How does blockchain enable digital provenance? By providing factual, historical evideence of each and every transaction. Why doesn’t a normal database bring the same provenance? On a centralized database, there is the ability to add or remove information. This ability opens the door for manipulation, fraud or alteration. Why is digital provenance such a great benefit to many businesses? This allows both parties in any transaction full disclosure to all information on their particular transaction, eliminating doubt about authenticity. Huge!
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[quote=“ivan, post:1, topic:8423, full:true”]
Homework on Provenance - Questions
- How does blockchain enable digital provenance?
With Blockchain you can have an immutable historical list of transactions that are auditable and complete. - Why doesn’t a normal database bring the same provenance?
A normal database allows for flexible system which is mutable or can be transformed by a user at a future date - Why is digital provenance such a great benefit to many businesses?
[/quote] It allows for trust and truth without having doubts that data has been tampered.
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Through a public trustless ledger with real time auditing and tracking.
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A normal data base transactions can be changed unlike with the blockchain.
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I does not require trust between customer since transactions are verified by the blockchain which also can reduce costs.
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By providing an immutable ledger where no verified transaction can be deleted from.
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Because you can delete, or alter data that entered the database in the past.
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Because it provides both the accounting and the transaction layer of value exchange in one ‘system’, that possibly in the future will allow real time automated auditing
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How does Blockchain enable digital provenance: by allowing all parties including customers—to trace the origin, certify authenticity, track custody, and verify integrity of “digital objects/assets” in real time. Elimating much of the need for expensive and lengthy third party audits.
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Why doesn’t a normal database provide the same provenance? A normal database is CLT
Centralised Ledger Technolgy / not objectively verifiable. must rely on periodic review by an “objective” 3rd party source. ex. moodies for bond ratings? … so the parties results will vary based on which DB is used. -
Why is Digital Provenance such a great benefit to a wide range of businesses?
Companies what to spend their money with supply chains they trust and supply chains want customers. Digital provenance is like “authenticity at the transaction level”… it is an unforgeable record of a digital object’s chain of successive custody and, real-time audit trail sequence of operations performed on the object. it can be guaranteed through Distributed Ledger Technology an information database that is collectively maintained by successful network activity of stable uptime and regular consensus.
Digital Provenance through Consensus:
Through a simple voting mechanism known as “consensus”, nodes validate the ledger’s data by comparing it with other nodes and voting on its validity. The consensus in most distributed ledgers is achieved when the majority of nodes (at least 51%) agree on the correct version of data. It plays an important role in valuing trustworthiness of the object, verifying its reliability and conducting audit trails of its lineage.
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First I needed to learn the definition of the word “provenance”, which means, "the location, ownership, or custody of a (historical) object.
So, in that regard,
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Digital provenance means tracking an object electronically through the use of a distributed ledger
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A singular database is susceptible to compromise, either through the owner of the database, or an external entity. A distributed database, or block-chain in this case, is more difficult to compromise, as you would need the collaboration and cooperation of all the participants.
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A business can benefit from digital provenance by eliminating the need for auditing, whether that be financial auditing or supply auditing. Knowing where the components of your product originated without the extra overhead of auditors, who can be manipulated themselves, is of great benefit when marketing your socially responsible actions. Financial auditing is a labor intensive and expensive ordeal for most companies. Being able to eliminate just a fraction of this process can improve a company’s bottom line.
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- because it is unalterable, it is a history of transactions that cannot be changed. that can be trusted!
- if it does not use blockchain, it can be easily tampered with, or hacked into
- it can provide trust of data to clients. clients can be more confident in working with them. and know that their business with them is secure as well.
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By using math and code the verify transactions, and eliminating a central entity.
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Because unlike blockchain it cannot always be guaranteed or proven that the information in a normal data base is correct, too many grey areas will centralization.
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Its allows them keep to track and verify transfer of value and materials creating a more transparent environment not only within the business but with their customers
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Blockchain acts as a digital public ledger which will allow us to track and record everything in the physical world.
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A normal database can be lost, stolen or destroyed whereas blockchain is a public leder that is decentralized that is immune to this.
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It creates a trustless environment where every element of a product or business can be verified and is completely transparent.
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1 By putting all the transactions in a public ledger for everyone to check and verify. So no trust is involved. But the facts can be checked yourself.
2 Because it is stored in a limited place so it is more susceptibel to changes/errors. Compared to storing all the data on multiple computers for anyone to check and verify the transactions. And thus you have to trust the normal database. Compared to checking all the data yourself
3 It is a lot faster, you can check the whole chain yourself. And it is verry hard to deliberate change/ corrupt the information. As anyone can see where in the chain something went wrong.
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Blockchain enables digital provenance because nothing (data) can be subtracted (data) can only be added and is verified by the network
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A normal database cant audit information in real time to prove if something is accurate
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Anything can be tracked and verified. “Dont Trust - Verify”
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Homework on Provenance - Questions
- How does blockchain enable digital provenance?
By writing every transaction to a so called ledger in which only information can be added, information like the transaction information or other information. - Why doesn’t a normal database bring the same provenance?
Normal databases are not immutable - Why is digital provenance such a great benefit to many businesses?
It adds a layer of trust to their product, it makes it possible to track items and to audit in real-time
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blockchain allows for individuals or businesses to conduct their own due diligence by being a verifiable open ledger of all transactions. Therefor if these transactions are recorded on the blockchain it removes any need for trust which at this point in time is close to non existent between consumers and corporations as an example. Further adaptation of blockchain technology could help to replace the highly flawed standards of CSR.
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A normal database can be altered or lost at any time and therefor is more a tool for corruption than verification.
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As the business owner you can be sure that certain standards that you set are being fulfilled across your supply chain and hopefully can prevent costly mishandling of transactions. Disputes should arrise less frequently. As the consumer, no longer do you have to buy products in blind faith and you can hold companies accountable (perhaps for not disclosing the origin of their products). Hopefully this could create greater opportunities for companies that are willing to follow a blockchain model as they seek to replace existing monopolies built on misusing labor and environmental standards.
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Exactly. We no longer need to trust, we only need to verify in blockchain. 
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Great answers Faisal and welcome to the academy. 
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Great job Robert. Welcome to the academy! 
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Great approach and great answers. I really liked your third answer. Very detailed and on point.
Welcome to the academy. 
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We don’t need to trust in blockchain. We verify the truth. You will learn more about this later on in the course.
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That’s it. Welcome to the academy Patric. I and a couple of other moderators will be helping you in you jouney. You can always reach us for any help regarding the course content. 
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Very good answers Erwin, and welcome to the academy. Keep up the great work! If you need any help feel free to reach me here on the forums.
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