Homework on Finality - Questions

Blockchain and Bitcoin 101
#1468

  1. Once written to the blockchain, it cannot be undone

  2. Nothing can be deleted and additions can be verified with math

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#1469

  1. its not reversalbul

  2. no one can scam

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#1470

1.That thanks to PoW and Mining there is no possibility to reverse a transaction or simply revoke the payment
2. Of course if i can be sure that if someone can pay me without scamming me and i can immediately check that the payment is done i can open my business to other people that i trust less

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#1471

  1. every transaction is registered with no ability to change or delete. It is always there, always available to check and verify by anyone.

  2. the above means we don’t have to rely on trust but verification and we don’t need anyone to verify it for us, we can do it ourselves by accessing the blockchain records.

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#1472
  • What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction has been verified it can not be changed.
  • How does this lead to the trustless environment that blockchain creates?
    Because people can’t scam you by cancelling and trying to charge back.
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#1473
  1. Once a transaction is enacted it is final Not like chargeback that occurs in retail online.
  2. It means that transaction can occur openly between strangers… Fraud is avoided as both parties must follow the protocol.
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#1474
  1. When a transaction is processed it is impossible to alter.
  2. Consistency in the process give you the trust. Your not relying on the other stakeholder to trust but on the strict protocol that is validated by consensus…
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#1475
  1. The meaning is that there is no way back after confirmation - no reverse intended in proof of…
  2. Strangers can do business in a trustless environment. In this case trust is not based on reciprocity but on mathematics.
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#1476

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

  • Transactions are final once they’re send, you cannot reverse them, get it back/change it.
  • It is ‘physically’ (because of physics) impossible to get transactions back, because of mining en PoW.

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

  • Because of this it is impossible to scam someone, we don’t need to trust them because we trust in the math protocol
  • So you can do business with any stranger
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#1477
  1. It can not be changed or reversed.
  2. You can rely on math instead of having to blindly trust strangers.
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#1478
  1. Transactions are final and irreversible.
  2. There is no chance for charge backs. Does not require trust of send or receiver.
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#1479
  1. a transaction on the blockchain is final. there’s no turning back.
  2. transactions can be verified and it cant be reversed or altered.
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#1480

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    A transaction cannot be taken back; once it’s accepted, it’s irreversible and no one can change it.

  2. How does this lead to the trustless environment that blockchain creates?
    You trust the data and network instead of the individual; remove the human factor.

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#1481

  1. Finality means the transaction can not be reversed. It done and permanent on the blockchain.

  2. A transaction is final and the counter-party can not reverse it. This makes trust a part of the inherent part of the blockchain.

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#1482
  1. It can’t be changed on the block chain. Once its confirmed its there forever. A transaction can not be reversed.
  2. Its trust-less cause we all trust in the math and not the people.
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#1483
  1. A transaction recorded on a blockchain cannot be changed once it is accepted.
  2. Immutability and finality enable all parties to trust each other when using a blockchain.
#1484
  1. Once the transaction happens, it cannot be reversed. It has happened.
  2. Once the transaction happens, you can rely on the network, as opposed to relying on the person at the other side of the transaction, allowing strangers to engage in business with one another without fearing that they’l be scammed.
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#1486

  1. Transactions, once completed and confirmed, can’t be modified, reversed, cancelled, deleted, or duplicated, but are recorded and stored permanently on the blockchain. Attempts to change an entry would be impossible as it would require 100% agreement (consensus) by other participants in the network.

  2. Blockchain’s immutable nature ensures there is no mechanism for changes, charge-backs, reversal, duplication or manipulation after a transaction has occurred (i.e. products or services rendered), so there is no need for trust. It is perfectly alright to deal with strangers since entire network gives consensus that each recorded entry is mathematically verifiable and remain in those blocks forever.

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#1487

Homework on Finality - Questions

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

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

  3. It means that once a transaction is on the blockchain it cannot be reversed.

  4. Because the blockchain is public and tansactions have been verified by miners it is trustless and everyone knows the transaction cannot be reversed.

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#1488

Let me repeat my homework

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

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

  3. It means that once a transaction is on the blockchain it cannot be reversed.

  4. Because the blockchain is public and tansactions have been verified by miners it is trustless and everyone knows the transaction cannot be reversed.

1 Like