Homework on Finality - Questions

Blockchain and Bitcoin 101
#1448

  1. Transaction finality/immutability means that once a transaction has happened, you cannot reverse it.

  2. It means you don’t have to worry about trusting any person or group you are doing business with. You can trust the math/network and more easily do business with strangers. There won’t be any scams such as fraudulent chargebacks.

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#1449

Homework on Finality.

What do we mean when we say that blockchain has transaction Finality/Immutability?

  1. When a transactions occurs on the blockchain it’s final. There is no way to get the transaction back or get a chargeback from retailer or anyone else. Once the transaction is complete its added to the blockchain (database) and can not be removed, edited nor changed or reversed.

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

  1. For certain business or anyone, a trustless environment helps and assures you that when a transaction is complete and processed into the blockchain, then you know that a transaction will not be refund or cancelled at a later point. The trustless environment leads you to trust the maths and protocal then having to trust a person or a company.
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#1450

What we mean when we say that blockchain has transaction finality/immutability is that the network and protocol confirms the transaction, it is verified mathematically and physically impossible to reverse the transaction.

The trustless environment that blockchain creates is that people can do business with strangers. There is no need for a third party or fear of one party reversing the transaction.

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#1451

  1. Once a transaction has been included into a block it cannot be changed again.

  2. As no one can really change transactions once they’re included in the chain, you can be certain that there’s no practical way to undo it.

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#1452

A1. There is no rollback mechanism and no one can amend that record with a new value. i.e. its set in stone, its happened!

A2. We do not need to know who initiated the transaction, all we need to know that its allowed to happen and that if it goes to the point of action, then

lock and load baby were here!

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#1453

Task on purpose - Questions
What do we mean when we say that blockchain has a transaction purpose / immutability?
The purpose is an important feature of the book, this means that when a transaction is made and confirmed, there is no way to recover it, it will remain in the database and there is no way to reverse it.
How does this lead to the trusted environment that creates blockchain?
All information is verifiable and cannot be reversed from its origin, so trust has no consequences.

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#1454

[quote=“ivan, post:1, topic:8424”]

  • What do we mean when we say that blockchain has transaction finality? The transaction is written and can not be changed once it is confirmed.
  • How does this lead to the trustless environment that blockchain creates? Once a payment is received, it can NOT be reversed. This helps when doing business with strangers or anyone you don’t trust.
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#1455

  1. It is irreversible and it cannot be changed. Once you pull the trigger it is shot. You could not trick the person your BTC.

  2. It is making the network of blockchain reliable and less likely to be manipulated/scam/cheat the network.

1 Like
#1456

Homework on Finality - Questions

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

    • Finality in blockchain means once a transaction has taken place, there is no way to reverse it.

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

    • Finality allows us to verify the interaction and transaction through mathematical protocol. This removes trust in an individual to follow through on a transaction.
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#1457

What do we mean when we say that blockchain has transaction finality/immutability?
Transaction finality and immutability refer to the fact that once a blockchain transaction has occurred and is confirmed, it cannot be reversed. The transaction will be on the blockchain forever.

How does this lead to the trustless environment that blockchain creates?
Transaction finality allows for a system whereby strangers can conduct business with each other. Each party in the transaction trusts the accuracy and precision of the mathematics used in the system(i.e., the network and the protocol) so there is no need to trust other party, even if they are a total stranger.

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#1458

1: what do we mean when we say that blockchain has trabsaction finality/ immutalbility?
Once a transaction is send, it can not be reversed , like a bullet been shot, you can not call it back.
2: How does this lead to the trustless environment that blockchain creates? The one who sents data can not cheet on the transaction by calling it back. When it is done , it is done, everybody can be sure of that. You do not need to trust on that because it can’t be pulled back …

1 Like
#1459

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction is completed, it can not be reversed, no charge backs.

  2. How does this lead to the trustless environment that blockchain creates?
    You don’t need to trust the other party, you can verify each transaction and once confirmed its final

1 Like
#1460

1 What we mean when we say that blockchain has transaction finality means that every purchase will stay and nothing is reversible.

2 This leads to a trustless environment because you are not counting on the good faith of the participants. Instead, you are counting on the system.

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#1461

Finality means once your transaction is on the blockchain it CANNOT be reversed. or changed (immutability).
You remove trusting a third party an trust only in the math of the mining algos.

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#1462
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a change is made its final and can’t be reversed
  2. How does this lead to the trustless environment that blockchain creates?
    if a transaction has been made and confirmed it can’t bee cancelled or refunded.
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#1463

They are irreversible and this is very important to remove trust or to remove the middle man “Third party”

Because no one can reverse the transaction so we won’t need a third party.

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#1464
  1. Once you have made a transaction you cant take it back. It is final and cant be changed.
  2. There are no chargebacks so you can`t say i send you the money, get the product and undo the transaction
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#1465

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    That once a transaction is made it cannot be “charged back” reversed.

  2. How does this lead to the trustless environment that blockchain creates?
    it enables strangers/trustless parties to exchange without the worry of a cancelled or reversed transaction.

1 Like
#1466
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Committed transaction is final and It can not be undone.
  2. How does this lead to the trustless environment that blockchain creates?
    All transaction data are irreversible and verified by the network.
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#1467

  1. The blockchain transactions are final because once the transaction is verified by the network, there is no way to reverse it.

  2. There is no way to lie, because the transactions are a mathematical certainty.

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