Homework on Finality - Questions

Blockchain and Bitcoin 101
#905

  1. The blockchain transaction cannot be reversed or recalled.

  2. Verification by mining proof of work Blockchain Maths and physics.

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#906

  1. Means that once the transactions entered into the system can no longer be changed or reversed.

  2. You can verify mathematically if transactions are valid.

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#907

Q1: Transaction finality / immutability means that once a transaction has been verified and added to the blockchain there is absolutely no way to reverse it. Its there forever. It simply means verified transaction are final with no going back. No charge-backs, no reversals, no deletions is it immutable.

Q2: This leads to a trustless environment as nobody has to trust the actions of another, whether somethings has happened or not its simply trust in math, universal principles and the blockchain protocols.

Once a transaction is verified and added to the chain it is a transaction / settlement all at the same time. It happened or it didnā€™t. Black & White. No grey areas. None reversible and immutable.

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#908
  1. When we say that a blockchain transaction has finality/immutability we mean that the recorded transaction cannot be undone or changed. The new owner of the transacted currency can return the currency, but there is no third party that can undo the transaction.
  2. This means that there is no trust based in third party networks (groups of third party companies or individuals) to ensure the transactions completion. It also can eliminate fraud of transactions. A person with ill-intent cannot claim to have contributed to a transaction they did not and commit fraud.
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#909
  1. What do we mean when we say that blockchain has transaction finality/immutability?

It means that when a transaction has been confirmed and accepted through the consensus algorithm, there is no retrieving it.

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

This allows for strangers to transact and do business because the trust lies in the fact that the system, protocol, or network has performed the mathematical verification.

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#910

  1. When the transaction is made it is complete and final. There is no process to go back and try to revoke the payment.

  2. This leads to a trust less environment because you can do business with anyone and know they canā€™t try to revoke the payment later on.

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#911

Oh I know bitcoin arenā€™t tangible coins. They are just ones and zeros that are worth a one followed by a lot of zeroes.

#912

  • What do we mean when we say that blockchain has transaction finality/immutability?
    It means that the transactions are final and cannot be reversed or changed.

  • How does this lead to the trustless environment that blockchain creates? The transactions cannot be changed and it allows effective business with strangers giving the fact that the platform is valid, secure and decentralized.

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#913

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It simply means that once a transaction is confirmed, there is no possible way to reverse it.
    Once itā€™s done, it can never be changed.

  2. How does this lead to the trustless environment that blockchain creates?
    This leads to a trustless environment because you can do business with strangers easily without having to trust them, because once payment is made it is immutable. It is finalised.

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#914

  1. It means that once any transaction has taken place, it can never be reversed or changed.

  2. Blockchain creates a trustless environment for users enabling them to do business with strangers or anybody without having to trust them because all transactions once completed/confirmed can never be reversed. i.e no cashback policy.

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#915
  1. Transaction cannot be rolled back or changed.
  2. Transactions cannot be reversed.
#916
  1. It cannot be reversed or undone, once the transaction has been committed, ever.
  2. It means that anyone who submits a transaction is (better be) damn sure that they want to perform/confirm said transaction knowing that it can NEVER be reversed or undone.
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#917

  1. When we say that blockchain has transaction finality/immutability it means that once a transaction has happened, it is final and cannot be taken away or undone; with immutability it is unchangeable.

  2. This leads to the trustless environment created by the physics of blockchain with mining and POW.

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#918

1- it means that the transaction is secure and once sent you cant get it back.
2- Trustless on the system because of the prove behind the math.

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#919

  1. To say that blockchain has transaction finality/immutability is to say that a transaction cannot be reversed and will forever be written on that block.

  2. Blockchain creates a trustless environment in that you donā€™t need to worry about transaction reversals or transaction editing. One must just trust the math & protocol.

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#920

  1. Once a transaction has been processed through the network, it can not go back or be reversed.

  2. This provides a trustless environment because you know you will get you money doing business with a stranger.

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#921
  1. A transaction cannot be reversed. All transactions are final.
  2. You are trustng the math and the system protocol not an individual. By not having to rely on trust, you can do business with strangers. Transactions can be completed without trusting the other party.
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#922
  1. What do we mean when we say that blockchain has transaction finality/immutability?

blockchain has finality/immutability because once a transaction occurs it is finalized. It is a one way street and once a transaction is confirmed there is no going back.

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

This leads to a trustless environment due to transactions being mathematically proven and not based on the trust that one party of a transaction will follow through and not try to reverse transactions.

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#923

What do we mean when we say that blockchain has transaction finality/immutability?
The blockchain is an immutable ledger that record transactions which are set in stone. You can record the information, but you canā€™t go back and modify that information. You canā€™t erase, only add to the ledger. This also means blockchain is not the ideal use case if you a need a system that can reverse and modify existing data.

How does this lead to the trustless environment that blockchain creates?
Instead of having to ā€˜trustā€™ someone on given information, you can ā€˜verifyā€™ it for yourself in the blockchain. The information has been recorded, agreed upon, and set in stone/irreversible.

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#924

  1. It means that once a transaction is made it cannot be reversed.

  2. Fraud and fudging the numbers are much more difficult since the transactions cannot be manipulated once they are put on the blockchain.

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