Homework on Provenance - Questions

Blockchain and Bitcoin 101
#2042

Thank you very much for your kind response and warm welcome! Very encouraging.

Have a great day!

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#2043

  1. Because on the blockchain you can track everything down to where it comes from. It cannot be erased aswell. Everybody can see these things, it is very transparent. Ofcourse there are different kinds of blockchains so some blockchains will be closed to the outside world, but open for a business itself. You can now digitally see what is going on (in real-time)

  2. Because in a normal database you can also erase things. In a blockchain database you cannot erase things. Which means you can see everything, and not just what they want you to see.

  3. Because you do not have to trust anyone on their word, you can verify yourself. This way you know what you are dealing with and wether or not you want to be involved with the parties you are working with. If something goes wrong, you can see it and take action. This can also help protect your brand when working with other companies who are doing shady business.

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#2044

Agreed.

I think it’s Ivan’s enthusiasm and thorough knowledge of the sphere that helps. The videos seem to be laid out in such a way that keeps the user engaged.

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#2045

1. How does blockchain enable digital provenance?
Provenance is possible because all the nodes of the blockchain network store all the history of transactions and they need to approve any new transaction to be accepted in the blockchain. This historical data is not possible to be changed.

2. Why doesn’t a normal database bring the same provenance?
It’s not possible, because you can always manipulate the value in the database. With the blockchain all the nodes need to validate any addition to the ledger. This provides Provenance.

3. Why is digital provenance such a great benefit to many businesses?
Because it provides trust in the system/network. This also allows for transparency and credibility in case of an audit for anyone interested in historical events.

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#2046

How does blockchain enable digital provenance?

Since data can only be added on the blockchain, thus we are going to be able to see every step of the transaction from start to the end.

Why doesn’t a normal database bring the same provenance?

I guess normal database allows people with certain authority to change or manipulate the data on the database so some information might be misleading and so on.

Why is digital provenance such a great benefit to many businesses?

No more accounting department will be needed, everything can be done in real time and saves a lot of time and money.

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#2047

  1. Blockchain enables digital provenance through a network of decentralised public ledgers. Data can only be added to the blockchain and must be verified by all nodes of the network in order for it to be added. It is impossible for anyone to alter or delete the information on the blockchain, so anyone can verify any data from any point in time in realtime.

  2. A normal database is centralised meaning that the authority that controls the data in the database must be trusted not to change the data. This is different from blockchain because all the data is verified by the decentralised network before being added, and then cannot be altered.

  3. Digital provenance is such a great benefit for many business because it allows transparency between suppliers and customers. Everyone is able to verify data in realtime for themselves without having to trust a central authority or third party. This can make businesses more efficient and create a more empowered customer.

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#2048

Mauro,
Thank you. I’m going to try to get through the curriculum as quickly as possible.
Stay strong,
Robert

Get a sport.
www.nowimps.com

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#2049

No problem. I like to help.

You too. :slight_smile:

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#2050

  1. The key principle of a blockchain technology is that it envisages making an entry into a traceable public ledger with no mechanism of amending or deleting that entry thereafter. This enables a transaction to be traced to its origin, no matter how many intermediaries would have been involved during the course of the transaction.

  2. The creator of a normal database has a full control over it, and integrity of that database will depend on the creator’s commitment to maintain the integrity. It all goes well until the creator sticks to their commitment, but things could change if the creator starts putting his vested interests ahead of those associated with maintaining the integrity, or if a third party gets an unauthorised access to the database and makes changes to it for the purpose of personal gain.

  3. A transaction may be traced to its origins with no reliance on third parties involved in the intervening process. This is especially useful in case of complex transactions involving multiple parties where it is impossible or impracticable for the parties to interact with each other. No matter what is claimed about the genesis of a transaction, it all can be verified by checking the relevant entry on a public ledger provided by the blockchain technology.

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#2051

Thank you for your kind words. We appreciate it. :heart:

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#2052

Great amswers. Welcome to the academy! :slight_smile:

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#2053

Outstanding answers! I am glad to see that you are putting the time into each question. Welcome to the academy! :slight_smile:

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#2054
  1. Blockchain is a “digital stone” where transactions can only be added and not removed. Ledgers across the network enforce transparency where one central authority cannot cheat the system
  2. A normal database is controlled by the central authority and there isn’t any transparency. This allows the central authority to add/subtract/ignore data.
  3. One benefit is that is holds companies in a given supply chain accountable to the company/companies they support.
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#2055

One of the best answers I have read lately. Welcome to the academy valmerk! :muscle:

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#2056

Welcome to the academy Sanchez! Keep up the great work. :slight_smile:

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#2057

Homework on Provenance - Questions

  1. How does blockchain enable digital provenance?
    A. Every transaction is added to the blockchain and cannot be removed. All the nodes on the network verify that the transaction makes sense. the blockchain is public where every transaction can tracked.
  2. Why doesn’t a normal database bring the same provenance?
    A. Data can be changed or removed
  3. Why is digital provenance such a great benefit to many businesses?
    A. The transactions are in real time. Blockchain can put together the accounting layer together with the transactional layer to give real time auditing. The Blockchain can be used to verify the history of each component/ingredient instead of trusting what the supplier tells you
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#2058

  1. Blockchain allows provenance because blockchain keeps track of all transactions in real time and cannot be removed thereby, allowing tracking a transaction to its origins. The blockchain is public and open source so tacking transactions can to its origins can be done by anyone who wants to.

  2. This cannot be done by a normal database because a normal database has a centralized structure which can be hacked by attacking the central structure, removed by an administer, susceptible to corruption, and data crashes.

  3. Digital provenance is beneficial to businesses because it removes trust mostly because transactions can traced to its origins and cannot be altered once on the blockchain.

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#2059

  1. Blockchain enables digital provenance by being a digital stone. You can add data, but you can not remove or modify it. It’s a public ledger and it stores every transaction ever made.

  2. A centralized database can always be corrupted, modified and erased.

  3. Because they can do real time auditing, no need for a third party company.

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#2060
  1. blockchain allows real time audit and tracking supply chain to its place of origin, in finance or products alike. open ledger allows all to see and confirm.
  2. Transactions and accounting have to be reconciled and occur in different departments/timescales. with blockchain, it occurs simultaneously. No room for fraud.
  3. reduce time, energy, money spent on audits and eliminates human error.
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#2061

Provenance is about tracking what’s going on. Makes things publicly known.

  1. Blockchain enables this because the blockchain is public for everyone. Every transaction is “graved” into the blockchain and can’t be changed. You don’t have to trust, transactions are verified.

  2. Normal databases aren’t “open source” or public. They are mostly private.

  3. It tracks the whole transaction of something. The example with clothes was a good one. Obviously most people don’t want clothes that come from child labor. With blockchain, customers can verify if what they are buying comes from child labor or not.

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