Homework on Finality - Questions
there is no way to reverse a transaction. done is done.
you don’t need to trust anyone. no back ground checks, no lawyers holding in escrow.
Transaction finality means that once a transaction is confirmed on the blockchain, whether it was meant to be sent or not, it is final and there is no reversing it.
Because there is no middle man involved in the transaction it means that once you send money it is recorded on the blockchain and you can not retrieve your money back. Same goes if someone sends you money, it can not be taken away by that middle man for any reason. This has its’ pro’s and con’s although this type of system is what makes it trust-less
Awesome answers, as always Alex!
Correct! There are situations where using blockchain just does not make sense, or maybe it way too expensive.
Exactly, no need to trust the other party, you trust the protocol. Different from centralized networks, where you don’t trust the party or the protocol and people still use it! (i.e. Facebook) 
1). That once the transaction has been confirmed it is written in stone and transaction becomes part of provenance of the coin.
2.) The users on both end can trust the math and the transaction process and therefore no longer need to trust one another. The miner will get rewarded for verifying the occurrence and to add it to the block and the transfer of value will be owned with the private key by the receiver.
What about from a user point of view? How does mining makes this a trustless network?
Maybe they will agree to return the amount paid in crypto, but transaction cannot be reversed. They will have to create another transaction.
This is finality, so how does this leads to a trustless environment? Think of merchants accepting payments…
Once a transaction is verified and added to the blockchain it is there forever and cannot be changed.
Data written on stone.
You do not have to trust a strange you trust the mathematics, the protocol, the nodes the blockchain.
Finality in this context means that when a transaction has been settled (after being verified by the network) it cannot be reversed what so ever, there is no way to undo it or change it.
The finality creates trust in that sense that when you have received money through a transaction which has been verified i.e. the network has agreed upon that the transaction is correct, you as a receiver can be sure that the sender can not claim the money back for whatever reason. The transaction has happened and cannot be undone or changed.
Homework on Finality - Questions
The miner gets rewarded for verifying accuracy of transaction and adding it to the bock.
Finality
1 All transactions are public, final and irreversible, verifiable through the permanent record on the blockchain and cannot be changed.
2 Trustless environment is achieved through the reliability of the blockchain network that is based on math, as all transactions are trackable and are verified in real time by the multiple nodes on the network.
Once a transaction is completed it is not reversable. Noone has the ability to change the ledger once written.
Without an authority that can alter transactions no trust is needed.
There are no “refunds.” You cannot call a bank or company and claim fraud (with the intention of committing fraud yourself or not) and get your money back. Once the transaction is verified, there is no going back.
You can have transactions with anybody globally and know that a transaction must be fulfilled since there is finality in all transactions.
The transaction has only one direction, which means when it is confirmed, it can’t be reversed.
Since all transactions are registered in network and verified through math and physical principles, everything is transparent and removes the need to trust people
Thank you kindly - I always appreciate the feedback!
Finality with blockchain means that it can’t be changed. Once a transaction is made it’s on the blockchain forever.
It makes big differences in a lot of sectors like finance and supply chain. There are hundreds of sectors that this trust less system will change including things not even thought about yet. For example: a pharmacies inventory can be tracked from creation of each pill to distribution to the consumer. All ingredients can be tracked from all suppliers.
It means that once a block is processed, all transactions that occurred in that block are forever locked into the blockchain. The block can not be reversed, nor can any transaction be charged back (reversed)