Homework on Finality - Questions

Blockchain and Bitcoin 101
#41
  1. The results of a transaction are baked into the truth of the blockchain and cannot be undone.
  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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#42

1: When the transaction is confirmed, there is no way to undo the transaction.

2: By trusting the network you can do buissness with strangers without a 3:d party that can be manipulated to (for exampel) withdraw the transaction.

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#43
  1. Transaction finality means you canā€™t change nothing after transaction was done.
  2. Blockchain is perfect way to lead trust less environment.
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#44
  1. Once the transaction has been carried out, it cannot be changed or undone. It is final.
  2. You can trust the transaction - you do not need to trust the person with whom the transaction is being carried out with.
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#45
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction is made and verifyed, it is final. No way going back. It is in the new block forever

2.How does this lead to the trustless environment that blockchain creates?
Through mining, it is proven w consensus of the network. The new block with a timestamp is added to the blockchain. That is a trustless environment

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#46

  1. By saying that blockchain has transaction finality/immutability, we mean that blockchain is append-only and transactions that are made cannot be reversed.

  2. This leads to the trustless environment that blockchain creates because you donā€™t have to trust the participants of the network; only the open-source math and protocol that make up the blockchain.

#47

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

A / This is because in the blockchain the transactions that are registered cannot be modified, deleted or reversed.

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

R / Because you are not trusting an entity, government or person; but you are relying on the mathematical process that is needed to record the transaction after consensus. So there is no external manipulation of it.

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#48

  1. Transaction finality means that the transaction / payment whatever is final and cannot be reversed. No charge back or mistakes accepted. Immutable means cannot be changed.

  2. It increases trust because you are 100% guaranteed that a bitcoin cannot be spent twice. Cannot be created. A transaction is final and cannot be reversed. This increases trust because I get to trust the transaction. I know that you received the funds and there is an online public accessible ledger to prove it. An ledger that cannot be changed and one which is VERIFIED by all the nodes and the Block cannot be erased. Chained to the other blocks etc etc

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#49

  1. BC transaction finality/immutability is basically a truth enforcer. It makes your transaction decisions final and incontestable.

  2. This BC finality/immutability prevents individuals or entities from changing their decision to pay receive or send goods and services, therefor binding them to their decisions on the blockchain. This is essentially increased accountability.

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#50

  1. Once a transaction is completed it is done. No changes can be made.

  2. Transactions cannot be reversed or duplicated. There are no chargebacks. Trust is taken out of the system so that business can easily be transacted with strangers.

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#51

  1. Once a transaction is recorded on the blockchain thatā€™s it. Thereā€™s no buts or ifs.

  2. Because thereā€™s finality in the system, thereā€™s no way to claim that the transaction was ā€œfalseā€. Thereā€™s complete verifiability that the transaction was meant by the sender, and the reciever has complete protection- the gain is guaranteed.

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#52
  1. A transaction cannot be reversed.
  2. A transaction is final, there is no need for trust. So strangers can do business with each other.
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#53

  1. Blockchain has transaction finality in the sense that once a transaction is confirmed it is impossible for that payment to be reversed. The transaction is recorded across the network in the form of an immutable ledger.

  2. Finality allows anyone to transact with certainty that value transferred to them cannot be taken away. Unlike with credit card transactions there is no central authority to revoke a payment. This means that merchants do not need to assess customers to ascertain the risk of a chargeback. A blockchain transaction from Nigeria is as safe to accept as one from the US or UK!

3 Likes
#54
  1. Immutability of blockchain means that the database entries that already exist canā€™t be modified, ever
  2. When blockchain is used for a cryptocurrency this creates a trustless environment because transactions aka payments canā€™t be reversed in any way, and when talking about data for other purposes such as food chain records it leads to a trustless system because anyone can verify the data but once entered it canā€™t be altered by anyone
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#55
  1. You mean that once transaction is done you canā€™t reverse it or in any way corrupt it.
    2.Once you got the transaction it is your forever
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#56

  1. Blockchain has transaction finality and immutability because once a transaction is entered, it will be on the network forever and ever. You can not delete it.

  2. All transactions are final. There is no way to get your money back after you send it unless the person you send it to want to send it back to your wallet.

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#57
  1. once a transaction takes place, it is final. There is no reversing the transaction, no charge backs. It takes away the possibility of fraud.
  2. Transactions are final and irreversible. Itā€™s fair and clear cut. The System/Network is all what can be trusted due to its mathematical verification.
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#58

  1. Once transactions have been verified on a blockchain they cannot be reversed. This is known as transaction finality.

  2. This removes the need for both parties to trust each other that the recorded outcome of any transaction will remain as stated. Instead, they can be certain that mathematical principles will ensure that the results of any transaction recorded on the blockchain are immutable statements of fact. An example of how such a trustless environment would be particularly beneficial for many businesses is retail businesses currently selling products to customers (essentially strangers) via the Internet. By using blockchain to process customer payments, there would no longer be any risk of chargeback fraud, where a customer reverses the transaction but keeps the product.

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#59
  1. What do we mean when we say that blockchain has transaction finality/immutability?

There is no way transactions can be reversed.

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

Because once a transaction is done, it is really done. You donā€™t have to trust the counter party not to reverse the transaction because there is no way he can.

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#60

1- Because once a transaction is done on the blockchain network it cannot be undone.
2- That prevents the possibility of frauds in the network like duplication of transactions, false allegation of misunderstood. Also, blockchain works with mathematical protocols witch guarantee the functionality of it.

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