Homework on Finality - Questions

Blockchain and Bitcoin 101
#1267

  1. Any change to the blockchain is permanent.

  2. Once a deal is concluded, neither side can renege on it because there is an accurate record of what occurred.

1 Like
#1268

  1. What do we mean when we say that blockchain has transaction finality/immutability? Means the transaction cannot be reversed. It is final once confirmed. There is no getting your money back.

  2. How does this lead to the trustless environment that blockchain creates? Once a transaction has been done it cannot be removed. You now are not relying on trust that it won’t be reversed, removed or cancelled. It is confirmed by the network and recorded as accepted by the network. It is permanent. You can do business here with strangers because now we trust the system/network/protocols because we can now verify mathematically the transaction happened. Everybody can verify every transaction through the networks ledgers. Finality removes trust.
    .

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#1269

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    A blockchain transaction cannot be reversed or changed.

  2. How does this lead to the trustless environment that blockchain creates?
    There is no need to trust because transactions are verified using math and public decentralized ledgers.

1 Like
#1270
  1. Finality or immutability in blockchain means that the additions to the database are irreversible and stay forever.
  2. The Finality aspect adds trust in the transactions written in the blockchain and it makes impossible to revert one taking out the intermediary intervention from the picture.
1 Like
#1271

  1. Once a transaction happened, it can’t be changed or erased.

  2. We are sure that everything what is recorded on the blockchain is final and therefore we don’t have to trust, instead we just verify.

1 Like
#1272

  1. It means that there is no way to cancel or reverse after a transaction was confirmed.

  2. Strangers can trust each other knowing that once a transaction is confirmed there is no way to alter it.

2 Likes
#1273
  1. once a transaction is confirmed on the blockchain, it cannot be changed or undone. All trans are final!
    2)you do not have to worry about things like charge backs, all data is available on the blockchain. the proof and trust is in the math.
1 Like
#1274

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    once a transaction is on the blockchain it cannot be reversed

  2. How does this lead to the trustless environment that blockchain creates?
    no need for trust as the entry on the blockhain is final and can never be changed

1 Like
#1275
  1. Once a transaction has taken place it can’t be undone. It’s forever engraved on the runestone
  2. It gives every party involved the certainty that once the transaction is put in a block that it has taken place. No exceptions
1 Like
#1276

1. What do we mean when we say that blockchain has transaction finality/immutability?
Once a transaction has occurred it is permanent and cannot be undone / corrected

2. How does this lead to the trustless environment that blockchain creates?
Network users will rely on its protocol which is in itself based on math and physics.

1 Like
#1277

Homework on Finality - Questions

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

1. Answer
It can not be unrecorded

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

2. Answer
The transactions are always present and visible to verify, it would not make sense to cheat as the lie would be completely visible and would have its rewards striped.

Don’t trust… Verify!

3 Likes
#1278

  1. Transaction finality refers to the permanence of all transactions made on the chain. Transactions cannot be cancelled or reversed by the sender after making them to the receiver.

  2. This leads to the trustless environment by ensuring that no one can fraud the system. It is not possible to order something from a merchant, pay for the good/service, then stop or cancel service after the transaction.

1 Like
#1279

  1. Blockchain finality / immutability is a term that means; once a transaction is done it is irreversible.

  2. This helps lead to a trustless environment because this takes away a transactor’s ability to reverse the transaction, as was the case with electronic fiat (i.e. credit cards).

1 Like
#1280
  1. A transaction that has been created by group consensus is final & cannot be altered
  2. This system removes the need for human verification & trust creating a trustless environment for humans to operate within.
1 Like
#1281

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

It means that once the transaction entered the blockchain it is impossible to change or reverse it.

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

Finality of the transaction creating trustless environment amongst blockchain users, preventing manipulation of the data. Mathematical protocol allows to perform immutable transaction, users do not relay on each other.

2 Likes
#1282
  1. What happens on the blockchain cannot be undone. Unlike your FB status from when you where 18 (hopefully).
  2. It enable accurate information. Possible over trust in BTC/ETH where the development team has a master key. One would need to agree on a code and stick to it, like ETC for example
1 Like
#1283

  1. It can`t be reversed, or you can´t request charge back. When transaction happens it stays forever on the blockchain.

  2. Trustless means that you don´t need to know your customer or client, it only needs you to trust the system.

1 Like
#1284

1/ Once confirmations on the transactions are made it can’t be reversed. Just like an accounting ledger all previous transaction data never changes. A new transaction is entered in the ledger for any future changes.
2. Transactions can’t be reversed or duplicated they are there forever

1 Like
#1285

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

Transactions cant be reversed, removed they are final and of public record for all to verify.

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

Now strangers can do business with each other because Finality removes trust and all transactions are verifiable.

1 Like
#1286

Once a transaction has been confirmed it’s irreversible.

Through mining and proof of work. Transactions is irreversible.

1 Like