Homework on Finality - Questions

Blockchain and Bitcoin 101
#2070

  1. Meaning that once a transaction occurs it cannot be altered or reversed.

  2. It allows you to do business with any stranger or person without the fear of being swindled for your money or service in the form of a cancellation or chargeback.

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#2071

  1. Once a transaction is made, itā€™s finalize, there is no way to reverse or changing it.

  2. Strangers can do business with each other with blockchain knowing the transaction that is made cannot be reversed and verified through public ledger.

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#2072
  1. It means that once you make a transaction it can not be re-written.
  2. This leads to a trustless environment by solidifying the fact that transactions can only be added.
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#2073

If a transaction has happened, there is no way to reverse it. It is final!

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#2074
  1. Transactions cannot be reversed
    2.As transactions are verified by maths and cannot be reversed, so when paid, stay paid
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#2075

-That you canā€™t reverse a transaction
-You can assure no payback. Nobody can cancel a transaction once it is done.

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#2076

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    That once is confirmed it cannot be deleted in the blockchain
  2. How does this lead to the trustless environment that blockchain creates?
    It makes more difficult to manipulate the data
    [/quote]
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#2077

1.once sent its finalized payments are not reversable its final
2.by making it to where strangers are trusting the formula/network moreso than a centralized figure or bank, and not worrying if you get charged back etc

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#2078

Homework on Finality - Questions

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    Once a transaction is recorded it is there to stay permanently and cannot be changed/updated/removed.
  2. How does this lead to the trustless environment that blockchain creates?
    It means that we trust the blockchain and the system itself by its transparency.
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#2079
  1. Finality/immutability refers to the fact that transactions are set in stone. There is no way to reverse a transaction or change the information within the blockchain once it is set.
  2. This creates a trustless environment as all parties agree that reversal is impossible. Since reversal is not possible, the parties do not have to worry about fraud, doing business with unknown entities, and anoniminity is ok.
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#2080
  • What do we mean when we say that blockchain has transaction finality/immutability?
    Once the transaction has been confirmed by the network, the data can not be changed anymore. So drawbacks are not possible.
  • How does this lead to the trustless environment that blockchain creates?
    The immutability of data makes trust in other people unnecessery. So strangers can do business with each other because they can trust the math in the networkprotocol.
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#2081
  1. Once a transaction reaches concensus and is recorded on the blockchain it is then a permanent and unchangeable part of the ledger.
  2. When the deal is done, it cannot be undone.
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#2082
  1. once the transaction is final that can not be reversed.
  2. basically it allows to do business with strangers. we trust in validity of the mathematics.
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#2083

1 - Everything thatā€™s in canā€™t go out and canā€™t be changed forever.

2 - We donā€™t have to trust, we can check if needed and instead of trusting people or third party, we trust a universal law that can be changed i.e Mathematics

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#2084

1 means that when a transactions has been sent it is final and you canā€™t get it back
or cancel it ones has been confirmed.

2 Because you only need to trust in the protocol

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#2085

  • What do we mean when we say that blockchain has transaction finality/immutability?
    = It can not be changed or reversed.

  • How does this lead to the trustless environment that blockchain creates?
    You know the transaction has happened or the block has been created, so you can safely send the item sold, or provide a service in the case it is a financial transaction.
    In other uses, you know the data from a supply chain can not be corrupted, therefore, you know exactly what cow the milk came from, or the grains it was feed was organic. You do not need to trust when you can verify.

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#2086

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

 It means that once a transaction is completed, it cannot be reversed.

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

 It shifts the trust into the mathematics and code itself, instead of in
 the current state of the network in regards to which parties are in
 control of it and whether or not said parties are being honest.
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#2087

  1. What do we mean when we say that blockchain has transaction finality/immutability?
    It means once a movement of data is confirmed on the blackchin it can not be taken back.

  2. How does this lead to the trustless environment that blockchain creates?
    Though using a mathematical equation. Bitcoin is the mathematical expression of value.

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#2088

Correct. Both parties donā€™t need to trust eachother. They only need to verify the transaction.

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#2089
  1. What do we mean when we say that blockchain has transaction finality/immutability?
    When you made a transaction, it is written in the blockchain. it is not deletable. and not reversable.
  2. How does this lead to the trustless environment that blockchain creates?
    The money receiver can be sure that he will receive the money. The principe of finality does not allow to charge the transfered money back after receiving the pruduct, in the traditional bank system the customer can do it.
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