Homework on Provenance - Questions

Blockchain and Bitcoin 101
#2865

1.How does blockchain enable digital provenance?

By tracking all transactions in real time on the public ledger that can only be added, but never deleted. Verification by tracking rather than trust

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

Because normal database can be edited or modified. You also can’t pull out any given transaction immediately and in real time.

Why is digital provenance such a great benefit to many businesses?
It streamlines auditing and financial transaction. It removes the “trust” process of all transactions and replaces it with “verification”. This is huge since today we rely on trust for all transactions in business.

1 Like
#2866

  1. As stated in the video, the ledger is like a digital stone. The transactions are recorded and can not be removed.

  2. A normal database is centralised which is a point of vulnerability. This means a centralised database can be edited since it doesn’t need to be verified by the consensus of other nodes. In other words, you have to trust a central point of governance within database which aren’t on a blockchain.

  3. Digital provenance benefits businesses with accurate real time auditing and traceability. This saves companies time and financial resources, not to mention crucial data being lost or manipulated.

1 Like
#2867

Yes you are! :raised_hands: keep up the good work! :wink:

#2868

1- Links accountably and transitions together

2-Its not public and transparent

3-All parties involved can be aware of all the actions taken

2 Likes
#2869

Provenance -the place of origin or earliest known history of something.

1 Like
#2870
  • How does blockchain enable digital provenance?
    Blockchain enables digital provenance by creating a public ledger, verified by the network, that cannot be deleted. This public ledger allows for all transactions to be tracked.
  • Why doesn’t a normal database bring the same provenance?
    Normal databases can’t bring the same provenance because there is the ability to remove entries, so it’s impossible to verify all data is a true record. Also, databases are often centralized, so they’re generally not publicly accessible.
  • Why is digital provenance such a great benefit to many businesses?
    Provenance is a great benefit for many businesses because it makes auditing much more accessible for them. For currencies, companies can perform their accounting alongside each transaction. For consumer goods, the company can verify the source of goods to their customers with a more transparent record of where everything is sourced if the process is locked into the blockchain.
2 Likes
#2871
  1. it is a public form of data that can be accessed and verified without a central controlling entity, therefore it is trustless and transparent
  2. Because a database can be manipulated and whereas the digital blockchain data can’t be removed.
  3. It is verifiable and transparent so there cannot be any ambiguity or hope/trust that the data is valid.
2 Likes
#2872

  1. Blockchain enables digital provenance via the immutable aspect of the technology. Data can only be written to blockchain (public database), and the decentralized aspect prevents a controlling authority from deleting/censoring the data.

  2. A normal database has a controlling authority/administrator. A normal database allows for update & delete statements. Data not approved by the administrator can be edited or deleted.

  3. Digital provenance allows for multiple interested parties to verify the validity of historical transactions and data points on the same database (blockchain). Seamless and simplified auditing is enabled with digital provenance.

1 Like
#2873

1.) Blockchain enables digital provenance by allowing a business entity to track and trace transactions in real time. Which not only makes finance and accounting more efficient, but also removes the need for trust due to the fact that all things can be verified. Don’t trust, verify.

2.) A normal database does not bring the same trust as blockchain because the centralized nature of a normal database makes it possible for transaction history to be changed or even erased. It is also vulnerable to losses due to a crash, system failure, or even hacking.

3.) Digital provenance benefits businesses greatly by allowing them to track and trace transactions in real time and provides real time auditing. This also can be used to help ensure the quality of a product or tell the business where the product or material has been. It could even be used as a record of ownership of assets and their origins.

1 Like
#2874

Just figuring this out - first post:

  1. immutable digital real time record

  2. Corruptible / expensive/ delayed

  3. Trustless / fast/ private and public access

1 Like
#2875

  1. Blockchain enables digital provenance through the very mechanism of a trust less public ledger that allows you to verify.

  2. A normal database is a centralized vulnerable access point that is normally private.
    An with that privacy comes the issue of trust or the lack there of.

3.Provenance is good for businesses in many aspects. Accounting, Auditing, transparency are just a few that allow the features of the blockchain to flourish in the professional world

1 Like
#2876

  1. How does blockchain enable digital provenance?
    Blockchain enable digital provenance letting us track the origin of transactions and the origins of other kind of stuff as where does this ingredients come from.

  2. Why doesn’t a normal database bring the same provenance?
    Data can get lost, altered and loose information in the process. Blockchain it’s the solution to auditing.

  3. Why is digital provenance such a great benefit to many businesses?
    You don’t need third parties anymore as lawyers, bankers, trust parties, auditing. It works honest, cheaper, faster with almost none human participation

1 Like
#2877

  • How does blockchain enable digital provenance?
    Blockchain facilitates digital provenance because it tracks every transaction, and makes it available to the public without having a centralized authority.

  • Why doesn’t a normal database bring the same provenance?
    Normal databases lack the same provenance because it has a centralized authority that can control the transaction outcomes. It is possible for transactions to be removed thereby skewing the matrix of data. There is a trust factor when dealing with a normal database.

  • Why is digital provenance such a great benefit to many businesses?
    By allowing real time auditing, It brings a sense of security when dealing with things on a large or small scale whether it be authenticity or origin. Having access to that information is an immensely beneficial tool.
    [/quote]

1 Like
#2878

I liked what Thinker said.
How does blockchain enable digital provenance?
Blockchain enables digital provenance through a trust less public ledger that is immutable in that information can only be added by the supply chain.

Why doesn’t a normal database bring the same provenance?
A normal data base is owned by a central authority with the information stored on hardware or in cloud storage where the owner has or can assign administrators who determine access controls. This requires trust. Administrators can amend or remove data this can become a problem if multiple silos are providing data to a central network as disparity and corrupted data can compound any consequences to outcomes arising from the information extracted by users, this is especially critical if an organisation assumes liability for the information they provide to end users or need to investigate a supply chain issue. Rubbish in rubbish out.

Why is digital provenance such a great benefit to many businesses?
Digital provenance is a great benefit to a business as users can have confidence a suppliers information is correct as a ledger can be created from the seed of the supply chain to end user with the ability to provide data in granular detail. The use off RFID can further reinforce this by providing a digital passport for individual products enabling the identification of authentic or counterfeit items.

1 Like
#2879

  1. How does blockchain enable digital provenance?
    blockchain provides a trust-less way to verify the supply chain. At each point data can be added to a global ledger that cant be changed so tracking and tracing can be done in real time.

  2. Why doesn’t a normal database bring the same provenance?
    normal database is not a immutable read/write-once database. a normal database has to be managed and centrally controlled. You have to trust the database provider.

  3. Why is digital provenance such a great benefit to many businesses?
    Business now have access to a global register that they know no one company, government is able to modify or fake. They dont have to trust the supplier. They can verify

1 Like
#2880

  1. It allows transactions to be traced from end to end in real time

  2. A normal database is controlled by a single entity so it doesn’t have visibility of the whole transaction or source

  3. It allows businesses to verify and audit all transactions easily

1 Like
#2881
  1. Static single entry accounting with instant trust less verification
  2. Double entry accounting methods which needed to be reconciled and audited for verification
  3. Real Time instant auditing which streamlines processes and makes systems more efficient
1 Like
#2882
  1. By allowing data to only be added and not removed from the blockchain, by publicly providing access to all transactions linked in the same blockchain to all nodes at the same time.
  2. Because it can be tampered with (transactions can be deleted, changed or made up in that central database)
  3. Transparency of transactions and trust provided by the distributed design and encryption.
1 Like
#2883
  1. How does blockchain enable digital provenance? The systems involved in the blockchain have an immutable ledger or database of financial transactions that can be traced back to their origins and verified.
  2. Why doesn’t a normal database bring the same provenance? Normal databases are centralized and can be edited by whoever controls the database. The origins of the financial transactions in normal databases can be changed or deleted making it more difficult to trace financial transactions.
  3. Why is digital provenance such a great benefit to many businesses? Digital provenance ensures that businesses can undoubtedly know that their products are being manufactured and delivered to their specifications. The same assurance it gives companies also gives their customers assurance that the companies they are purchasing from are selling products to their liking. This creates a stronger bond between the consumers and suppliers.
3 Likes
#2884
  1. BC is a public ledger and it can store all kind of data
  2. Normal DB can erase/change records or can crash, BC is immutible
  3. It can track original state of product/ingredient. It can combine account info and transactions etc
1 Like