Homework on Finality - Questions

Blockchain and Bitcoin 101
#724

1 when we did some transactions then we cannot reverse it. its final, whatever we put in this database it cannot be removed.
2 we trust in math not to some person/ organisation etc

1 Like
#725

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

It means that once a transaction takes place, it cannot be changed, modified, or reversed

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

Because it eliminates the concern of trustworthiness as well as discards the intervention of humans or artificial entities

1 Like
#726
  1. Once a transaction is complete there is no way to reverse it.
  2. Because there is no inherent need to trust the individual at the other end. Instead the trust is placed in the blockchain system since there is no way to rewind the transaction, duplicate it, etc.
1 Like
#727
  1. When we say a public blockchain has transaction finality/immutability we are saying once its written to the blockchain, it is final. The miners provide the security of this immutability.
  2. This leads us to a trustless public blockchain because any party in the transaction does not face the risk of the other party defaulting on the transaction. You can verify the transaction is good and you are to receive the value if its on a public blockchain. You just look it up. Yoda would say: Do not trust, but verify :wink:
1 Like
#728
  1. Blockchain transactions cannot be reversed - if you send cryptocurrency to someone there is no way to do a chargeback as is possible if you were to pay with a credit card. The transaction is part of a block that is forever appended to the blockchain.
  2. Sellers do not have to trust that buyers will not perform a chargeback since chargebacks are impossible. Likewise, buyers do not have to worry about sellers falsely claiming they did not receive funds - the transaction is written to the blockchain and can thus be openly audited by both parties.
1 Like
#729

1 the transaction is unchangeable and irreversible.

2 You can do a transaction with a stranger and know the POW can be verified and the transaction immutable

1 Like
#730

1/ Once transaction is made u cannot revers it . its done for ever in black chain
2/ Making transactions it irreversible .

1 Like
#731

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once the transaction has been accepted by the network, it is DONE. It cannot be undone.

  2. How does this lead to the trustless environment that blockchain creates?
    Alterable past agreements make it hard to plan for the future. An immutable agreement allows for a clear picture of where you’re at right now, with confidence to move forward. It allows for a forward mindset/posture as opposed to a backward looking mindset. AKA Confidence vs anxiety.

1 Like
#732

  1. Once a transaction is confirmed in a block it’s impossible to change it or refund it

  2. Theres no way to reverse it. All you need is verification since trust is taken out of the equation

1 Like
#733
  1. The Finality/Immutability of the transaction is understood to be an irreversible action. Once the transaction has completed it passes the event horizon; the point of no return.

2.The leads to a trustless environment by removing the risk of fraud in the blockchain. No party can alter the transaction which enforces the security of the system.

#734
  1. When a transaction is confirmed and takes place on the blockchain, it can no longer be removed.
  2. Since the transaction cannot be removed, it can always be verified that it has taken place, without having to trust someone and hope.
1 Like
#735

  1. Once a transaction is recorded on the blockchain, it cannot be erased.

  2. When doing business on the blockchain, there is no need to trust the other people/person in the transaction because the protocol must be followed. The system is based on code so that transactions must be validated.

1 Like
#736
  1. A transaction has finality/immutability as it cannot be taken back once it has gone through.
  2. It creates a trust less environment as no one can go back and alter something and everything is verifiable.
1 Like
#737
  1. When a transaction is added to the blockchain, it mathematically cannot be reversed.
  2. We can trust that a transaction on the blockchain has not been tampered with, because it is mathematically impossible to have changed it.
#738

Hello,
1) In a blockchain network, each transaction(or addition) to the blockchain ledger has finality/ immutability! in other words, it is final and can not be undone once an addition to the ledger has consensus.
2) through consensus a true trustless environment can be achieved by believing in the network or the protocols. and knowing that a collective, rather than any one individual must agree on any addition or transaction that is accepted to the blockchain ledger and can not be undone and has finality/immutability.

1 Like
#739
  1. It means the information that has been confirmed and added to the blockchain cannot be changed. The block is closed and final.
  2. When computers and mathematics are confirming cryptographic information, it is not subject to fraud. I don’t need to trust the other person in the transaction.
1 Like
#740
  1. That there is no way to reverse a transaction. Once a transaction is registered in the block-chain it will be there forever, it’s immutable.
  2. Who receives a payment is certain that nobody can reverse it from a server and who send a payment can demonstrate that a payment has been sent.
1 Like
#741

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    They cannot be altered or reversed. It’s permamnent.

  2. How does this lead to the trustless environment that blockchain creates?
    It removes the risk or fear of doing business with strangers.

1 Like
#742
  1. Every transaction is final and confirmed mathematically which means they cannot be reversed.
  2. Because no one can reverse a payment you can automatically trust that money has arrived at a specific location.
1 Like
#743
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction has been sent to and confirmed by the network there is no way to reverse or change it.
  2. How does this lead to the trustless environment that blockchain creates?
    There is for example no way to perform a chargeback. So someone who receives money can be sure it cannot be taken back. This is verified mathmatically.
1 Like