Hi @TangoMike31 and @georgejithin87! Great start! Welcome to the forum!
1.Blockchain is a public ledger where all transactions can be traced.
2. Because there is no transparency, only trust.
3.Because the businesses can track financial transactions, they can audit in real time ,blockchain removes trust and brings transparency, everything is verifiable
-
Blockchain enables digital provenance because it is immutable. Since information can only be added and it must be validated by the rest of the network. It is easy to audit as the ledger is public and available in real time.
-
In normal databases information can be changed and manipulated. It is harder to track these changes even with a log. You have to trust the administrators of the network that everything is truthful. Blockchain solves this by only allowing additions to the chain which must then be verified by other nodes on the network.
-
Digital provenance is great for businesses as it can provide verifiable proof that the item purchased is the item received. You can embed rfid tracking to see where the item was created, where it was shipped, how long it took, etc. It can be a real boon for logistics and checking authenticity of an item.
- Through 24\7 accesible data secured by network
- Because anyone with access and rigt to edit simply can do it.
- Due immutability. No mater when regards of goods, law, finance, relationships.
Ussualy all content of blockchain is simply provable due wtritten up there.
- Because it allows all transactions to be posted on the blockchain ledger and it cannot be removed, only added, therefore every transaction can be accurately traced. This makes blockchain digital provenance trustless, totally accountable and incorruptable…
- A normal database is centralized and controlled by a central authority, so it has to be trusted, therefore making the provenance corruptable…
- Because they can track and verify the supply chain that they are depending on to make sure that all inputs are what their suppliers are saying that they are…no need for 3rd party audits anymore …
- Bockchain technology enables digital provenance because blockchain is trustless and does not require a 3rd party to provide trust.
- A normal database is centralized and trust comes from the provider or administrator of the database. Typically databases are not trustless.
- Digital provenance provides security and transparency of data, which can be independently validated 24/7.
1 A pulbic ledger is a trustless ledger.
2 A normal database could be manipulated and is based on trust.
3 It’s safer, track in real time and solve trustproblems
Blockchain enables digital provenance because it is a decentralized ledger where data and transactions are entered in real time and cannot be deleted or manipulated after the fact, providing full transparency. A normal database is not decentralized and can be altered providing a lack of transparency and provenance. Digital provenance is great for businesses because they can see and TRUST the trail behind everything eg. food or clothing origin.
all very good points for us to remember
-
How does blockchain enable digital provenance?
Blockchain is a public ledger, it can hold all the information in the transaction and can be audited. -
Why doesn’t a normal database bring the same provenance?
Normal databases are not public, and not tamper-proof and you need to trust the centralised authority. -
Why is digital provenance such a great benefit to many businesses?
It is trustless, and open to everyone, verified and provides an audit trail in real time.
-
By providing a digital ledger that you can only add things to it and not remove any, by having the transaction confirmed the on multiples computers.
-
Because in a normal database, the information contained is separeted from the provenance. In a normal database, you need to identify the provenance on you own because it is not done automatically, you need to associate the provenance with the information on you own.
-
Becauce it spares time and effort on the accounting part and it’s also more reliable. Everithing becomes automatic.
1- Blockchain has immutable historical data, thereby giving the data some validity.
2- The normal database has data that can be altered/erased giving it less provenance value.
2- The data does not have to be verified or audited. Current data is accessed quickly.
How does blockchain enable digital provenance?
Blockchain enables digital provenance by operating on a trustless, decentralised and immutable public ledger. Encrypted information that is still public, auditable and accessible is added and verified in real-time across a network of machines or nodes, each holding a copy of the entire blockchain of all the transactions as an historical record.
Why doesn’t a normal database bring the same provenance?
A normal database does not provide the same level of provenance because it is centralised and mutable. Transactions are merely stored and not trackable, traceable nor auditable in real-time leading to inefficiency. Accounting and transactions are not in the one place but separate, leaving room for error. Trusting your supplier without verification is key.
Why is digital provenance such a great benefit to many businesses?
Digital provenance is of such a great benefit to many businesses because a digital financial record of transactions can be effectively tracked in real-time for tax audit purposes. Within the financial record, the supply record may be embedded, allowing for further efficiencies. The digital transaction process on the blockchain will remove the need for trust in business relations to business relations based on trustlessness and verification through math and scientific method, leaving an historical trace of digital tracks of every step on the ledger for display.
Blockchain allows you to track things like money in real time.
A normal data base can be changed by going back and adding things and by removing things. The blockchain can only be added to but never changed.
Provenance allows companies to track products and ingredients in their products to verify origins and validity of products. It is trustless and can not be altered.
-
How does blockchain enable digital provenance?
A. the most important benefit of blockchain is enabling all parties to see exactly each entry onto the block. once an entry is put into the block you cannot remove it. in essence its also a tool to verify -
Why doesn’t a normal database bring the same provenance?
A) simply put, a normal database is managed by someone or a central entity, therefore manipulation as well as mass editing can happen to suit an agenda. -
Why is digital provenance such a great benefit to many businesses?
removes the need for a body to come an audit everything , its pretty much self audits itself and all information is self verified .
if I have miss understood a point or answered incorrectly please feel free to critique
You’re good keep up with the course!
1.How does blockchain enable digital provenance?
digital provenance enable trustless tracking for valuable data, supply chains & transactions from end to end.
2.Why doesn’t a normal database bring the same provenance?
a normal database can be tampered with & changed unlike a blockchain that is immutable you can only add to it an its a permanent record.
3.Why is digital provenance such a great benefit to many businesses?
digital provenance brings real time auditing remotely & confirms the integrity of the business on chain in a trust less way.
1- In Blockchain you can only add database, which means that its really hard to copy information, and that is what makes it save.
2- Because it can be manipulated (remove information) while Blockchain is controlled by a lot of computers that knows the real information.
3- Because it spares effort and brings real time auditing
How does blockchain enable digital provenance?
Digital provenance on the blockchain is achieved by making a trustless piece of information trusted by way of historical verifications.
Why doesn’t a normal database bring the same provenance?
A normal database does not contain ‘real time’ verified information.
Why is digital provenance such a great benefit to many businesses?
Such information has a transparent origin and historical record, hence verified and trusted.