Homework on Finality - Questions

Blockchain and Bitcoin 101
#5759
  1. No transaction can be undone, there can be no chargebacks after the transaction is confirmed.
  2. You can transact with strangers, because you have mathematical and immutable proof.
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#5760

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    A transaction in the blockchain can not be reversed or eliminated. It is final. Set in stone.

  2. How does this lead to the trustless environment that blockchain creates?
    This allow to make transactions among strangers. I do not need to trust you to exchange value in a blockchain network. The very same network verifies our exchange as legit and approves it following a mathematical protocol. And once the transaction is made the parties canā€™t reverse it.

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#5761
  1. It means that once a transaction has been confirmed it can never be altered, duplicated, removed or reversed.
  2. It puts all of the trust in the network and the way that it operates, instead of any single person or entity.
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#5762

  1. Added information into the blockchain network cannot be removed. Once it has been accepted, there is no way it can be changed afterwards.

  2. If someone has been paid for a prodcut or a service, there is no possibility to reverse this payment.

1 Like
#5763

Homework on Finality - Questions & Answers

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

Blockchain transactions are irreversible; once the transaction is complete that is final. There is no way for the person sending the currency to get it back.

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

This leads to the trustless environment that the blockchain creates as it is recorded and irreversible. That in itself creates trust.

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#5764
  1. Because once a transaction is done it is
    Physically impossible to go back due to the technology that is behind the blockchain itself
  2. Is the technology behind the Blockchain that guarantees the maximum security and the trustless approach. You donā€™t have to trust anything itā€™s all about technology physics and mathematics
1 Like
#5765

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

    There is no mechanism to reverse / delete the transaction it store permanently in the Blockchain forever.

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

    Finality leads to trustless that stranger can do the transaction without trust on other and one transaction is created in the blockchain it canā€™t be removed / delete.

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#5766

1.It means once the transaction is made it cannot be reversed itā€™s final
2. we can do transactions without trusting receiver. Thus it creates trustless environment

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#5767

1.Once a transaction happens it cannot be altered, reversed or undone. It is there forever.

2.Donā€™t have to trust individuals or strangers involved in the transaction. Once the transaction goes through they canā€™t reverse or stop a charge or bring up the argument that they were not in agreement of the transaction.

1 Like
#5768

Homework on Finality - Questions

1. What do we mean when we say that blockchain has transaction finality/immutability?
This means that the transaction cannot be modified or deleted.

2. How does this lead to the trustless environment that blockchain creates?
This creates a trustless environment because no one can change the data and data only gets approved/added when all the nodes verify that the transaction is true. In short, decentralized and distributed ledgers lead to trustless environment.

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#5769

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

It means that once a transaction is added to a block it is final and unable to be modified. That is what gives Bitcoin and all blockchains immutability or inability to be changed.

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

It leads to this trustless environment as trust is not needed in the counterparty as every transaction is final and cannot be reversed. The trust is inherent in the technology and the mathematics as there is not a third party to be able to edit or change a transaction once it is recorded on the blockchain.

1 Like
#5770

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction goes through itā€™s impossible to reverse.

  2. How does this lead to the trustless environment that blockchain creates?
    Thereā€™s no need to trust that an individual wonā€™t try to reverse any transactions

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#5771

  1. Once a transaction is finalized it cannot be changed or undone.

  2. Prevents a lot of fraud.

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#5772

1 the transaction cannot be reversed or canceled when confirmed

2 You cannot be scammed since the transaction is irreversible

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#5773

  1. Once the transaction is confirmed, it canā€™t be reversed.

  2. Once itā€™s in the ledger itā€™s done and verified and canā€™t be charged back.

1 Like
#5774
  1. canā€™t reverse or change a transaction
  2. by mining
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#5775

1 You cannot reverse transactions.
2 Bitcoin prevents banks from reversing your money back to you or the money you receive, to be reverted back to the original sender.

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#5776

Once the transaction occurs it cannot be changed.

Because although two sides of a transaction may be strangers, they trust the network which allows them to do business.

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#5777

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

Transactions, once complete, are finalized, and there is no way to initiate chargebacks.

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

As transactions are finalized, it creates a trustless environment as transactions cannot be modified, deleted, or reversed.

1 Like
#5778

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Mean that once you submit the transaction canā€™t reversed or deleted, such payment once itā€™s done, thereā€™s no charge back.

  2. How does this lead to the trustless environment that blockchain creates?
    Because no need to trust someone or some organization, as we trust the protocol and math of the chain, and itā€™s also protected by the mining

1 Like