Homework on Provenance - Questions

Blockchain and Bitcoin 101
#2202

1. How does blockchain enable digital provenance?

Provenance allows the ability to trace transactions without questioning whether something is not true. Put simply, you do not need to trust the block chain to verify anything because it is publicly open to see by everyone, you can check yourself without trust. Opacity is non-existent when viewing and tracking actions that are placed on the blockchain.

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

This is because in normal database with transactional data, it can be manipulated so there is no guarantee that the data that you’re viewing can be trusted. Whereas the blockchain database has a immutable infrastructure so once the data is written into the database, it cannot be changed, thus the data has a high, uncompromised level of integrity.

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

There is no question of accountability because the data is transparent. If you are involved in business that uses digital provenance in terms of the data you store, you’re deemed as more trustworthy by your customers and more attractive to prospective customers as that becomes part of your reputation of being transparent with integrity as a company. This ultimately builds a better relationship within the business as well if everyone involved is accountable.

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#2203

  1. Blockchain enables digital provenance by keeping an open-source ledger that anyone has access at any given moment to confirm or trace transactions.

  2. Regular databases are unable to provide the same level of provenance because they can be manipulated (add, edit, remove) meaning transaction history can be falsified. On the other hand, once a transaction is verified and recorded on the blockchain ledger is impossible to be manipulated.

  3. Digital provenance benefits the business by combining the accounting and transaction-level which results in eliminating the need of the third parties such as accounting firms. Furthermore, eliminate the need for trust between parties as any of the participants can confirm the provenance by checking the ledger on their own.

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#2204

1 data cannot be changed once in the blockchain
2 data can be changed

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#2205

A blockchain is an append only immutable ledger which records all transactions since the beginning of time. Anyone with internet access can download a copy of the ledger and examine the transaction history and verify what has happened

Normal databases are not immutable, they can be changed and there is no record of the changes made (except in log files). Typically access to databases and their logs is strictly controlled.

It is possible to verify transactions automatically in real time and dispense with the expensive end error prone processes that are needed to accept the risks associated with systems which depend on having to trust others. It is also possible to analyse transaction histories and detect patterns of behaviour which may be useful in gaining advantage or detecting fraudulent or harmful activities.

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#2206

Way to think outside of the centralized box!
Great Job! :smiley:

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#2207

Provenance Homework: Questions & Answers.

  • The blockchain allows the tracking, regarding the origin of each transaction on this “digital ledger”. Each transaction is recorded on the blockchain and will remain there permanently. How the blockchain enables the provenance of the transactions is by simply viewing this “digital ledger” and finding the origin of a transaction, which ensures the transaction is valid.
  • A standard database will not hold the data permanently, and since there is central control either by the government or a separate organisation the data stored on a normal database can be removed or discarded by officials. And if the database had crashed the data will presumably be lost. Furthermore recovering lost or discarded data, or even finding proof of older transactions will more than likely be challenging processes.
  • Using digital provenance can bring customer satisfaction. In which customers can verify by finding the transactions in this historical, unchangeable, ledger. And businesses can prove that they have nothing to hide by sharing their digital wallets and showing transactions from the blockchain that are unchangeable records. Which furthermore shows that this makes it easy for consumers to verify the businesses they support is doing as they say.

Truls-Magnus L.

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#2208

Hahah :smiley: nice answer! Welcome to the forum :slight_smile:

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#2209

Hi @ChuckGarnett, @Sav-age-chev, @Adrie567 and @Phil! Welcome to the forum! :smiley:

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#2210

  1. How does blockchain enable digital provenance?
    -> transactions are stored publicly

  2. Why doesn’t a normal database bring the same provenance?
    -> a normal database is mutable, as in it can be edited, and you must trust that the person maintaining the database is not altering figures

  3. Why is digital provenance such a great benefit to many businesses?
    -> can set up tracking systems that cannot be tampered with

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#2211
  1. Blockchain enables digital providence by its immutability.
  2. A normal data base is not immutable, decentralized or trust-less.
  3. Digital providence can provide a
    Business the ability to give the costumer a verifiable transaction.
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#2212

Thanks bud, glad to be apart of the community!!

#2213

Homework on Provenance - Questions

  1. How does blockchain enable digital provenance?
    Digital providence is about being able to track and trace transactions. Blockchain innately enables digital provenance because any transaction creates a public ledger of the transaction in which you can only add data and not take away data. This creates a permanent record of the transaction. Additionally, the transaction must be verified through peer to peer computers before it being confirmed.

  2. Why doesn’t a normal database bring the same provenance?
    A normal data base does not bring the same provenance of a blockchain because you can add and delete transactions, and it is centralized, so there is no peer to peer verification of the transaction.

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

  4. To trace and track financial transactions in real time.

  5. Trustlessness - Makes it so you don’t have to trust a bank or business, you can just verify it on the blockchain.

  6. Creates efficiency

  7. Allows accounting and audits to happen at the same time.

  8. Gives businesses an original trail of transaction.

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#2214
  1. Blockchain enables digital provenance by allowing transparency to transactions.
    2.A normal database does not bring the same provenance as it is not a public ledger.
    3.A digital provenance is a great benefit to businesses as it allows for all information to be available in the one place.
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#2216
  1. How does blockchain enable digital provenance?
    Blockchain enables digital provenance by only allowing data to be recorded on a public ledger and can not be erased, amended or duplicated. Each transaction is unique at any particular time.
  2. Why doesn’t a normal database bring the same provenance?
    Because some of these can be amended or erased therefore would not reflect the real cause for these amended transactions.

3.Why is digital provenance such a great benefit to many businesses?Because it can not be amended, erased or duplicated therefore all the transactions can be verified and trusted. Further more, it enables real time audit to ensure a true value of an entity.

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#2217

“Don’t Trust … Verify”.

Transactions (which can include product transfers as well as financial and accounting info, etc) entered on a blockchain can be tracked/traced and verified in “real-time” (real-time auditing). This data is “open” (can be viewed by anyone) and secured by an open network and cannot be altered or manipulated by a central authority or government agency (“trustlessness”).

Blockchain eliminates the need for a 3rd party auditing agency, as all information can be viewed efficiently by anyone on the open network, whereas a normal database will not record all pertinent information (i.e. accounting/financial, various recorded transactions) collectively.

Obvious benefits for businesses are trustlessness and efficiency.

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#2218
  1. All transactions are open and transparent, real time monitoring of the state of the public ledger. This public ledger can not be changed by a single party.
  2. A normal database can be changed by a single person, there can be numerous copies of the database with variations to the original database.
  3. It is open and transparent, it is corruption resistant and indicates the real time state of the ledger. It is trustless, you do not have to trust third parties.
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#2219

There is no way for information to be removed. You are able to trust the system to bring you back to complete and correct data due to the blockchain structure.

With a normal database you have to trust the entity or individual that owns the system. With that being said, information can be manipulated, which makes it impossible to trust, but we are forced to.

Digital provenance will help a business run more efficiently.

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#2220

Digital provenance if I’m understanding incorporates the security feature of being able to verify without relying on trust.

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#2221

A normal data base is wide open to the trust of those inputing the data
and very possibly not able to be verified. Being able to alter the data also introduces corruption which blockchain corrects.

Efficiency as stated in an earlier post by another member is so true. Moral issues can be identified and in the case of large corporations corrections made.

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#2222

Thank you. Will do. :+1: