Homework on Finality - Questions

Blockchain and Bitcoin 101
#1388

  1. Once a transaction is confirmed on the blockchain, it is final and there forever. It cannot be removed.

  2. This allows us to do business with strangers in a trustless fashion. We only need to verify the transactions.

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#1389
  1. What do we mean when we say that blockchain has transaction finality/immutability?

It means that once the transaction has one confirmation that transaction cannot be changed, reversed or double spent.

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

Because we can verify any past transaction on the ledger. we no longer need to trust strangers to do business because we can both trust the network.

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#1390

  1. Once a transaction has been verified and put into the blockchain, it cannot be taken off or changed - it is immutable, unalterable, final. It will be there for all to see, indefinitely.

  2. This leads to a trustless environment because all of the information has been verified and agreed upon by the entire network. The only trust you need to have is in the math and math doesnā€™t lie, just people.

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#1391

  1. once a transaction is completed, it is irreversible

  2. all transactions made are irreversible and can be easily accessed by the public for verification

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#1392

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

A Blockchain transaction is a one-way transaction due to the nature of a trustless decentralized blockchain protocol. Once confirmed via the blockchain protocol it becomes the foundation block of that blockchain for which is finality/immutability. Canā€™t be reversed due to the nature of blockchain.

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

Finality/immutability is fundamentally the core of a trustless decentralized blockchain.

Humans do not need to trust each other as trust arises from the mathematical protocol for which makes up the blockchain.

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#1393

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction is verified, it can not be reversed or manipulated.

  2. How does this lead to the trustless environment that blockchain creates?
    You donā€™t need to trust because once the transaction is verified, it can not be reversed or manipulated.

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#1394
  1. once a transaction is done, no one can change that transaction afterwards.
  2. the above leads to a trustless system, where you trust the system but not the participants.
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#1395

  1. It is not possible to reverse, edit, remove any transaction once it is made.

  2. Blockchain allows us safely do business with strangers who we donā€™t trust. We donā€™t need to trust the person weā€™re doing business with because we trust the system to verify the txn through mining/math/proof of work.

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#1396
  1. That ones a transactin has been done, this transaction can not be reversed or chargebacked.
  2. We do not need a trusted third party, because the blockchain is mathematically trusted and is never wrong. It is just the trust between you and the stranger you want to do a transaction with because the transaction can not be reversed.
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#1397
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    When a transaction is made to the blockchain, it is final. Cannot be reversed.
  2. How does this lead to the trustless environment that blockchain creates?
    Because it can not be reversed, duplicated, refunded.
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#1398

  1. What do we mean when we say that blockchain has transaction finality/immutability? It means that a transaction canā€™t be reversed.

  2. How does this lead to the trustless environment that blockchain creates? You donā€™t need to trust a stranger - you only need to trust the network.

1 Like
#1399
  1. What do we mean when we say that blockchain has transaction finality/immutability?

With that we mean that is irreversible. There is no way to modify or change a transaction once is done.
What is written in blockchain, is forever.

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

The fact of irreversible transactions, allow people to trust on the protocol and not in someone else.
Just by reading the data on any block-explorer lead to know that is truth and inmmutable.

2 Likes
#1400

It means that when you make a transaction no way back (itā€™s irreversible) to manipulate that, you canā€™t delete it, modify itā€¦ it goes into public ledger, to make any change you need consensus with others.

As you cannot modify the transaction done, before make any transaction you must be cautious and do it very very carefullyā€¦ this leads to the trustless environmentā€¦ so trust maths, algorithmsā€¦

2 Likes
#1401

1.What do we mean when we say the blockchain has transaction finality/immutability?
Transactions can not be reversed after confirmation from the sending party so in order to correct a false transaction the receiving party would have to enter a new one.
2. How does this lead to the trustless environment that blockchain creates?
There can not be any corruption of the availability of funds and there are no trust issues only verification protocols.

2 Likes
#1402
  1. Once the transaction happened, it is confirmed and cannot be reversed.
  2. Merchants can have more trust in dealing with customers bc there would be less chargebacks.
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#1403

  1. there is physically no way of undo a transaction, ā€œit is written in a digital stoneā€.

  2. reverse a transaction is not possible
    trust due to mathematical verification of transactions

1 Like
#1404
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once the transaction is made there it is impossible to reverse.
  2. How does this lead to the trustless environment that blockchain creates?
    Because you donā€™t have to worry that the sender will reverse the charge.
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#1405

1 Its un reversible

2 We know that the transaction is final so we trust that business with strangers is un-compromised.

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#1406

  1. Blockchainā€™s finality/immutability means that a transaction cannot be reversed once it happens. So all sending of money is final.

  2. This leads to the trustless environment because it allows strangers to do business with each other without needing to rely on blind trust. They can have mutual trust in the system that theyā€™re using. It also reduces the scams that have been tied to buying and selling, in which refunds are demanded after a transaction is completed.

2 Likes
#1407

  1. This means that once a transaction is confirmed it can not be removed from the blockchain.

  2. We can trust strangers because we trust the protocol and physics of blockchain.

1 Like