Homework on Finality - Questions

Blockchain and Bitcoin 101
#1670
  1. Once a transaction is processed it is final. No chargebacks
  2. No chargebacks after a transaction is processed.
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#1671

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

    • The transaction can’t be reversed, manipulated or deleted.

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

    • It removes the trust in interactions with strangers and replaces it with Math and verifiable information.
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#1672
  • What do we mean when we say that blockchain has transaction finality/immutability?

    • Once a transaction is made there is no way to reverse it.

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

    • When you get your payment there is no way for the sender to take the money back. Therefore you don’t need to trust the sender in that way.

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#1673
  1. What do we mean when we say that blockchain has transaction finality/immutability?

Recorded transactions cannot be altered.

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

Individuals who do not share any trust can perform transactions without fear of loss.

2 Likes
#1674

  1. Transaction finality means that there is no going back once the transaction (send/receive) is trigerred. The transaction stays in the blockchain forever and there is no way of reversing it.

  2. It achieves a trustless environment by making it impossible for someone to reverse th transaction through a third party. The physical process that takes place when using electricity to verify and register the transaction is irreversible.

1 Like
#1675
  1. What do we mean when we say that blockchain has transaction finality/immutability? All transactions are final, and cannot be fraudulently entered into, with the intent to back out of or nullify the deal after being either paid, or recieving merchandise. 2. How does this lead to the trustless environment that blockchain creates? This lessens anxiety when entering into business with people that you have not personally vetted by allowing you to trust the blockchain more than those who are participating on it.
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#1676

  1. Transactions cannot be reversed after confirmation.

  2. We don’t have to rely on people but math to verify transactions.

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#1677
  1. once a transaction is mathematically been verified throughout the nodes in the network it can never be reversed
  2. because all participants trust the network that is governed by math and cannot be manipulated and no intermediaries are involved (who can be corrupt) to confirm the truth.
1 Like
#1678
  1. any transaction accepted into the blockchain cannot be reversed
  2. this allows us to trust in the system and not in the people running a business.
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#1679
  1. When a transaction is confirmed, there is no way to revers it.
  2. You can do business with strangers without to trust them. They cannot “scam” you by chargebacks like in traditional banking.
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#1680

  1. finality/immutability is basically that once a transaction of data happens its recorded and verified and cannot be undone or changed

  2. Its trust-less because the math protocol can be trusted to know if it was verified on network its accurate

1 Like
#1681

The blockchain has transaction finality/immutability because once it is written to the ledger, it can not be erased, altered, or destroyed.

This creates a trustless environment in that any one, or even several, entity(ies) or event(s) can not influence changes to the ledger.

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#1682

  1. It means that once a transaction is included in the blockchain, you cannot undo the transaction, it is irreversible. However I think there is a small probability that a block might be replaced by the miners by another block, but it is rare.

  2. Once you have sent a transaction to some retailer and have gotten your goods, you cannot scam the retailer by retracting your transaction.

1 Like
#1683

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once the transaction has happened, it happened. It will be on the blockchain forever.
  2. How does this lead to the trustless environment that blockchain creates?
    I don’t have to trust you, I trust the system (math)
1 Like
#1684

  1. Once a transaction is recorded on the public ledger there are no means for refunding.

  2. Consumers can make purchases with greater confidence and businesses can provide services and products without fear of a loss of revenue.

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#1685

  1. Once a transaction is done it can not be un-done. There is no way to turn back a transaction.

  2. You know nobody can turn back things. So if I get paid by someone, I know that when I have the money on the blockchain it is mine. They cannot call their bank and ask for their money back. We do not have to trust each other to be honest, once it is done nobody can cheat with it.

1 Like
#1686

1 There is no way to reverse or change an transaction after validation of the network. It is carved in stone.

  1. We have to trust the protocol and not the other party in the transaction.
1 Like
#1687

Exactly. Its a true peer to peer money system. Amazing. :slight_smile:

2 Likes
#1688

Great answers. Keep up the great work. :slight_smile:

1 Like
#1689

Correct. Welcome to the academy. :slight_smile:

1 Like