Homework on Provenance - Questions

  1. How does blockchain enable digital provenance? Like digital stone, can be added to but not removed (immutable). Decentralized Public ledger can be viewed by anyone.

  2. Why doesn’t a normal database bring the same provenance? Because its not real time auditing like blockchain technology, and trustlessness is the aim.

  3. Why is digital provenance such a great benefit to many businesses? Customer verification made easy, and validation.

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  1. Blockchain enables digital provenance because it provides real time auditing. You will be able to track every transactions therefore everything can be verified and be trusted.

  2. A normal data doesn’t bring the same as provenance because a transaction can be removed and cannot be traced.

  3. Digital provenance is a great benefit to many businesses because every transaction is verified and therefore fraud will virtually impossible Relationship will be more amicable.
    .

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  • How does blockchain enable digital provenance?
    Because it is a Ledger that can only be written into, like a stone, so when a transaction is registered nobody can alter it, as I understand it is like an accountant sheet with in and out, with a timestamp. Once something is done it is registered and stays there with no way to delete, copy or edit it.

  • Why doesn’t a normal database bring the same provenance?
    Because in a database someone with privileges could go en edit, delete or alter some information.

  • Why is digital provenance such a great benefit to many businesses?
    Because it eliminates Trust, meaning that things are registered there as they happen, no need to ask somebody if transaction or process was executed, it is registered there and companies can only go and verify for correct sequence. And as no one can alter it, there is no cheating, or CYA.

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  1. How does blockchain enable digital provenance?
    All transactions are recorded, all data remains stored in the blockchain.
  2. Why doesn’t a normal database bring the same provenance?
    Data can be removed/altered for nefarious or other purposes.
  3. Why is digital provenance such a great benefit to many businesses?
    makes fraud so much harder
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How does blockchain enable digital provenance?
1.- Transactions and accounting are done in a single, shared, public database.

Why doesn’t a normal database bring the same provenance?
2.- The parties involved in the transactions and accounting are operating in isolated, private, databases. The underlying issue of the proposal of a normal database relies on trust. There is also technicality question as who will run, service and maintain this database, in the supposed case the parties decided to share information on a public database.

Why is digital provenance such a great benefit to many businesses?
3.- Complicated worldwide processes involving many companies could have real time update status for their supply chain. This will make logistics, inventory control, and transaction between different entities more efficient.

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Question:
Pouring over my notes from the videos, and regarding blockchains ability to transact, encrypt and create a public ledger that has the provenance of real time auditing, my question is this; will this use case eliminate some of the need for accountants in the future because both TX and accounting can be done on public ledger for those with permission? Just curious… :thinking:

  1. By ensuring traceability and immutability of transactions: anyone can see all transactions and can be sure that those transactions cannot be modified.
  2. Because in a normal database, data can be modified and is not necessarily accessible by everyone.
  3. Because digital provenance gives a way to be sure that a piece of information is absolutely true without the necessity to trust anyone.
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Homework on Provenance - Questions

  1. How does blockchain enable digital provenance?

Blockchain enables digital provenance through acting as a public ledger allowing any party to track all transactions, ensuring traceability. As blockchains are designed to be immutable, this ensures that the block cannot be modified; only added upon which the block will undergo verification from miners/nodes that have copies of the block history.

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

The immutability of blockchain greatly assists in the traceability and prevents the alteration of data compared to a centralised database where a party/individual could alter the data for personal gains/nefarious reasons

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

Digital provenance eliminates the need for a middleman; reducing costs and time taken for an audit to be done as the blockchain will contain all the necessary data that can be automatically updated to the businesses database. Furthermore, the use of blockchain in various industries will result in much lower fraudulent outcomes due to the traceability and immutability of blockchain

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1.Blockchain is build on lots of machines, making the data immutable since it’s technically close to impossible to change it at the same time on all of them.

  1. Normal databases are centralized. Data is usually stored in one place or not more than few places and it can easily be changed.

  2. It provides more transparency while at the same time reducing the costs for tracking, both in matter of money and time.

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  1. How does blockchain enable digital provenance?
    By offering a public transparent space to keep the data.
  2. Why doesn’t a normal database bring the same provenance?
    Because it is controlled by a player which owns the database.
  3. Why is digital provenance such a great benefit to many businesses?
    Existing business rely on trust in so many situations.
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I would guess it will probably still require some accounting, but since a lot can be done automatically it will make their work easier. So it won’t eliminate them but will transform the way they work in a significant way. :slight_smile:

  1. How does blockchain enable digital provenance?
    Blockchains ensure complete digital provenance by removing the trust aspect. They ensure trustless information and transactions.
  2. Why doesn’t a normal database bring the same provenance?
    With existing databases the transaction can removed, edited and deleted.
  3. Why is digital provenance such a great benefit to many businesses?
    Real time auditing and a trustless transaction.
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Homework on Provenance - Qs

  1. How does blockchain enable digital provenance?
    The Blockchain is like a digital headstone which anyone can access and add but never removed or change the information on it.This creates a transparent and easily traceable database or collection of transactions which can ultimately lead you to the original or first contract ever made.

  2. Why doesn’t a normal database bring the same provenance?
    A normal database cannot perform this function as has private access to a few players and its data can be manipulated to suit the owner.

  3. Why is digital provenance such a great benefit to many businesses?
    It provides businesses with a transparent platform to record and track transactions building au automatic trust with players they transact with.

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  • How does blockchain enable digital provenance?

Every transaction made is permenent on the blockchain and cannot be changed. This can be accessed through the public ledger for anyone to see.

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

A normal database is created to direct users to benefit the creators / operators. This brings problems due to human error on both sides.

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

It eliminates the need for trust and negates human error. It’s completely transparent.

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  1. How does blockchain enable digital provenance?
  • Blockchain behaves like a “Digital Stone” where data can only be recorded and not removed. Acting as a public ledger, this enables provenance as the database can be traced back to the very first transaction up to current day.
  1. Why doesn’t a normal database bring the same provenance?
  • A normal database usually has limited access to Admins or people within the workgroup, this data is not shared and accessible by the public. This data could be manipulated as there are no validations required for the data.
  1. Why is digital provenance such a great benefit to many businesses?
  • Real-time accounting and Auditing without the need for Auditors to spend time in the company, often weeks working through Excel sheets, Paperwork etc. This would reduce costs significantly and simplify the Tax , Payroll and accounting for the business.
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  1. By being a public ledger, everyone can trace and verify e.g. financial transactions on the blockchain.

  2. Because information on the blockchain can’t be removed or altered (no central control).

  3. Because it enables them to verify the origin and quality of e.g. raw materials before it enters production stage, thus securing a certain standard instead of relying on trust for the supplier.

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  1. Blockchain technology enables data stored on it to be immutable, this facilitates various usecases such as digital immutable provenance.

  2. Normal database can be tampered with as it is centralized, even if the owner of the database doesn’t tamper the data it can be hacked to tamper the data, hence it is not ideal.

  3. Digital provenance helps businesses, governments, people to track origin of products, data, transactions, etc… This brings in a level of trust that is never seen before. It is trustless.

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Homework on Provenance - Answers

  1. Blockchain technology allows digital provenance by creating a record that is both transparent and easily trackable.
  2. I believe that normal databases would be typically located within a silo within or between companies. Also, if someone has control of the database, they could also alter the data.
  3. Rather than relying on trust, transactions can be verified in real time. It would be difficult if not impossible to defraud the system. There is potential for standardization of accounting and supply chain records that could add greater efficiency to businesses.
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  1. Blockchain enables digital provenance because it allows companies and entire industries to remove trust from the equation while performing transactions and sharing data. You can only add to the blockchain, and it is tamper-less, allowing the term “don’t trust- verify” to form. You can mathematically prove and openly view that everyone is on the same page.

  2. Normal databases are centralized, and individuals and corporations have the power to manipulate data and behave in their own favor. With centralized control over financial institutions and even money, there is an inherently unfair playing field, favoring those in power.

  3. Too many reasons to count, but Digital provenance is important for many if not all businesses, because it steers us in the direction towards really harnessing and benefitting from the power of the internet as we know it. It can pave the way for a different internet of tomorrow, where a small number of individuals may no longer hold all the power.

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  1. Blockchain enables digital provenance by providing an indisputable public ledger which documents, in detail, the origin of the asset and its sequence of ownership.

  2. A normal database is centralized and typically private to the public. It can be easily manipulated or miscalculated because the accounting and the transaction is separate leaving much room for error.

  3. It is a great benefit to business because it takes trust out of the equation. It allows people and organizations to not need to trust the word of another, but rather allows them to verify without a doubt the validity of every transaction.

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