Provenance=Tracking
Blockchain=Place where Tracking is stored permanently
Benefit=it’s a trustless system that eliminates a costly much needed middle man that two parties have agreed to trust.
!. Blockchain as an open source ledger enables each transaction block to be etched in stone. Becoming immutable, creating the history and origin of ownership.
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Centralized data requires trust and is subject to being hacked, damaged or deleted.
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It solves the trust issues, no need for a third party. Its perfectly transparent. Verifies origin and records cannot be erased.
The definition of provenance is where something originated or was nurtured in its early existence. Blockchain being digital data has the ability to be stored in its original form without the ability to be changed on some sort of public digital medium such as a hard drive of a computer and allows a user to see the original and future transactions.
Because it can be changed and manipulated by a central authority. There is also an accessibility issue because the central authority that controls the database can limit its use.
It allows access to very valuable and unadulterated information which is detrimental to the success of the business. Such information incorporated with other technologies can give real time data of product location, materials used to create the product, customer feedback and support.
- Tracing all the movements or transactions in public ledgers which can be changed once verified.
- Conventional database can be changed by the authorities or organizations managing the database.
- Providing trustless transparency in trades and transactions and movements in business
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The decentralised features of blockchain enable digital provenance as all info is uneditable and unforgable.
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Because its not decentralised and can be altered and forged. It simply does not deliver the same features.
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In the future, collected and organised data can be used by everyone in most fields such as food tracking and authenticating the chain of supply and manufacturing. This could , for instance, be used to track certain contaminated foods and quarantine people/destroy unusable products. it give the people the option to verify and not only purchase based on trust.
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Blockchain is a public ledger which only allows for transactions to be added to the ledger, not removed. All transactions can be traced and tracked. Blockchain enables digital provenance through verification in a trust-less manner.
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It is possible to edit a normal database and there are central points of failure. There is no way to truly verify provenance.
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The ability to verify the origins of an item and trace it’s steps will amount to savings in money and time and offer a level of transparency second to none.
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Blockchain enables Digital Provenance by consisting of a network that can only permanently add data to the network and not take away. Due to this feature, data can be traced and audited even in real time.
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A normal Database would not bring the same level of provenance because a Blockchain network uses many data points to compare and verify the thruths of transactions. A normal database requires trust, and does stand a risk of being manipulated because normal databases can be edited, or lost.
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Digital Provenance is beneficial to business because its allows for a higher level of accounting (products or finances for example). With a higher level of accounting, business can become more efficient with more reliable using trust-less data that is verified in real time.
- How does blockchain enable digital provenance?
If done correctly, it can be used to identify the movement of currency and other things between different hands/companies/governments/individuals…
- Why doesn’t a normal database bring the same provenance?
Because the ones controlling that database have the power to write and re-write it however they’d like.
- Why is digital provenance such a great benefit to many businesses?
Because it can take the need of trust away and replace it by ways they could verify and not just blind faith.
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Blockchain enables digital provenance by storing and tracking transactions in real time. Data can
be added but not removed. Also, the transaction must be confirmed by a network of computers,
keeping the transaction trustworthy, or not. -
A normal data base is not in real time, so the accounting layer and transaction layer are separate.
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Businesses are able to track many components of a business, such as their purchases, production
and deliverables, and know exactly where these might be in a supply chain. All of the transactions
can be traced and are verifiable which means greater efficiency for a business.
How does blockchain enable digital provenance?
- Being a public ledger, blockchain enables to trace any kind of transaction and VERIFY them, removing trust.
Why doesn’t a normal database bring the same provenance?
- Because a normal database can usually is owned by someone, the data can be modify, be copied, hacked, deleted, needs trust.
Why is digital provenance such a great benefit to many businesses?
- Because we can trace any transaction in real time, the data is transparent, it can be verified, increases efficiency by allowing real time auditing. The example of the supply chain of a food company is excellent: we can trace the ingredients and verify their provenance, their quality and be sure what we are getting from them.
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How does blockchain enable digital provenance?
Blockchain is a public ledger that all to verify. It is also a data base in which only transactions can be added to it. Blockchain tracks all transactions in real time. -
Why doesn’t a normal database bring the same provenance?
There is no way for the public (or myself) to verify each transaction in a normal database. The accounting layer and the transaction layer in a normal database are separate. -
Why is digital provenance such a great benefit to many businesses?
It provides accountability and proof of transactions of products, goods, services and assets. It creates a trustless system that can be verified.
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By having the blockchain be imutable and having the protocol only allowing inputs and no deletions. And by requiring everyone to agree to a change and by being decentralised. Because on average most people want the truth to be the thing thats being recorded.
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Because one single person can go in and change the database.
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They wont be caught in a lie in the future. It makes auditing faster and more effective so it becomes easier to comply to regulators. It gives you need options in term of analysing your business model.
How does blockchain enable digital provenance?
By auditing, tracking and validating transactions in a decentralized ledger where only transactions can be added and not changed or removed.
Why doesn’t a normal database bring the same provenance?
Because the data in a centralized database can be edited.
Why is digital provenance such a great benefit to many businesses?
Because you can verify/validate instead of trust.
- How does blockchain enable provenance?
- Blockchain is a digital stone for data and information that can only be added and never deleted. This is a public ledger that encrypts information for both personal and financial use. This also provides real-time auditing for everything that goes through the blockchain.
- Why doesn’t a normal database bring the same provenance?
- A normal database is centralized and controlled by an organization, corporation, and/or government. This becomes problematic for information to be tampered, altered, or corrupted, and provides no security.
- Why is digital provenance such a great benefit to many businesses?
- Digital provenance provides a trustless system that gives a footprint of where everything has been in terms of products such as food, clothing, medicine, technology, and gives you the option to see the origin of where everything was and has been transferred to create these products.
This gives security transparency for the consumer who is obtaining the goods and services from the merchant/business.
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Blockchain allows you to trace the provenance of a transaction via a network of computers. Every transaction written on the blockchain cannot be removed, it’s a record of ownership an authentic transaction on a public ledger that is transparent and verified.
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A normal database is not secure, its centralised, all entries or transactions can be manipulated, or erased. A normal database isn’t as safe or as trustworthy as blockchain.
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Many companies can use digital provenance information to follow and improve on quality control, verify the authenticity of a purchase, the origin of the product and the transaction carried out in real time. This will allow many people and companies to feel safe and confident in their decision in selling or purchasing a product.
- How does blockchain enable digital provenance?
Blockchain is like digital stone: records added, but cannot be manipulated or reoved. Also, records (transactions) are public and anybody can audit them, even in real time.
So, e.g. to track the provenance of food, where it was and in which conditions it was at any given step of its production and transport, data such ad GPS coordinates, temperature etc. can be stored in a blockchain and can be easily audited.
- Why doesn’t a normal database bring the same provenance?
A central db can be manipulated and records faked at any time.
- Why is digital provenance such a great benefit to many businesses?
One main point is that the blockchain is trustless. Blockchain blocks cannot be manipulated and can be verified again at any time, if needed.
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Blockchain is a public ledger where transactions are forever stored and can be traced and tracked by anyone in real time thus providing provenance.
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Normal databases arent decentralized and public ledgers. They are subject to manipulations and hack attacks.
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Businesses can easily verify the quality of supplies instead of trusting the supplier thus saving time and money. They are also completely transparent to their customers.
- Traceable and verifiable transactions on a blockchain are stored on the public ledger, providing trustlessness and provenance.
- There’s no way to verify that transactions on databases that aren’t decentralized haven’t been tampered with or double-spent.
- Because a business’ ledger can be audited easily without having to rely on trust. They and their customers can see whether or not the products’ quality is as advertised, reducing opacity.
1 Digital Provenance allows for trust-less origin verification on the blockchain that can not be altered.
2 Today’s normal database places trust on a person or company entering the data
3 Many use cases in tracking from currency and accounting in real time as transaction occurs, to all type merchandise origin tracking
- Blockchain has a public ledger for anyone to view at anytime.
- Normal databases aren’t available to the public. Gatekeepers is a term I recently heard on one of Pomps interviews. Select people get access to certain things like these databases, Gatekeepers.
3.Digital Provenance allows verification of transactions, time stamps, addresses. Real time audits can be done. There is no waiting around all weekend for some corporation to verify things Monday morning and then post only partial information on their ledger.