Homework on Provenance - Questions

[mesoto]

Homework on Provenance - Questions

How does blockchain enable digital provenance?

all transactions can be tracked and available on a public ledger.

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

other database do not occur in real time and can be altered to make things make sense.

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

everything is tracked in real time and cannot be altered. it doesn’t depend on trust.

[Bennio]

1. Since all transactions are verifiable through the “Digital Engraved Stones”.
2. Normal Databases can be tampered or lost.
3. Simplifies Auditing for the company and the Tax Authorities

[meganova]

1. How does blockchain enable digital provenance? - because the ledgers are public and linked
2. Why doesn’t a normal database bring the same provenance? - because it would be too time consuming to audit everything, you can only spot check
3. Why is digital provenance such a great benefit to many businesses? - it prevents “cooking the books” and other problems.

[Tino]

1. Enables real time auditing. Merges accounting layer with transaction layer. Allows for decentralisation and immutability of data.
2. Normal database is centralised thus is reliant on trusted parties to do the right thing. Immutability of data in a centralised system cannot be guaranteed.
3. Is trust less. Removes the need for a trusted 3rd party to verify transactions thus more efficient and incorruptible. Businesses benefit from cost savings of needing 3rd party resources as well as the cost with data fraud. Math is used instead of humans to verify data accuracy.

[Josiah_Kotzur]

Homework on Provenance - Questions

1. How does blockchain enable digital provenance?
   Through nodes verifying transactions and settlement on a decentralised digital ledger.

2. Why doesn’t a normal database bring the same provenance?
   Normal databases transactions and settlement are managed separately therefore the 2 accounts need to be reconciled and the audited.

3. Why is digital provenance such a great benefit to many businesses?
   Digital provenance allows the transaction the be authenticated which reduces the amount of resources spent on verifying transactions as well as providing live, unmediatable history.

[andrewb]

1. How does blockchain enable digital provenance?
   Blockchain enables digital provenance by being able to trace and store financial transactions in real time. This also enables real time auditing. Accounting and transactions can now become merged as one in real time on a public or easily accessible ledger to those it concerns, like the tax authorities, anyone who acquires an interest in a company or just a curious member of the public for example.

2. Why doesn’t a normal database bring the same provenance?
   Most databases are not accessible to the public or say an investor interested in the company. They are centralized so that opens them up to scrutiny from the public, the media, the investors or even the tax authorities. This comes with the ability to “cook the books” or tamper with the information within the current system of databases. With blockchain the information is added in real time and there is no possibility to go back and change it.

3.Why is digital provenance such a great benefit to many businesses?
Provenance brings a huge amount of ongoing transparency when it comes to stock to flow info, real time inventory, precise supply chain status and just an overall increase in traceability to every aspect of any company, to anyone who wishes to access that information on a public or encoded ledger. With provenance you can achieve a trust-less system for all companies and individuals to interact with each other.

[Foz]

Homework on Provenance - Questions

1. How does blockchain enable digital provenance? - Because it cannot be manipulated, or controlled by any entity.

2. Why doesn’t a normal database bring the same provenance? - There are usualy open to control by an admin or group of people. Usually the database is also not available to everyone, access to it is restricted.

3. Why is digital provenance such a great benefit to many businesses? - It removes any ‘trust’ needed, each transaction is immutable and therefore ‘trustless’ as verification is the key instead.

[Ishoboy]

1. Since everything stored in the blockchain is already permanent, and cannot be removed (immutability) and it is as well transparent it means everyone can trace every transaction and it is also decentralized which means all data in the blockchain are distributed, then that’s how blockchain enables digital provenance.

2. Normal traditional database cannot bring the same provenance since they are centralized which means it is controlled by its central entity, most likely once that database crashed or let say it is hack most likely all of the data stored in that centralized database are now in jeopardy. Another thing also of a centralized database since it is centralized so there is a tendency that the data that are stored in those database can be fabricated so it means there is already a problem when it comes to its transparency and credibility.

3. Because it will give a high customer satisfaction since the customer itself
   can check the data what is in the blockchain, then they can track it in real time.
   It is more safer and secure, transparent, fast, ease of use,
   which is all of those
   I mentioned will give more convenient to the customer.
   That is the great benefit of a blockchain it can provide an
   Honest trust less secure convenient business which will result to a massive amount of profit to the business owner.

[AaronMc]

1. Blockchain enables digital provenance because it is essentially an immutable unchangeable ledger.
2. Normal databases can’t bring the same provenance because the information stored on their databases can be changed, unlike with blockchain where information can only be added and not deleted
3. Digital provenance would be great for businesses that really need to know where their ingredients and raw materials come from, some industries like medicine you can’t just take someones word on the quality of life saving ingredients with digital provenance they would be able to verify what their suppliers are saying.

[Alko89]

Hi @Bennio, @meganova and @Josiah_Kotzur! Welcome to the forum If you have any questions feel free to ask.

[JimP]

1. Blockchain is a permanent, immutable record to which information can only be appended. This creates an immutable history providing full historical traceability.
2. Normal relational databases only connect raw data with fields to retrieve, manipulate and sometimes refile data in different formats and locations. Not generally an immutable record.
3. Instant audits, all relevant data is stored in an immutable way and is instantly verifiable.

[Bennio]

Hi Alko, thanks for your offer to help. In the lesson titled “Transactions, UTXOs & Fees” Ivan mentions that the “total input must be spent”. Can you explain it.

[Mauro]

Great answers Jim. Welcome to the academy.

[ChuckGarnett]

How does blockchain enable digital provenance? The blockchain is a decentralized public ledger that chronicles all transactions that have ever taken place. By those properties, anyone has the ability to trace a certain transaction all the way to its origin to verify its authenticity and validity.

Why doesn’t a normal database bring the same provenance? Up until recently, databases have been centralized and almost always privately held, with access only granted to a privileged few. As such, many people outside of this exclusive group have to resort to taking a leap of faith that the entity that manages this information are honest and competent since they have no way to verify transactions themselves.

Why is digital provenance such a great benefit to many businesses? All transactions are immediately auditable and verifiable. This eliminates the high overhead cost of having a third party to periodically perform the audit and disrupt daily operations, since it can be done automatically.

[AlexandreJun]

• How does blockchain enable digital provenance?
  Due to its distributive nature and the criptographic consolidation in chains and tha it is publicly available to search, it is immutable , so if you want to prove something in time, it can handle data in order to prove its origins.

• Why doesn’t a normal database bring the same provenance?
  Since most of them are either private or not searchble and data can be updated, the provenance is prejudicated.

• Why is digital provenance such a great benefit to many businesses?
  Because people can search thenselves the historical data providing tustlessness.

[Danette]

1. Blockchain enables digital provenance by entering non-changeable data of ownership and transactions into a chain of encrypted blocks.

2. A normal database does not bring the same provenance because the data can be changed or omitted

3. Digital provenance is a great benefit to businesses because it is an immutable system that allows the parties in business to be able to verify activity without needing to trust the other party.

[briPod]

1 - by widely distributing an immutable public ledger

2 - a normal database can be amended

3 - removes the requirement for trust, instead providing rapid verification and real-time auditing

[Osoknows206]

1. By keeping an un-erasable ledger that can be seen by all, isn’t governed by any and is simply the dopest thing on the planet!!

2. A normal database is prone to human error and greed. Any hiccups in the system today, it would be very difficult to trace all the steps back to the root.

3. Simple… Less work for company owner, no pesky outside auditors & eliminates
   “Year End Inventory”

[ehammer]

How does blockchain enable digital provenance?
By recording every event/transaction on a distributed ledger that is shared among participants and it records it in a secure, immutable and irrevocable way.

Why doesn’t a normal database bring the same provenance?
Normal databases are located at a central place which makes it easier for information to be altered.

Why is digital provenance such a great benefit to many businesses?
Because this can be done in real-time which is more efficient and also removes trust from any third parties.

[bianconeri_bear]

1. Blockchain enables digital provenance due to the ledger being publicly available for all to see. All transactions can be viewed and verified. People are therefore unable to send bitcoin that they don’t own.

2. A normal database does not bring the same provenance as historic data can be altered.

3. Digital provenance is a great benefit to many businesses as it removes the need for trust.