Homework on Finality - Questions

Blockchain and Bitcoin 101
#1428
  1. The blockchain transactions are transparent and permanent once completed, they can not be reversed.
    2)The blockchain creates a trustless environment by verifying all transactions mathematically which leads to not relying on individual parts of the system which may or may not be telling the truth.
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#1429

Once a transaction has been into the blockchain it can not be removed or modified by anyone.
2.
The trustless environment occure by publishing all transaction.
Therefore transaction can not be revoked by any contracting party.

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#1430
  1. No going back ā€¦ !
  2. 'Cuz if you make a transaction, and its final. You can work with people that you donā€™t know or trust.
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#1431
  1. once a transaction is made it is final and cant be reversed mathematically and physically.
  2. Trust comes from humans and hoping that humans will always be nice to you. A trustless system means that you trust the math which means you dont have to put your faith in a human but just the 100% guarantee that the laws of the universe will prevail, which is much better than having Trust in a fallible/corruptible human controlled system.
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#1432

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    That transactions on the blockchain canā€™t be reversed, amended or canceled.

  2. How does this lead to the trustless environment that blockchain creates?
    Once a transaction is verified on the blockchain it is final and there is no need to trust on the other party to commit to it as the system will enforce it.

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#1433

finality-

  1. all transactions are final, no reversals once verified.
  2. can do business with strangers without fear of fraud, blockchain similar to digital escrow company.
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#1434
  1. What do we mean when we say that blockchain has transaction finality/immutability?

The transaction once verified and agreed by the entire network cannot be changed retroactively. Itā€™s remains a permanent record of traceability. Ie it cannot be reversed as in it did not happen. A new transaction could take place however which, in effect, could void or refund the first transaction. However both would be recorded in the order in which they happened.

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

The network protocol or verifying and immutability across a global network means that the trust is in the incentivized system and not a 3rd party or that the system is the 3rd party in effect and hence business can be effected with complete strangers.

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#1435

1 Transactions are final, and canĀ“t be reversed
2 Merchans acknowledge that the transactions are final therefore they can trust their clients after they have send a payment.

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#1436

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    information/transaction can not be removed, reversed or altered.

  2. How does this lead to the trustless environment that blockchain creates?
    because you can always trust that the blockhain information is true because there was consensus about the information

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#1437

mined transactions cannot be reversed

you can do business with strangers without having to worry they scam you by reversing a transaction

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#1438

When we say that blockchain has transaction finality/immutability, we mean that once a transaction goes on the blockchain, it can not be reversed. It is there forever and can not be broken or hacked. The transaction is always available for accountability of supply chains and for tracking.

Finality/immutablilty leads to the trustless environment that blockchain creates in that the transactions of a supply chain, healthcare and finances are secure, transparent and accessible. There is no need for trust.

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#1439

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Answer: Blockchain transactions - once they are confirmed through consenses - are subjected to algorithmic finality and immutability. Since it has been confirmed by a large, decentralized network that X has taken place no one or two persons can change that. Further the record is immutably transmitted to the entire chain and all nodes have ā€œverifiedā€ it. It cannot be ā€œunverifiedā€ without starting a fork or new blockchain which would be visible to all.

  2. How does this lead to the trustless environment that blockchain creates?
    Answer: Since I can be certain that transactions are immutable and confirmed before they go through I can work with strangers and persons I do not know. The math is trustworthy.

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#1440

Once the transaction has been validated and confirmed with consensus the transaction can never be removed from the ledger. It is physically impossible to reverse the transaction.

It means that you donā€™t have to worry about someone claiming you didnā€™t pay for the transaction. It also means that the transaction canā€™t be reversed. It also means they canā€™t steal your account and charge more than agreed.

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#1441
  1. it means it cannot be undone/reversed. It is on the blockchain forever.
  2. Whether the person you are sending money to trusts you or not ( or whether the person who is sending money to you trusts you or not) it doesnā€™t matter - no trust is needed. The network handles trust for you.
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#1442

  1. Once the transaction is done, itā€™s done. There is no way to reverse or take back the transaction

  2. Because there isnā€™t a way to reverse or cancel, there is no way to scam through the transaction. So you donā€™t have to trust the other parti to not scam you.

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#1443
  • What do we mean when we say that blockchain has transaction finality/immutability?
    • All transactions are final and cannot be reversed.
  • How does this lead to the trustless environment that blockchain creates?
    • It allows strangers to transact and not have to worry about shady practices with chargebacks.
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#1444

1.) When a transaction has been confirmed it can not be changed.
2.) Knowing that all transactions are final and immutable creates the trutless environment.

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#1445

1- Once a transaction is confirmed, it cannot be removed or changed.
2- It becomes OK to do business with strangers because the potential for monetary scams is pretty much impossible. If you are providing goods or services which someone pays for, you donā€™t have to trust that person because the network is your point of reference for everything. No reversals!!!

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#1446
  • What do we mean when we say that blockchain has transaction finality/immutability?
    Once the transaction is completed there is no charged back
  • How does this lead to the trustless environment that blockchain creates?
    if the transaction(block) is irreversible we can do business with the stranger
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#1447

1.The decision to transact cannot be reversed once it is confirmed.
2. Trust is rather in the protocol for doing business and allows for business in the global scale with strangers.

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