- What does it mean when we say that in blockchain, consensus determine the truth?
means that not one person determines if its true or not, everyone makes that decision together. - How is that different from how truth is determined in a central database?
in a central database, that decision is made by one party.
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Transactions are verified by other computers on the blockchain and only valid transactions are allowed on the network / get accepted
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Trust is removed and consensus is achieved through incentives
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A1. In blockchain, the entire system is composed of nodes or participating members who determine whether new transactions are true or not. In other words, they verify new transactions in consensus because there is no central authority to do it instead.
A2. This is quite different from traditional system in which a central database determine the truth. In the central database, the consensus process is not necessary because its owner or authority of power alone determines whether to accept new transactions or not.
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- What does it mean when we say that in blockchain, consensus determines the truth?
Consensus determines truth because all parties must agree on data recorded onto the blockchain. - How is this different from how truth is determined in a central database?
In a central database consensus is established by a central authority which have rules and regulations to abide and do not depend on parties in the database.
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- What does it mean when we say that in blockchain, consensus determine the truth?
In blockchain, truth is determined by agreement between a number of separate (i.e. decentralised) entities. No single entity can declare a true statement without it being agreed upon by other entities in the network.
- How is this different from how truth is determined in a central database?
This is different from a central database, as there are incentives in place to encourage competing entities to determine the truth and refute false statements. In a central database, the truth is decided upon by a single entity, and cannot be disputed by others. This leaves it vulnerable to manipulation.
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When there is consensus from each party in the supply chain, on the blockchain, it means that every computer in the network agrees that each party is telling the truth about their part of the transaction. Making it trustless.
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A central database can be adjusted by one individual or organization to fit their own narrative, if something was to go wrong. Or if they were not actually providing the service or ingredient they said they are.
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- It means that all the nodes agreed to add data to the BC, so forth all the nodes are looking for the truth sort of.
- Searching for truth, making a consensus on BC is
-Decentralized
-Each nodes are incentivize to find the truth.
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In order for something to be added to the public ledgers, all of the computers in the network have to verify its legitimacy. If it is added to the public ledger, it is considered to be true.
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Truth determined in a central database is not trustless. Truth is decided by the central authority.
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A network of computers, all with a copy of the blockchain ledger, come to an agreement whether to accept or decline a new transaction based on the history of the database - consensus ensures decentralization and trustlessness.
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Central databases make decisions as a single entity, leaving the consumer or client to “trust” that the central entity is acting in their best interest.
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- What does it mean when we say that in blockchain, consensus determine the truth?
The miner is incentivised by rewards to solve the cryptographic problem (POW), once successful it submits its block to other peer miners (validators) for acceptance as correct. Using the consensus mechanism, when the majority of peer miners accept the new block as correct, then a consensus is reached and it becomes the next block in the chain (the longest chain). Consensus determines the truth through the validation by multiple sources of truth, (other peer miners). - How is this different from how truth is determined in a central database?
A central database relies on a single administrator which is just a single source of truth, and a single point of failure in the data collection. This means we must trust that the administrator has not made an error or been corrupted as there is no opportunity for consensus to validate the data.
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- Consensus determines the truth due to the fact that every transaction requires the mutual agreement of the network. You are not willing to cheat the system because you are rewarded for being honest.
- Truth is not really determined in a central database because it is based on trust.
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- What does it mean when we say that in blockchain, consensus determine the truth?
Decentralized nodes containing the blockchain verify and agree the blockchain matches and is accurate.
- How is this different from how truth is determined in a central database?
Consensus is a decentralized verification of an immutable database, whereas truth of a central database is whatever the central entity wants and can be changed by the central entity.
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1: It means that all decisions are made together, in a consensus, on the Blockchain. That all parties/nodes within the network are in agreement unanimously about a transaction before it’s written into the ledger.
2: In a central database issues of trust arise often, there is only what information is given from x supplier or from x producer. Without consensus from other suppliers in the network, the truth is often difficult to obtain.
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1.Consesus determine the truth because it is reached by financial incentives, which benefits all that participate in the blockchain being honest, if someone is dishonest, will lose money, and no one wants to lose money, so in that case it unites us all as humans.
- Truth in a central database is determined by the authority that runs the database, there are no more validators, so trust is the only option, in blockchain we reach that with incentives, and its decentralized so it becomes very eficient and trustless.
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In blockchain consensus determines the truth because a network of individual “nodes” which comprise the blockchain network, verify what another node is claiming (whether it be the amount send through a transaction or the ingredient in a final product). If the network does not validate what one node is claiming, then you can be confident that what they are saying is not the truth and vice versa. The nodes of the network are incentivised to tell the truth through financial means, meaning when they truthfully validate a transaction they are rewarded for it.
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The difference with truth in a central database is that you must trust the source of the information. Again, using the financial example, you will need to trust a bank to tell you exactly how much money you hold in your account, or in a supply chain you need to trust that the vendor is selling you exactly what they say they are. So the primary difference is that in a blockchain the truth is trustless (meaning you don’t need to rely on a centralized entity to tell you what the truth is, which is the case in a centralized database.
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- Consensus is the agreement of the network upon recent transactions. The verification is TRUSTLESS and achieved by incentive PoW / PoS. The transaction will be added to the ledger if approved by consensus, otherwise it will be discarded.
- In a central database there’s a single copy and a singular individual who has control over the network and decides the truth. Therefore the data can be easily altered or manipulate.
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What does it mean when we say that in blockchain, consensus determines the truth?
because there are many stakeholders that verify the same information received as accurate or not, it creates a network of participants that agree together that this information is correct and can be trusted by many different parties
How is this different from how truth is determined in a central database?
in a central database one single party controls and verifies the validity of the data/info, one party that may have its own influences or agenda not aligned with the greater wholes needs in mind.
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What does it mean when we say that in blockchain, consensus determine the truth?
How is this different from how truth is determined in a central database?
Consensus in blockchain means the truth is determined by a decentralized network of participants independently verifying the data before it is written.
It’s much harder to determine truth in a central database because the participants have no financial incentive to tell the truth.
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Blockchain consensus is truth because nothing can be falsified when everything is verified and recorded.
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A central data base can be changed, edited, or falsified since there is no consensus.
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All ledgers must agree for a transaction to be added to the blockchain, if the transacation is incorrect, the network will not add it.
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In a central database, the truth is determined by 1 person or authority, which can lead to altering the truth.
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