Homework on Provenance - Questions

Blockchain and Bitcoin 101
#2805
  1. by being able to track transactions on a public ledger
  2. because not all information is available all in one place.
  3. it will help remove “Trust” and streamline real time auditing
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#2806
  1. How does blockchain enable digital provenance?

By storing all transactions related to a product, financial instrument, etc. on an immutable public ledger. If the ledger is used throughout the entire supply chain, then the entire history of the product is publicly available and verifiable.

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

Data can be removed or edited in normal databases - requires trust between parties to work. All parties might not have permissions to access all the relevant databases.

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

Eliminates the need for trust between parties - enables mutually beneficial transactions that might otherwise be impossible due to lack of trust or at the very least more expensive, because one had to go through trusted third parties that took a cut of the transaction - e.g. paying a bank a fee to buy and hold stocks.

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#2807

Homework on Provenance - Questions

  1. Blockchain enables digital provenance by allowing ingredients, transactions, products, sales or any information to be tracked in real time and traced back later on without having to trust anyone or accept any risk that the information on the blockchain has been changed or removed at a later date.

  2. A normal database does not bring the same provenance because the information is not immutable and can be changed by the owner of the database or anyone with access to it.

  3. Digital provenance is such a great benefit to many businesses because it can put together the accounting layer with the transaction layer of the business in real time and it cannot be changed; so, it can eliminate the need for government, business partners, shareholders to audit a business with accountants. It can also track all of your products and where they are in the supply chain. The possibilities are endless really.

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#2808

  1. Blockchain enables digital provenance by providing transparancy in every transaction. With provenance, trust is no longer needed, only verification. The applications are endless!

  2. A normal database can be altered. In a blockchain, you can put something in but it can’t be taken out and the system of verification comes from multiple checks and balances so no unverifiable data could exist.

  3. Digital provenance is such a great benefit to business because it can merge the two layers between accounting and transactions, allowing for both to be done in real-time and ensuring authentic transactions.

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#2809

Benefits of using the Blockchain :

° Trust less > verify more.
° Public ledger and transparent data for everyone.
° Real time auditing.
° Financial transactions tracking.
° Database tracking on the food industry.
° Database tracking on the Textile & clothing industry.
° Provenance and real time verifications.

Real field cases :
° Government voting systems.
° Food sources and recipes tracking.
° Food state reporting
° Government loans and grants fund transactions tracking .
° … etc .

Great course ! I’m digging it.

Keep grinding :muscle:
Keep coding :writing_hand:

@dapp.coding

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#2810
  1. By creating a chain where data blocks can only be added and cannot be removed. This is done by having a network of computers verifying transactions on the block chain network.
  2. A normal database is usually owned or controlled by a single party who has access to manipulate data in the database.
  3. Digital provenance creates a trust-less environment where everyone can verify data or transactions real-time.
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#2811

1- Blockchain enables digital provenance by taking away the possibility for outside, negative manipulation of the blockchain. This in turns allows only true data to be represented for the entirety of the time the chain exists. The decentralization of the chain makes it public and true ownership.

2- A normal database does not bring the same qualities to the table because it has the variable of possible human interaction. This allows too many possibilities for manipulation and implementation of human emotions, like greed. A better scenario is for the database to be based and executed solely on lines of code inorder to hold to true value without the ability to change to value negatively…

3 - Digital provenance is such a great benefit to many businesses because it allows dependability not
only in the system, but the data. It allows for each business to be able to promise the product they planned to deliver in the first place without any outside influence changing data in turn delivering truslessness.

Reply

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#2812

1- Blockchain enables digital provenance by creating an immutable ledger of transactions (a database), that cannot be changed (trustless).

2- Normal database doesn’t bring the same provenance because the database can be changed and is not trustless.

3- A digital provenance is a great benefit to many businesses because it combines the accounting layer with the transactions layer. It allows goods and ingredients of supply chain to be tracked and traced. It offers transparency and can be verified.

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#2813
  1. It allows verification of a product on an immutable database
  2. Because it it centralised and therefore controllable,
    Not decentralised and immutable
  3. It removes the need for trust in any transaction be it product or financial based
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#2814

  1. How does blockchain enable digital provenance?
    Blockchain is a digital stone. In that any piece of data can be added onto a blockchain, but nothing can be removed. The data from the past will always be visible for the public to see and search for on that blockchain. For example, in finances, auditing firms may go obsolete because provenance being enabled by blockchain would combine the audit and transaction layers in the system. Where when you do some kind of transaction it could audited in real time.

  2. Why doesn’t a normal database bring the same provenance?
    A normal database can be altered or changed because you are able to add and delete data off a normal database. There is a lot of trust placed on that database and there’s no clear way to verify that data on there. In short, Don’t Trust. Verify.

  3. Why is digital provenance such a great benefit to many businesses?
    It is a great benefit for businesses because it brings value and the ability to be more efficient with their supply chain. Also, they can have the ability to track their supplies. It also uses the trustless benefit by providing complete transparency on the products from the suppliers. It will show exactly what is in the food products they’re buying or if the clothes they’re about to buy was made with child labor or not.

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#2815
  1. Each computer has a local copy of the block chain and can verify with other computers that the user’s claim to X number of bitcoin is correct.
  2. A normal data base is centralised and so does not have the whole computer network to confirm the transactions taking place. One example could be the old centralised system for transferring fiat currency, SWIFT, this relies on payment orders between institutions’ accounts and the checks and balances enforced on them by local governments. So if the government does not like something about you they can block or hold your money. Provenance in the block chain is automatic and unpolitical.
  3. You can verify that a company is doing what they claim, such as see the working conditions and materials or ingredients they use. TRUST LESS
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#2816
  1. How does blockchain enable digital provenance?
    As the history is all recorded on the public ledger it is not changeable and traceable
  2. Why doesn’t a normal database bring the same provenance?
    because there is a central body in control and can be corrupted
  3. Why is digital provenance such a great benefit to many businesses?
    all things will have a digital signature , so all things will be able to be audited in real time fast , the real world uses for this are infinite.
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#2817
  1. Blockchain enables digital provenance, because it is a publicly open ledger where all the transactions from the begining are visible, traceable and publicly accessible which also enables real-time audit of all the transactions.
  2. The normal database doesn’t bring the same provenance as it can be edited for the past, whereas in blockchain all the transactions from the beginning must be the same in order to be able to add new things.
  3. It is a great benefit for the business because it eliminates the blindless trust in companies. It enables trustlesness.
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#2818

1.by being a decentralised immutable ledger where information can only be added not taken away
2.normal databases can be copied and info can be removed
3.no trust is needed. everything can be verified

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#2819

  1. Blockchain as a public ledger allows information to be accessible to all stakeholders at real-time.

  2. A normal database is centralized meaning transactions can be erases or edited hence lacking transparency.

  3. Because it solve issue of “blind-trust”, improve efficiencies of supply chain and create more transparency and accountability for all stakeholders.

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#2820 
                                        Answers to questions in essay format.

Blockchain enables digital provenance by validating transactions and by keeping these transactions in the ledger for everyone to see. Furthermore, blockchain benefits companies in three dimensions. The first dimension is that it improves profitability and quality through automation, it allows for the full traceability of the process, the level of security, the control of data exchange, and the flexibility to determine how to share and how to access data. The second dimension is the transparency of the entire process, since the process is decentralized (as opposed to a centralized system where just one entity controls everything) blockchain impedes that just one entity has access to all the information. Furthermore, the consensus is applied to all transactions where all parties involved have access to the same information. Finally, the third dimension is that with blockchain a company can establish a parameter of how a product should be made and how.

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#2821
  1. How does blockchain enable digital provenance?
    Ans: Via traceability and immutability.
  2. Why doesn’t a normal database bring the same provenance?
    Ans: Because it is administered and so trust is essential
  3. Why is digital provenance such a great benefit to many businesses?
    Ans: Traceability, easily audited, trust eliminated
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#2822
  1. With the digital ledger and the consensus mechanism
  2. Normal databases don’t comunicate as freely as the blockchain and there isn’t a trustless way for them to comunicate and verify themselves
  3. Because they cannot be cheated with less than they agreed to and this also gives way to a healthier bussines enviroment
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#2823

1- By making it decentralized therefore trust less.

2- Because there’s a central authority or government that can control it or manipulate it.

3-Because it can bring costumer satisfaction, in which costumers can verify and make sure if the products are high quality or bad quality.

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#2824

Yeah what everyone else has said since 2019.

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