Homework on Provenance - Questions

Blockchain and Bitcoin 101
#2484
  1. How does blockchain enable digital provenance?

A: Blockchain keeps a public ledger of all transactions from source than can only be added to but not deleted removing human error and prevents adulteration of data to suit 3rd party needs.

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

Centralization and opaque information regarding supply allows for 3rd parties to alter / omit information to suit their needs. There is no way to prove information about a product or service as its totally based on human trust.

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

It allows for information to be track able, transparent and publicly recorded. It gives 100% peace of mind as mathematical / scientific calculations take precedent over human trust. Ensuring that the information received all the way from source to end consumer is fully accurate. This ultimately eliminates the need for extra verification, resulting in a much more efficient process and could even cut costs as the technology develops and is implemented over the coming years.

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#2485

Hey @Marcus_Tang :slight_smile: Welcome to the forum! Your answers are correct! :raised_hands: Good luck in the future parts of the course! :wink:

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#2486

  1. How does blockchain enable digital provenance?
    The blockchain will allow the ability to keep track something. The ability to be able to track materials in items as well as items to final destination. Allows the ability to verify you get what you are actually wanting.

  2. Why doesn’t a normal database bring the same provenance?
    Blockchain is designed to be irreversible, in which transactions must be verified before completed.

  3. Why is digital provenance such a great benefit to many businesses?
    Businesses will be able to track everything in their business from money transactions to mobilization practices.

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#2487

  1. Block-chain enables digital provenance by having a network of computers to verify transactions on the ledger, each computer on the network runs a node.

  2. A normal database does not bring the same provenance because items can be easily duplicated/ manipulated.

  3. Digital provenance is such a great benefit to many businesses because of real time auditing making business more transparent such as old (2019) startup Origin Trail tracks clothes to see it is from child labor factories/

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#2488

  1. decentralisation and therefore trustless

  2. because it is centrally located and easily manipulated

  3. more transparent, easy auditing because everything is tracked on the blockchain

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#2489

  • How does blockchain enable digital provenance?
    Designed as a decentralized system that does not require trust.

  • Why doesn’t a normal database bring the same provenance?
    Information on a database can modified at any time due to centralization.

  • Why is digital provenance such a great benefit to many businesses?
    It provides a decentralized system, where all transactions are transparent and unchangeable providing high security to data.

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#2490

Hi @cryptatticus and @Doug305! :slight_smile: Welcome to the forum! :smiley:

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#2491

  1. Blockchain enables digital provenance because whatever is added to the blockchain cannot be changed which creates a record of operations.

  2. A normal database cannot bring the same provenance because it is owned by a company that can alter it (centralized). A blockchain database is decentralized which means nothing can be deleted off it.

  3. Digital provenance benefits businesses because they don’t have to put their trust towards a bank or corporation. It also makes their spending easier to track which makes the business more transparent.

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#2492

Welcome to the forum @james1447! :smiley:

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#2493

  1. How does blockchain enable digital provenance?
    Blockchain is inherently “trustless” in that it is decentralized and can keep track of things by putting them on an immutable ledger that cannot be fudged or erased. It can be coded in such a way that auditing of items in a supply chain, transactions etc. goes into each block and is checked against all the other copies of the blocks on other nodes copy of the blockchain.

  2. Why doesn’t a normal database bring the same provenance?
    A normal database is centralized and can be fudged and/or hacked into. Even if one or several nodes with copies of the blockchain were compromised it wouldn’t be able to stop or thwart it or change it.

  3. Why is digital provenance such a great benefit to many businesses?
    It’s a way to get accurate, trustless and fair information since no one party, state or actor controls the information and there isn’t one point of failure. It is a way to verify everything from links in a supply chain to financial transactions by using a trustless and immutable public ledger. This could help keep businesses honest in their practices and probably keep costs down, not to mention help stop those trying to exploit workes or cheat on financial transactions.

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#2494

  1. by providing a centralized database that cannot be changed. One can only add information

  2. A normal database is centralised, meaning one entity has control over all of the data, which they could alter if they wanted to.

  3. Digital Provenance provides a trustles system that can provide real-time auditing and accurate tracing.

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#2495

  1. Blockchain enables digital provenance through real-time tracking and auditing because it can combine the accounting with the transactions.

  2. A normal database is centrally controlled and therefore can’t bring the same provenance because the data can be altered, deleted or destroyed. This type of keeping of data relies on trust.

  3. Digital provenance benefits businesses in may ways. Real time tracking means faster verified transactions. The real time auditing and tracking saves businesses a lot of time and money and reduces transaction costs which consequentially increases the profit margins of a business by employing blockchain when it is useful. Additionally, the need to trust when doing business2business is gone. Instead provenance can be verified by the parties in the transaction.

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#2496

1- Putting accounting and transactions together, all in real-time.

2- In the world of business, every transaction has to be approved by a group of people in diverse places. Looking at papers, emails, auditing, and so forth, taking too much time from what is essential. Companies end up paying more money.

3- The complete simplification or efficiency of transactions on the blockchain.

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#2497
  1. How does blockchain enable digital provenance?

Blockchain is an open public decentralised immutable ledger. Immutable as information can be added, but not removed or modified. This enables traceability and transparency by removing trust.

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

While records stored in a normal database, each user on the blockchain has a secure copy of all records, and changes, allowing the user to view the provenance and verify information.

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

Digital provenance benefits businesses by removing ambiguity, allowing complete auditability by anybody and everybody.

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#2498

How does blockchain enable digital provenance?
Information can be added to block chain ,but can not be removed ,this information cannot be changed or altered and as such it is a excellent way to account for actions or transactions that has taken place.
Why doesn’t a normal database bring the same provenance?
Normal database is open to manipulation and human intervention ,as such you have to trust someone or a business to be truthful.This is the reason that in financial sector there is so many laws and regulations.
Why is digital provenance such a great benefit to many businesses?
It is trustworthy real time account of events,actions or transaction. Fewer steps needed to audit actions and as such more cost effective way of doing business.

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#2499

  1. Everything is recorded in blockchain cannot be remove and could be verify by the public. There is no central authority, manipulation and deception.

  2. It’s decentralized and efficient. Accounting and transaction could be happen at the same time and it’s easily accessible through public ledger while traditional method couldn’t. It saves time and cost.

  3. Trust less, efficient, and decentralized. There is no manipulation. Everything is recorded from the start until end and all the data is accessible by the public in real time.

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#2500

  1. It allows things to happen in real-time in a distributed ledger this accessible by anyone. All the information of each transaction is displayed with the transaction.

  2. The accounting information and transaction are separate therefore they need to be audited at a certain time.

  3. Trust within the supply chain, easier to keep track of accounting records

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#2501

  1. The blockchain acts as a public ledger, allowing all transactions to be traced and/or audited in real-time.

  2. A normal database doesn’t offer the same protection, thus resulting into more hacks on said database. The end result is that you then have to have a system based off of trust and not actual transparency.

  3. Being that it is a system based on results and a common goal and not trust. Therefore making it easy to see how the money is spent and the ingredients used to develop company’s products/services.

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#2502

1.By allowing to trace and audit data in real time (trustless)
2.Because a normal database is not transparent: you can erase and modify data, for example.
3.Because provenance allows us to verify data.

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#2503

Hey @Justin, @verheesj, @Jacques_L, @Jeff and @thenamese! :slight_smile: Great to see a lot of newcomers! Welcome to the forum! :smiley:

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