Homework on Provenance - Questions

Blockchain and Bitcoin 101
#3068
  1. Blockchain is enable it by being distributed on the public ledger.

2.The normal databases are erasable and mostly centralized.

3.It’s can ensure trustworthy and verified transactions without middleman.

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#3069

  1. Blockchain can store invoicing, inputs, location, payment, and any other agreed upon information within its ledger providing transparency, traceability, and accountability.

  2. A normal database doesn’t connect all the above features and is only as valuable as the trust of the person or organization providing the information/database. There is trust associated with a normal database and it can be changed.

  3. A digital provenance benefits a company in many ways. It provides a way for people to verify many inputs at anytime through the lifecycle of the product, transaction, and information. It has transparency which creates verifiable trust. Builds greater consumer engagement and satisfaction.

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#3070

  1. Information are added to the ledger (database) through verification by the nodes.(decentralized network)
    Information cannot be removed from the ledger. The form a permanent record.

  2. A normal database can be manipulated and changed, because data does not have to be verified and it can be also removed.

  3. Because it removes trust (trustless system) and the need for audits. It can increase trust and save money.

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#3071
  1. Data can’t be changed, it is trusless therefore source is guarantee.
  2. Normal database can be changed.
  3. Because customers don’t need to know or trust the company since every transaction can be verified.
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#3072
  • How does blockchain enable digital provenance?

Permanent unchangeable records of all transactions are stored on nodes across the world. All transactions can be tracked and because they can’t be modified it does not require trust between entities.

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

Data in a normal database can be modified by entities with the required permissions. Data being shared between entities requires a high level of trust and does therefore not hold the same quality of provenance

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

Saving costs - less money spent on auditing and verification Transparency - greater transparency brings more trust between companies and their customers. Customers that trust are more willing to spend. Innovation This high quality of provenance disrupts the whole tech industry and changes the people see the flow of data and money

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#3073

  1. All transactions are verified before they are added to the public ledger. Before you can send 0.1 BTC to Ivan the BTC network requires at least 50% of the computers to validate the transactions. Trust is enforced via software and a global network of computers that work off of copies of the same DB. This enables Digital Provenance through decentralized verification of transactions.

  2. A normal DB does not require the verifications of transactions. If the transaction has the proper credentials (user name and password) then a normal DB will alllow the transaction without any verification by external DB’s and servers.

  3. Digital Provenance establishes trust via a distributed ledger (or DB). Businesses benefit from this trust because it reduces labor and time. You do not need as many people to audit transactions and the audit process takes less time. For example the IBM Food Network tracks produce and meat from Farm to Store. If contaminated lettuce is found in a store it can take minutes (ok seconds) to track the lettuce back to the farm instead of days and weeks.

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#3074

  1. With a decentralized, transparent public ledger whose governance is established and maintained by a network of computers. Real time audits are embedded in a blockchain; tracing creates an environment of verification instead of trust; and you can only add data to a blockchain. It’s impossible to remove data once it’s in the blockchain.

  2. A traditional database falls short of a blockchain’s database because it’s impossible to “cook the books” or hide assets in the Cayman Islands. These features are often a part of traditional databases because you can manipulate the data. Not so in a blockchain; data goes into a blockchain, and, once it goes in it cannot go out. You cannot remove data from a blockchain.

  3. There are, no doubt, many features of digital provenance that provide terrific benefits to any and all businesses, but the most important one so far is the blockchain’s approach to accounting: accounting tasks occur in real time and at the same time a transaction occurs. No more buying lunch so you can explain to an account that makes $950 an hour what you need your balance sheet to so you can get a loan. imagine how much cash you’ll have cause you didn’t need to pay that account?

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#3075
  1. A blockchain enables digital provenance because it provides an historical record of data origin, changes and movements, all of which have to be verified.
  2. A normal database does not provide the same provenance because it can be altered without being verified so cannot be trusted.
  3. Digital provenance allows business to track and trace their data/products. Since the historical record can be trusted it can be used for validation and auditing purposes,
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#3076

The blockhain is made up of the previous transactions. As new blocks can only be added to the chain, the chain itself is immutable. As anyone can download and read the entire chain since its inception, all transactions of an address can be read and audited.

It is not immutable and has to be trusted.

Because it removes trust from bookkeeping. Both for financial and other types of information transfer. The record of relied upon and audited real time.

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#3077

Q1: How does blockchain enable digital provenance?

A1: Blockchain technology offers all parties involved a secure and sychronised record of transactions from beginning to end (distributed open ledger) and enforces this by allowing details to be added but never removed thus creating a irreversible chain.

Q2: Why doesn’t a normal database bring the same provenance?

A2: Unlike a blockchain database, “normal” databases are typically centralised and quite often open for intermediates (e.g. DBAs) to update and/or change existing records without any traceabiltiy.

Q3: Why is digital provenance such a great benefit to many businesses?

A3: It helps reduce risk by providing transparency, transaction verification & traceability and real-time auditing - resulting in potential reduced costs.

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#3078

  1. Each and every transaction is immutable and cannot be changed. The “Trail never grows cold”.

  2. Speed. Normal databases prioritize speed over provenance. Storing a transaction requires a certain amount of resources to ensure it’s been stored properly and no more if provenance is not required, and it is not … for previous use cases of databases outside of blockchain.

  3. Auditing and Trustlessness. Once a transaction has been written, I can trust that I will be able to trace the transactions first to last and I need not be concerned that a “bad actor” has changed them in any way.

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#3079

  1. digital provenance will control everything in the future, in every industry and sector will need to track and trace products or produce, e.g i just read in an article that last year a judge in china ruled that blockchain authenticate evidence will hold in court, now this will enable the police and investigators to store certain findings and evidence on the public ledger, so there will be no more evidence tampering and other form of corruption that may affect the outcome of a case, because the blockchain is immutable and this will give more confidence in the “system” because it can be verified by anyone. (this would instantly help the situation unfolding in america now.)

  2. there is this stigma on government right now that there corrupt and the main reason is we cannot verify what there doing or what they say they will do to hold them accountable, reason being they have the power to change things at will, the so called quantitative easing in an example, so normal database are open to manipulation of those with power and influence its also open to mistake from tired employees, lost, thief, fire damage, so many ways why a normal database will not be feasible to govern the new world approaching.

  3. digital provenance is a great benifit to business because it helps everyone. firstly it helps the manufacture for any product keep track of goods, it helps business cut back on costs because they dont need to hire external accounting and auditing company. it helps the manager of the business to track all the deliveries and other such things that would need to be recorded. it helps the worker because they can sell product with confidents, e.g come buy this product its all natural… finally the consumer would feel better about spending there money knowing that if a product says its has fair trading we can now verify it because the digital provenance is transparent.

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#3080

  1. By transactions on the blockchain that are not trusted, so for then the transactions needs to be verified.

  2. Because of trust and verification, the transaction is not opaque.

  3. Because is verifiable, real time auditable, and trustworthy when coming to transparency regarding all items within the history of the product been transacted.

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#3081

1- by containing all transactions on a publicly accessible blockchain, there is a newfound potential of transparency to customers for where their
products are coming from and what’s going into them

2- because they’re not publicly accessible databases. they are centralized databases, so you’d have to trust the organizations involved with such databases that are not
built on a blockchain. Also perhaps the other database would be more susceptible to loss or corruption

3- it helps keeping customers happy and includes the accounting within the transaction

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#3082

  1. How does blockchain enable digital provenance?
    Blockchain can trace all past transactions, every movement is registered in a ledger can be visible by anyone, nothing can be erased.

  2. Why doesn’t a normal database bring the same provenance?
    Because it could be centralized controlled by an entity, it can be modified or opaque

  3. Why is digital provenance such a great benefit to many businesses?
    Because it will add a trust to the product or the company, value and efficiency.

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#3083
  1. Blockchain is chain of blocks containing the data. The longer of the chain, the data is more accurate, final. This way blockchain enables digital provenance.
    2 & 3. Normal database can be modified by the person, while blockchain ledger is available with different nodes and these nodes can confirm if the entry in the ledger is valid or false. So we can trust the blockchain data and many business can work in honest environment among themselves while trusting the verified blockchain.
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#3084

  1. By tracking all transactions in a decentralized, write-only medium, the blockchain enables digital provenance.

  2. A centralized, read/write database will allow for the removal and manipulation of the data it contains.

  3. Digital provenance has the potential to streamline supply chains and reduce costs by allowing the pinpointing of a breakdown in safety and responsibility. The potential savings in insurance from such transparency alone can be a game-changer.

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#3085
  1. Transparent public ledger. Data can’t be removed,only added. No one has control over the data.
  2. Normal database can be altered. Requires trust. Has a central authority.
  3. Trust less. All data can be verified.
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#3086
  1. Immutable and public data on the blockchain makes transaction history verifiable and can trace back things to their origin.
  2. Normal databases provide ways to update data and although those databases can provide some services of logging of changes to some selected table fields they are not public.
  3. Digital provenance guarantees verified past transactions through math/cryptography and thus eliminates the need for trust.
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#3087

  1. The blockchain keeps thousands of copies of the ledger, this way it can not be altered as you would have to convince all nodes in the blockchain to alter it the way you want it. This is just like putting information in a stone. This way you can prove the source if the transactions and information you put there.

  2. A normal database is a single point of failure. It can be altered by a single entity. Thus it can not be trusted as it involves humans.

  3. They can be more efficient in their audit. ( save money) . They can prove the origin of their products in a much more efficient and trusted manner.

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