Homework on Finality - Questions

Blockchain and Bitcoin 101
#1710

  1. Once a transaction is complete, it can’t be reversed, canceled, or modified. It is permanent.

  2. On blockchain, the terms of the transaction do not rely on trusting the other party. Transactions can be performed between total strangers and the process is kept honest by the blockchain rules.

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#1711
  1. Blockchain transactions are final, irreversible, and permanent.
  2. No one can manipulate transactions. They can all be verified.
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#1712
  1. once the transaction is happened via a blockchain it cannot be reversed/amended/modify.
  2. There is no need to trust anybody since everything is recorded in the ledger once and for all “forever”. Therefore, the idea of “trusting” somebody involved in the transaction becomes obsolete.
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#1713

  1. Once a transactions is made on the blockchain it cannot be reversed or deleted. It is permanently there to stay.

  2. By mining and once a block is created. Neither the sender or receiver of the transaction can say that the transaction is false, therefore it eliminates the need for a central authority or referee by replacing it with the blockchain network.

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#1714
  1. What do we mean when we say that blockchain has transaction finality/immutability?

This means that once a transaction takes place on the blockchain, it is final, it can not be reversed. It unable to be changed or is immutability.

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

All transactions are not dependent on the agreement by one central individual. We do not have to trust an authority to confirm an execution, it is done automatically through the blockchain mathmatics.

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#1715

Immuability: all transactions are inscribed forever and there are no reverse transaction

Trust is replaced by the capacity to verify mathematically all transactions.

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#1716

It can be verified. We don’t need to trust. :slight_smile:

2 Likes
#1717
  1. When we say that blockchain has transaction finality/immutability, we mean that when a transaction is verified by the network and added to the blockchain, there are no ways to reverse it, contrary to normal bank transactions where you can just call your bank and have the transaction reversed.
  2. This leads to the thrustless environment that blockchain creates because you can be sure before doing business with someone that they cannot scam you by having the transaction reversed. This makes it much more secure to do business with strangers since you do not have to trust them, but instead trust mathematics.
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#1718
  1. Once approved transactions remain in the blockchain forever
  2. You trust the network and the protocol that are mathematically reliable
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#1719

1/ A blockchain transaction, once confirmed, cannot be cancelled, reversed, altered, or amended.
2/ Blockchain creates a trustless environment as you can have confidence the confirmed transaction are true and will be cancelled ort reversed.

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#1720

1/ A blockchain transaction, once confirmed, cannot be cancelled, reversed, altered, or amended.
2/ Blockchain creates a trust-less environment as you can have confidence that a confirmed transaction is true and will not be cancelled or reversed.

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#1721
  1. all transactions, after being confirmed by the network, are forever on the chain and cannot be undone, deleted or otherwise changed
  2. since information is public and data is shared in order for it to have transparency and finality based on either mathematic or other proof of work, it creates an environment where trust in another (fallible) entity is removed and one can exchange data with the other entity regardless of ‘direct’ trust in that particular entity. the science/work behind the confirmation assures legitimacy of the process itself.
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#1722

1 Like in chess: the piece you touch, you must move. First do the thinking, then the action.
2 Once anyone decides to act, the action cannot be revoked. Becaus of this you cannot commit fraud in transactions.

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#1723

Yes. That sounds better, thank you!

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#1724
  1. It means that the transaction cant be undone.
  2. Everybody knows that payed is payed. Nobody can get the money back by a third part.
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#1725

Blockchain finality (or immutability) refers to the fact that once transactions (data entry) is completed, it cannot be reversed and it becomes permanent.

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#1726

The trustless environment is achieved because we know the information posted cannot be changed once it has been verified and entered.

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#1727
  1. It means that transactions can’t be amended or recalled once they happened.
  2. It leads to a trustless environment because the element of trust in other person is removed from the transaction. Since they can’t amend/recall/dupilcate the transaction, there’s no room for improper financial conduct. The trust is instead put in the network and its processes.
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#1728

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    As soon as a transaction occurs, it is final. There is no way to trip it or get it back. The transactions are in the blockchain forever and can never be changed.

  2. How does this lead to the trustless environment that blockchain creates?
    Verification of all transactions are performed through the blockchain mathematically and, therefore, the transaction is…DONE! VERIFIED!

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#1729

1 because when a transaction is made and confirmed it is finalized and will never be able to change and you can track it in the block chain .
2 because the transaction in the blockchain cannot be reverser or eliminate and you can verify it at real time

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