Homework on Finality - Questions

Blockchain and Bitcoin 101
#1227

thanks for joining @Mauro. I noticed that my question was false. I was trying to make question to think about a formula like ‘finality is a fact in order to the design of blockchain which is in reverse proportion of undo transaction’. No way to undo in verification-based-system is a need… maybe. Well, It’s better to keep studying on my beginner classes for now ^^

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#1228

  1. If the transaction is done, it is done and cannot be reversed. It is saved within the blockchain forever. Use case would be industries with a high fraud risk I guess. E.g. Gaming and gambling: buy immediately and receive the product/service immediately. Instant settlement of transaction and no way of claiming money back even though you have used the product.

  2. Sticking with the gaming/gambling example, it means that the company will be sure to receive its money. It is there instantly and cannot be claimed back. With other payment methods the customer can claim the money back or even can pay without actually having the money in the bank account (e.g. invoice). So again, the immutability of the blockchain means that I do not have to trust an institution but rely on the math/protocol.

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#1229
  1. Transactions can be reversed, once they are confirmed and written to the blockchain they are permanent and cannot be undone.
  2. As all users know about the permanent nature of transactions on the Bitcoin network, they don’t have to worry about a possible reversal and therefore can trust the system.
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#1230
  1. once a transaction is done on the blockchain it cannot be reversed.
  2. There is no way for you to commit fraud with invalid transactions
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#1231
  1. cannot be reversed… no charge backs
  2. easy to do business with complete strangers
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#1232

  1. Information confirmed on the public ledger cannot be change. It is final.

  2. It gets rid of the issue of charge backs. Also final and confirmed records cannot be changed based on the protocol which cannot and will not cheat.

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#1233

  1. Finality is essentially the permanence of a transaction that has been broadcast to the network. Once a transaction has been finalized, there is virtually no way to reverse the transaction.

  2. Finality allows for merchants to do business with consumers without fear of chargebacks because they can be assured that once a transaction has been finalized, they know that they will not have the received payment reversed by the customer.

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#1234

  1. Once a transaction has been verified, it can not be reversed or changed.

  2. Because the network is based on maths and physics to verify transactions, not reliant on any TPP’s

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#1235
  1. it means once you did send an transacstion you can not return it or send it back
    2.by making it irreversible which mean stangers have too trust each other because once the block has been made it can not be removed for example if you dit make the trasactions and it is confirmed you can not change it or cancel it or refunded it
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#1236

  1. It means once the information or data in the blockchain achieves consensus, such becomes inscribed (like words or drawings in stones) in the public blockchain and becomes theoretically impossible to reverse such action (unless there is sufficient incentives, financial or not).

  2. Finality ensures trustlessness because it eliminates the worries of data manipulation / hacking.

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#1237
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Once a transaction is made it cannot be undone.

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

Because you dont have to trust if the money will be charged back anymore.

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#1238

  1. Entries cannot be modified or deleted afterwards.

  2. Trust is built by removing the option for one of the parties to manipulate the network after a transaction, for ex. to fraudulently use a money charge back after in reality having received the ordered goods.

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#1239
  1. that means that when a transaction has happened that cannot be reversed anymore, it will stay there forever. E.g. if you transfer the money, you are sure the other party has received it, you cannot claim it back (the other party needs to send it back)
  2. You don’t have to trust anymore the other party, but you trust the system cause you can mathematically prove that the transaction has happened
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#1240
  1. It means that transactions can not be reversed once they are verified.
  2. There is no need for trust when all transactions can be verified on the blockchain.
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#1241

  1. Finality in the blockchain is once a transaction is confirmed it can never be changed.

  2. This leads to a trustless environment because you trust math and protocol only.

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#1242

  1. Transactions once verified and confirmed on the blockchain network cannot be undone.

  2. We can’t scam each other. It’s almost binary. The transaction happened or it didn’t. If it happened it cannot be changed. No human trust is involved.

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#1243
  1. It means that an operation put forth on the blockchain cannot be altered or reversed.
  2. It leads to trustlessness in the sense that one can be confident that if something was recorded on the network it truly happened. There is no need of a 3rd party to verify it.
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#1244

  1. It means that once a transaction has been confirmed it cannot be reversed. You can’t scam another person by going to the bank and doing a charge back.

  2. This leads to a trustless environment because it means people can’t scam each other.

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#1245
  1. It can not be reversed.
  2. You can do business with strangers and know you’re not going to be scammed.
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#1246

  1. What do we mean when we say that blockchain has transaction finality/immutability? The transaction can’t be reversed nor canceled unlike normal banking transactions.

  2. How does this lead to the trustless environment that blockchain creates? No need to worry about getting paid.

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