If we can verify that you have BTC, we do not need to trust you, only in the system. Once you send that BTC to our wallet and it is confirmed, we know, for certain, that we have been paid.

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#5661

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    You cannot reverse it anymore as you can do with financial transactions right now when you purchase a product. You can tell people it has never arrived and ask a refund.

  2. How does this lead to the trustless environment that blockchain creates?
    The transaction is shown on the blockchain so there is really no way to cheat by telling the other party it has never arrived! You only need to trust the global network as they will validate your transaction, only when it is really done!

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#5662

  1. Immutability is one important feature of blockchain technology as it ensures that nobody can change, erase or manipulate transactions which have been verified on the blockchain.

  2. There is no central authority or any other participant within the network which is capable of manipulating or reversing transactions.

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#5663
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means once the transaction is processed it is final and cannot be reversed.
  2. How does this lead to the trustless environment that blockchain creates?
    This eliminates the worry of chargebacks and reversed transactions.
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#5664

1.What do we mean when we say that blockchain has transaction finality/immutability?
transaction is irreversible once is done we can’t be undo the transaction

2.How does this lead to the trustless environment that blockchain creates?
by removing the middle man between the two ends making the transaction and only by trusting the protocol and the network!

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#5665
  1. It means the transactions as recorded aren’t changeable. Once set in the “stone” there’s not way to erase or rewrite it. Once you see someone Bitcoin or another cryptocurrency, it’s a permanent exchange that can’t be taken back.
  2. It removes the element of trust required between parties, instead trust is placed in systems and protocols. This is possible because of finality and the transparent nature of the blockchain.
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#5666
  1. It’s unchangeable. No way to reverse it.
  2. You’re trusting the network, not the person/company, which enables you to do business with anyone.
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#5667

  1. What do we mean when we that blockchain has transaction/immutability?
    Once a transaction has occurred it cannot be changed. It is there forever.

  2. How does this lead to the trustless environment that blockchain creates?
    The information is entered in real time and once it is entered it is final, it cannot be changed. The physics is the mining and proof of work.

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#5668

  1. It means once a transaction is recorded it cannot be reverted, the transaction is final and will forever be recorded not the blockchain.

  2. It means that we are trusting in the technology of the blockchain for all transactions that we make with people around the world and do not have to worry about a middle party having final say in the transactions itself. The transaction in the blockchain is the truth of what occurred.

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#5669

1.Means once transactions have been validated they cant be cancelled
2.the finality remove the need to trust someone rather the network

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#5670

  1. Once a transaction has completed on the blockchain it is there forever and there is a permanent record of the transaction.

  2. This leads to a trustless environment because of the inherent transparency that it generates. If there is a publicly available ledger that is full of data/transactions that we know to be true, then it allows users to interact and use the blockchain without fear of manipulation.

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#5671

  1. It means that once a transaction is recorded on the blockchain it can not be un done. Its permanent. (Like a tattoo)

  2. The finality makes it so everyone using the blockchain is honest and more transparent. No dishonest people can lie and try to reverse transactions.

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#5672

Homework on Finality - Answers

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    That after a transaction is made, there is no way of changing it or reversing it back.

  2. How does this lead to the trustless environment that blockchain creates?
    Because it removes any potential scams done by reversing a transaction.

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#5673

no way to change or reverse the transaction.
The network was designed to prevent fraud.

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#5674

Homework on Finality - Questions

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

It means that once a transaction is made, it can’t be undone or changed. It is final and immutable. It is set in stone and unchangeable. What is done is done.

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

You don’t have to worry for another party to undo or reverse the transaction. You don’t need to rely on a third party to verify it either. Because you trust the network which consists of mathematical equations. So you trust the math and protocols instead of humans.

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#5675

Finality-

  1. It means that once a transaction has been approved by the miners, it can’t be undone.

  2. This creates security and allows people to know their money can’t be taken back or the transaction reversed.

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#5676

  1. Once a transaction goes through, it can not be reversed. You can only add transactions to the blockchain, you can not remove/reverse transactions.

  2. Because things in the blockchain are final and immutable, it means you can not bribe someone to do something in your favor (for instance, reverse some transaction or input some false transaction for you). To do something like that, you would need to convince all participants in the blockchain to act in your favor, which can be considered almost impossible. Plus, the blockchain incentives people to be honest with financial incentives, which reinforces the trustless environment.

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#5677

  1. Once a transaction is done, it’s done for good.

  2. Human error or emotion doesn’t factor in

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#5678

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    The transaction cannot be deleted once it has been confirmed on the blockchain - it will always be on there.

  2. How does this lead to the trustless environment that blockchain creates? Leads to a trustless environment for busninesses, reduces fraud, so allows businesses to do business with each other more easily.

1 Like