Homework on Finality - Questions

Blockchain and Bitcoin 101
#2010

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once the traction is complete, no one can deny it, and no one can change it,

  2. How does this lead to the trustless environment that blockchain creates?
    The network itself provides a verification of each transaction, which in essence removes any form of trust
    The trust is within a network

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#2011

  1. Once a transaction is entered on the blockchain, it cannot be changed. The transaction is there forever.

  2. This removes the ability for challenges to the ledger such as a chargeback. Transactions are all verifiable so no trust is required.

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#2012
  1. that means all transactions are irreversible and can not be changed.
  2. you have an ability to engage with others worry free no matter who they are.
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#2013
  1. it means that once a transaction is made it can not be changed/ reversed therefore coming to immutability and finality of a transaction
  2. it leads to a trustless environment thru node consensus of transactions where verifications are made via mathematical protocols
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#2014

  1. It means once a transaction is made on blockchain it can not be reversed. It is final and can not be altered.

  2. Every block created on a blockchain is by mathematical calculation and has proof of work. It can be reversed. Transaction can be made with anyone without knowing the identity. It doesn’t need to trust someone, that he/she will not cheat after the transaction is made. This is how blockchain creates trust-less environment.

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#2015
  1. Transactions are irreversible.
  2. It is mathematically impossible to reverse it.
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#2016
  1. We mean that once transaction is done and confirmed there is no way to reverse it ever again.
  2. It leads to trusttles environment because there is no need to trust the person or organization because we trust the network and protocol.
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#2017
  1. Once a transaction has happened, there is no way to revert it.
  2. We trust the network, which mathematically has proved that it is impossible to revert any transaction. No customers can call and tell the merchant that they have not received their cookies. We can do business with anyone out there.
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#2018
  1. Because all transaction are final, means have no reversal way.
  2. Blockchain its been created the way we can verify the database of any transactions made in the blockchain.
2 Likes
#2019 
1. What do we mean when we say that blockchain has transaction finality/immutability?
This means that all transactions can't be reserved. 
2. How does this lead to the trustless environment that blockchain creates?

Blockchain transactions are trustless because its irreversible, which allow strangers do business with one another because they can verify all transactions through math and protocol.

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#2020

  1. When a transaction is confirmed it can’t be reversed and it stays recorded on the blockchain forever.

  2. All confirmed transactions final and transparent. Eliminates chargeback fraud.

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#2021
  1. Once a entry is confirmed, no party can change or undo a record/payment.
  2. It is such that trustless parties cant undo what has been done.
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#2022

  1. Once a transaction is verified and included in a block, it cant be modified or removed from the chain in the future. This insures that the chain is immutable/final.

  2. Central Databases are not immutable which means that participants that use the database are required to trust that the entity responsible for storing the database doesn’t modify or remove it in the future. Blockchain data cant be modified or removed so participants are not required to trust the integrity of the data at a later date.

2 Likes
#2023

  1. There is NO changing the record, it is in there permanently

  2. We do not have to rely on trust, we have math, where nothing can be changed. Its a final transaction.

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#2024

  1. It means it can not be reversed, once a transaction has gone through, it becomes final.

  2. You can not cheat and say you did a transaction while you did not and vice versa. Because can do business with any stranger without having to trust them. Instead we, trust the math, the protocol, that is trustless.

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#2025

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    When a Transaction is done, it is done. There is no reversing that it happened and can be confirmed by reviewing what happened in the block.

  2. How does this lead to the trustless environment that blockchain creates?
    There is no middleman. No way to take delivery on a transaction and scamming the third party confirming a transaction that it didn’t happen. All transaction details are visible on block.

2 Likes
#2026
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    That means that you cannot remove the transaction. It will be on the blockchain forever.
  2. How does this lead to the trustless environment that blockchain creates?
    Because you trust math and code instead of humans who may change their mind. You can verify with 100% certainty that this transaction happened.
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#2027
  1. Once a transaction is made it cannot be taken back or reversed.
  2. No one can pay you, then take the money back, or do anything, then take it back once they recieve credit for it.
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#2028
  1. The blockchain cannot be changed once it has data added to it.
  2. Businesses and individuals no longer need to establish a trust relationship with clients or providers. Trust is moved from the other party in a transaction to the network itself enabling a more free and efficient marketplace.
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#2029

Homework on Finality: Questions & Answers

  • This indicates that all transactions are final.
  • This points to a trustless environment because all of the data has been confirmed and agreed upon by the entire network.

Truls-Magnus L.

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