Homework on Provenance - Questions

Blockchain and Bitcoin 101
#2403

  1. By providing the records of previous transactions on an immutable ledger all the way back to the genesis point. (the chain in blockchain)

  2. Normal databases are still human data entry and communication. They can be edited, duplicated, lost, or simply incorrect because of human error. They are slower, give higher chances of corrupted data and reduced accuracy.

  3. All businesses require data of some kind, having a verified and proven chain of provenance allows for real-time auditing, tracking, verification of supply. The ability to not only say what is happening within the business but VERIFY at any given time massively improves the businesses productivity and in turn profit.

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#2404
  • How does blockchain enable digital provenance?
    the blockchain provides a public digital ledger that can track exchanges at any level which allows no requirement of trust as it is verified content.
  • Why doesn’t a normal database bring the same provenance?
    a normal database is not verified in real time so it is a vulnerable system.
  • Why is digital provenance such a great benefit to many businesses?
    it provides the business an opportunity to gain greater insights into business analysis and can lead to scalability.
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#2405
  1. How does blockchain enable digital provenance?

Because you are not able to delete any of the transactions that were performed on the BC so that you can always verify the history of all the transactions.There is another capability of the BC which is decentralization, it means that there are nodes that contain an exact copy of the ledger-BC making sure that all of these nodes have the same information which makes it trustless.

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

Because normal DBs are centralized and they can update or delete records from the past, so there is very little transparency and then, you have to trust on the entity that owns the DB.

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

Digital provenance is an important benefit because it allows businesses to audit any transaction in a cheaper and faster way so that they can bring more value to their customers with transparency and efficiency.

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#2406

  1. Blockchain allows to track the provenance of a transaction. Every transaction is written on the blockchain and cannot be removed (immutability) and no central authority or government can control the blockchain change the data in it. Blockchain is an open ledger where every transaction can be traced back.

  2. Because in a normal database, a transaction can be removed or erased. If the database crashes, data can be lost. And it is probably much more difficult to trace back a transaction, it doesn’t have the same simplicity as with blockchain.

  3. Because it provides the possibility of real-time auditing and accurate traceability, among other benefits.

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#2407

  1. How does blockchain enable digital provenance?
    Blockchain enables digital provenance because every transaction on the blockchain is public and can be viewed, transactions can no be deleted, and every transaction can be traced and followed.

  2. Why doesn’t a normal database bring the same provenance? A normal data base can have things edited or deleted, is not public to everyone, and usually is controlled by a central authority, it is not decentralized. Data can be lost if there is a power outage as well.

  3. Why is digital provenance such a great benefit to many businesses? Because it allows for things like real time auditing and tracing to happen you do not need to hire out side entities to do things like audits or tracking supply chains anymore

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#2408
  1. How does blockchain enable digital provenance?
  1. The structure of blockchain enable digital provenance cause it is immutable, nobody can fraud the system holding or modifying information without having the all network confirm and especially anyone can verify all the transaction cause they are pubblic.
  1. Why doesn’t a normal database bring the same provenance?

2.A normal database or ledger can be temper by people erasing, hiding or miswriting information, that’s it is not possible on blockchain cause the system it is based on immutability, you can add information but you can remove it.

  1. Why is digital provenance such a great benefit to many businesses?
  1. I would say that this system benefit either the business and the users, cause it is democrat it is trustless it is based on the idea that anyone can verify source and the transactions. I see so many use for it not just finance itself.
1 Like
#2409

Hello @Tim37 and @Mucha-B! :slight_smile: Good answers! Welcome to the forum! :smiley:

2 Likes
#2410

  1. blockchain enables a database as a permanent source of truth that cannot be overridden or tampered with. This allows for the ability to verify each transaction or piece of data in real time throughout a set of financial transactions or movement of parts through a supply chain.

  2. A normal database needs an admin, it needs a team that supports that database and what data is entered, this means that the company or organization must trust that whoever is in control of the database is not changing values or corrupting the data. A customer of a business must trust that the data given to them is in fact true.

  3. This provides transparency and helps prevent in everything from small accidental mistakes in transacting in business to intention fraud or corruption where a business may lie about what ingredients are in their product, or how that product is made. This exposes malpractices done in businesses and proves the more ethical businesses that they are true to their practices.

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#2411
  • Blockchain enables digital provenance by providing an immutable ledger that is transparent, where everything can be tracked and accounted for.
  • A normal database doesn’t bring the same provenance because it can be changed, lacks transparency, and can’t be audited by just anyone.
  • Digital provenance is such a great benefit to the business community because it holds these businesses accountable. It also allows their founders, board members, employees - as well as their suppliers and customers to make sure they are following through on their stated goals for the business.
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#2412

Homework on Provenance - Questions

  1. How does blockchain enable digital provenance?
    Real Time auditing of books, accounting & transactions are baked into one transaction

  2. Why doesn’t a normal database bring the same provenance?
    Because they are separate areas of programs, have to have accounting person go through receipts, etc to do ur audit, with blockchain it will already all be done

  3. Why is digital provenance such a great benefit to many businesses?
    I am sure it will cut costs, where you don’t have to have an accounting person anymore & everything will already be done digitally, accurately, etc.

1 Like
#2413

Blockchain brings to gather the accounting layer with the transactional layer.

Normal databases are subject to hacks and requires trust.

They are trust-less.

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#2414

  1. With a feature to add but not modify or remove information from a blockchain, in real time, the ability for digital provenance is enabled.

  2. A traditional database lacks the capability of digital provenance because there is no traditional database that has the ability to be verified in a trust-less manner. A traditional database is not immutable.

  3. Digital provenance allows businesses to keep track of information flowing around the business’ infrastructure, in real time, without the possibility of fraud.

1 Like
#2415

Hi @Austin1, @vesta and @Laksh! :slight_smile: Welcome to the forum! :smiley:

2 Likes
#2416
  1. Through trustlessness. Accounting layer and transactional layer are baked in.
  2. Because of the real time convergence of the accounting and transactional layer.
  3. An Ernst and Young or other auditing like agency essentially goes away. This is real time trust.
2 Likes
#2417

[quote=“ivan, post:1, topic:8423, full:true”]
Homework on Provenance - Questions

  1. How does blockchain enable digital provenance?
    Blockchain meets three conditions for that: 1. every transaction is writen, 2. once transaction is written, can not be modified, 3. because it is decentralised, everyone can have an access to verify first two conditions.
  2. Why doesn’t a normal database bring the same provenance?
    Mainly because it is not decentralised and can be altered by centralised entity.
  3. Why is digital provenance such a great benefit to many businesses?
    Digital provenance can is key for businesses to work in the same and almost ideal conditions - perfect competion.
1 Like
#2418
  1. How does blockchain enable digital provenance?
  • Blockchain contains a decentralized history and transparency of all transactions that cannot be deleted or modified. All transactions are public and can be verified.
  1. Why doesn’t a normal database bring the same provenance?
  • A normal database can be erased, or modified by owners of the database, decreasing trust and accountability. Its more difficult to audit transactions.
  1. Why is digital provenance such a great benefit to many businesses?
    -It takes away trust and allows verification of sources and allows real time auditing
1 Like
#2419

Hi @horhinjo! :slight_smile: Good answer! Welcome to the forum! :smiley:

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#2420

1- It enables provenance since blockchain is a public ledger where Tx cannot be erased or modified in any possible way (ideally) due to its immutability feature.
2- Because a DB can be altered by any guy allowed to write on it, it is highly centralised and thus not all stakeholders may have access to it (such as customers).
3- It allows businesses to perform real time auditing as it is possible to do on chain analysis while it is been writen. It also solves issues regarding SCM network transparency by allowing consensus to verify what is being added and its source.

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#2421

  1. Blockchain is like a digital stone, keeping visible irreversible record or every action.

  2. Normal databases can be changed, manipulated, hidden, and falsified.

  3. It allows for trustless parties to interact, reducing costs thru eliminating need for extra verification.

1 Like
#2422

  1. By making it decentralised and open to public. Also in blockchain no body can alter or manipulate the information inside a block once it is created.

  2. Because, normal data base has a central authority to control, who can mis fed or alter information at anytime.

  3. Because , it does not require trust in a business deal, rather customer can verify it.

1 Like