Homework on Provenance - Questions
1. How does blockchain enable digital provenance?
By keeping a public digital ledger that keeps track of every transactions on blockchain, all transactions are immutable and can’t be reversed or tampered with
2. Why doesn’t a normal database bring the same provenance?
As an inserted data string can be manipulated, by the DBA that in this case is the trust party, and the audit trail of the database can be removed to cover up changes. This is not possible on the blockchain, as many computers checks all transactions by a mathematical formula before any transaction is inserted, and after that the data is immutable and can not be changed/tramped with in any way.
3. Why is digital provenance such a great benefit to many businesses?
The trust party is removed as in a normal transaction, where a Bank guarantees that there are funds available for a certain transaction.
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How does blockchain enable digital provenance?
Blockchain can do this by creating a digital real time transaction system which provides a public ledger . All parties can use this ledger to verify order history and enable real time auditing of each exchange. -
Why doesn’t a normal database bring the same provenance?
normal databases are not being audited in real time, usually value transactions are T+3 days to finality before auditors can confirm the records of a companies payments and order records.
this means that financials are much slower than the shipping process and trust begins to be a factor since companies cannot wait for transactions to complete before shipment. -
Why is digital provenance such a great benefit to many businesses?
Businesses can now track orders and financials in real time to avoid sub quality or counterfeit attempts along the supply chain. since all transactions can be recorded and verified in real time, more transparent business practices will be forced upon these markets.
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It enables digital provenance because each transaction is stored, like digital stone. Transactions can be added but not taken away. It thus provides complete and detailed visibility of anything that happens with it, as well as constant and instantaneous audits from numerous computers.
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Normal databases will rely greatly on “trust,” and that makes one vulnerable to trust being misplaced. Also, they are centralized which means the data is opaque, no visible to all, which again creates a vulnerability around the possibility of that data being in error.
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Because it’s more safe and secure, subject to constant and instantaneous auditing from numerous sources, is highly traceable, and allows users to operate in a trust-less environment, which mitigates risk.
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It allows real time auditing, and origin tracing capabilities. It allows for the possibility of ‘trustlessness’ which maximizes transparency and efficiency.
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It is not public, so there is no transparency, and it requires ‘trust’ can easily be controlled or manipulated.
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It allows companies to work with more transparency and information can be verified.
- Blockchain creates a public ledger, so all transactions are public and can be tracked monitored and tracked in real-time.
- Normal databases can be modified and edited to manipulate the data. The database is built on trust and can take much more time to audit.
- Audits can happen in realtime and it is transparent. The Blockchain is trustless and also verified by other ledgers.
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Blockchain enables digital provenance by giving anyone the ability to track transactions in real-time. All transactions are recorded, they cannot be edited or removed.
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A normal database doesn’t bring the same provenance because it can be edited by a centralised entity
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Digital provenance is a great benefit to a business owner in that all transactions are trustless, trackable, and allow for real-time auditing
- How does blockchain enable digital provenance?
With unchangeable data
2 Why doesn’t a normal database bring the same provenance?
It is changeable
3 Why is digital provenance such a great benefit to many businesses?
For trust and transparency
- How does Blockchain enable digital provenance?
• With Blockchain technology we are enable of tracing things and removing trust, and every transaction cannot be removed changed or erased, it will be there forever. - Why doesn’t a normal database bring the same provenance?
• Normal database is centralized and it can be manipulated and it is often controlled by people (banks, firms, government, third parties etc.) - Why is digital provenance such a great benefit to many businesses?
• Because it is trustlessness and a real time auditing.
Provenance
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How does blockchain enable digital provenance?
Blockchain provides a trustless verification of all transactions in real time made via a network/exchange ledger; enabling digital provenance in the form of tracking/tracing of data for financial institutions/manufacturer/suppliers. -
Why doesn’t a normal database bring the same provenance?
Blockchain provides an examination of all transactions made on the public ledger, transactions remain encrypted and unable to be altered providing a trustless verification of records that a normal database is unable to offer. -
Why is digital provenance such a great benefit to many businesses?
Digital provenance provides a transparent means of tracking/tracing the exchange of financial transactions/assets/supply chains. Greater data efficiency and accuracy is acquired via a digital provenance service.
A restaurant/caterer can have confidence a food product is fresh/suitable based upon its delivery transaction details of delivery; supplying its entire history of harvest/conditions/storage kept upon receivership.
- A blockchain enables digital provenance by offering realtime auditing capabilities that are stored in a decentralized database. Everything can be verified and nothing needs to be trusted.
- A normal database does not bring the same provenance because the transaction history is not checked by the entire community that is making transactions on the blockchain. A normal database can be altered by the machine that stocks the database and a blockchain transaction cannot be changed without the approval of all the machines that participate in the blockchain.
- Digital provenance is a great benefit because it offers real time auditing capabilities that are 100% in terms of quality and really easy to verify.
Thank you…
lau., 11. júl. 2020 kl. 17:56 skrifaði Aleš Ferlan via Ivan on Tech Blockchain Academy Forum <[email protected]>:
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Blockchain uses an open ledger that can’t be altered once data has been added to it and can be seen by anyone who wants to view it.
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Normal databases are centralized allowing the governing entity to make changes to the information in the database. Because there is no open ledger, events and information within the database can’t be verified by it’s users.
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Businesses can use digital provenance to verify several things within their supply and distribution chains. They can verify where the source of their materials are coming from and their supply authenticity.
Digital Provenance benefits businesses by do away with the trust issue. In the supplement industry industry they have found lead and arsenic in supplements and % of herbs or vitamins less than what they put on the label. With blockchain one can verify all ingredients and where they came from and the %'s of vitamins and minerals. Same with food.
Normal Database is based on trust and cannot always be verified.
The current auditing system is based on trust and is not in real time. Real time auditing, tracking and tracing financial transactions is trustless. For instance with wine all you know is what winery produced the wine but with Blockchain you can verify which acre produced the grapes and what day those grapes where picked. It is a more precise way of tracking goods on the Supply chain.
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Blockchain allows you to trace something without having to trust someone telling you the information. You can go look on the blockchain yourself and see what farm your eggs came from, or who sent who bitcoin in 2014. A decentralized blockchain can make this tracing more trustworthy since you are trusting the network as a whole and not a single entity.
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Unlike normal centralized databases, which we use for most things, decentralized blockchains are immutable. This means once a decision has been made on-chain, no one entity can change it.
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There are countless use cases for a technology that allows for trustless storage of data.
- Blockchain cannot be deleted, it is like “digital stone”.
- Database could be hacked and data deleted, passwords lost, etc
- Blockchain itself provides the needed trust
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It’s enabled by allowing you to add but not remove information to the database/blockchain so we can trace a transaction back as far as we need to In order to verify it , this is done automatically but one can physically go back and check the transaction themselves.
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Because all other databases aren’t being verified by countless people simultaneously.
Other databases require trust that they are being honest , you don’t have access to check if their telling the truth, in blockchain this is done automatically. -
Because it Removes the element of trust , no need for the honor system anymore, now we just verify if it’s true or false. Another benefit is that it simplifies and streamlines businesses.