Very well put. Thank you. I know of the court case in China you talk about. Good stuff. Looking forward to more and more presidents like that.
Homework on Provenance - Answers
- How does blockchain enable digital provenance?
- Blockchain enables digital provenance by being completely transparent. Anyone with access to a full node can view all transaction that happened in the past and also any transactions happening presently. The fact there are so many nodes with a copy of the chain makes it very hard for an attacker to compromise the true chain because he cannot overpower the group consensus.
- Why doesn’t a normal database bring the same provenance?
- A normal database does not bring the same provenance because it involves a “trusted 3rd party” for verification of transactions so accidents could happen, someone could hack a database and change numbers. Also if the database is destroyed and there is not a solid 100% backup all the records will be destroyed
- Why is digital provenance such a great benefit to many businesses?
- Digital provenance is important to businesses for ease of auditing and verification that items received are what they say they are and came from where they say they came from without wasting the time or manpower to do so… a huge cutback on expense.
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How does blockchain enable digital provenance?
The blockchain is like a digital stone, either you add data or make transactions, they cannot be removed.
Therefore, when someone wants to track a product like clothes or shoes you can see if vendor(s) are using Child labor or not because you can see where they originate from.
Why doesn’t a normal database bring the same provenance?
A normal data base can have data and transactions removed. It can also crash and data can be lost.
It is a centralized so it can be hacked much more easily.
Why is digital provenance such a great benefit to many businesses?
The reason why its a great benefit is because digital provenance gives real time auditing and traceability along with many other benefits.
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The blockchain uses a digital ledger to record all transactions that take place on the blockchain. These transactions are public, so anyone is able to verify where it came from and what happened within the transaction itself.
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A normal database lacks transparency. There is a trust issue here. The financial information is keyed in by a person and that is all that is displayed to the public. The public does not know the history behind the financials, only what the numbers show.
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A digital provenance will not only develop trust amongst its shareholders and consumers, but also save them money from auditors. The numbers on the company’s financials will no longer need to be audited annually by these expensive auditing firms. The transactions behind the numbers are accessible to the public. I would argue this also comes with a disadvantage to companies. The pressure will be on. Companies will have to be doing what they say they are doing. If not, the public will know through the digital ledger whether the company’s books are real or cooked.
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- How does blockchain enable digital provenance?
Blockchain is a digital ledger where you can store every transaction “every move” you made, but you cannot remove this step. It is based on verifing by the network of computers.
- Why doesn’t a normal database bring the same provenance?
It can be hacked, changed. For “verifying” you need to use some other company to do the audit - this step could be compromised. It takes time to do the audit (blockchain is 24/7)
- Why is digital provenance such a great benefit to many businesses?
- You dont need any third party to do this “prove”…
- the process of verification is 24/7. You dont need to wait for it.
- It is already based on trust by verifying from the network of computers.
- It keeps all the data in the transation
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- From the beginning of a chain, each transaction is chronologically recorded and verified to ensure accuracy. This recorded history, or “ledger,” is accessible to view from its origin also verifying the up to date information on chain is authentic.
- Almost all databases include data that, although may be correct, has some information that is not verified on network. This then requires trust that the information was entered accurately.
- It creates transparency where relationships can become trustless. This includes relationships between businesses/products and customers.
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- Blockchain is immutable. No trust needed.
- A centralized database requires trust in the controlling entities.
- Real time auditing. Tracking of goods. Verified authenticity of goods. So many endless opportunities for business to consumer improvement. Not to mention enterprise…
All about the trust. Or lack there of in centralized systems that hold today’s society at gunpoint.
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Blockchain is completely decentralized and the data stored in these ‘Digital Stones’ can not be tampered in any means possible even by the Government. The Data stored in the blockchain can be verified anytime and by anyone which brings 100% or close to those figures of transparency and thus enables Digital Provenance.
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Normal database can be tampered intentionally or is vulnerable to hacks and an outside person like you or me can not go and verify if the data/information stored in these data base is accurate or not and we will have to rely on centralized authorities to verify for us which brings up the question, how trust worthy are they? This is where the blockchain technology with its trustless decentralized network shines.
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Digital provenance can be of great benefit to certain business who for sure doesn’t mind disclosing their production/business activities to the public. For example, A business that focuses on 100% Vegan products can bring an extra layer of trust with its consumers by using the blockchain which allows people to verify for themselves that the materials purchased for making these products are in-fact 100% Vegan. However, a business that does shady practices will try to avoid the blockchain.
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How does blockchain enable digital provenance?
It provide real time auditing -
Why doesn’t a normal database bring the same provenance?
Normal database can be edited and data can be removed or erased, in blockchain it is not possible -
Why is digital provenance such a great benefit to many businesses?
First of all it save time time, second it bakes two in one, which is accounting and transactions.
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Homework on Provenance - Questions
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How does blockchain enable digital provenance?
By adding unique transactions in a public leger which can not be duplicated or edited and is not maintained by any 3rd party. -
Why doesn’t a normal database bring the same provenance?
Data can be manipulated while blockchain only allows to add and not delete. -
Why is digital provenance such a great benefit to many businesses?
Traceability and transparency across the supply chain in any manufacturing business for instance from sourcing products/ingredients, quality status through the manufacturing process and distribution to customers is invaluable.
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- Blockchain enables provenance by removing trust. Blockchain makes it possible to trace things.
- Normal databases don’t bring the same provenance as blockchain because a normal database requires a central authority to verify the data. With blockchain a decentralized network of computers verifies the data making the transaction trustless.
- Digital provenance such a great benefit to many businesses because there is accounting data in the transaction.
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- Provenance is enabled by Blockachin by removing the trust element and having the accounting and transaction information in one place. which can be queried when ever needed.
- Its a centralize and not always public, it separates accounting and transaction.
- Accounting data is kept with in the transaction.They can be queried at anytime and the trust element removed to make great efficiencies.
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Firstly by being decentralized and having an open ledger that tracks all transactions on the network and therefore enables things like real time auditing at way less effort/cost (you do not have to keep any physical slips or meet up with an accountant / auditor).
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You can easily copy and replicate data / information / value on any normal databases. A blockchains data can not be copied or replicated ( exception someone somehow steals the cryptos out of your wallet) and of course the databases we currently use (normal databases) dont have open ledgers that anyone can look into.
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less third parties involved, hence less costs, better information and value exchange
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A1: Blockchain Technology enables (real time) audition. It’s public and encrypted. It removes the factor of “blind” trust. Data can be added to the blockchain but cannot be altered/removed.
A2: A normal database can be altered/removed/manipulated by a central point.
A3: Because on one hand it brings transparancy to suppliers and businesses (on supply chain level) and on the other hand certainty to the customers, what underlines the benefits of trustlessness.
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How does blockchain enable digital provenance?
Ans - Each Block is maintaining the data at each level, and hence we can trace it back. -
Why doesn’t a normal database bring the same provenance?
Ans - No proper data has been maintained. there is no link maintained properly in the current system and hence is failing. -
Why is digital provenance such a great benefit to many businesses?
Ans - It will be beneficial to the customers too. and if it’s beneficial to customers then it’s definitely beneficial to the business. For eg - Businesses can easily track the product history and hence can maintaine the best quality.
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How does blockchain enable digital provenance?
It is a digital real time database that can only add data, not remove
it. -
Why doesn’t a normal database bring the same provenance?
Normal database might not be real time, and can be altered or
duplicated. -
Why is digital provenance such a great benefit to many businesses?
It’s real-time, transparent, and trustless.
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1 - Block-chain enables digital provenance by using an open ledger that is accessible to everyone. Transactions can not be removed or edited.
2 - A normal database doesn’t bring the same provenance because it’s transactions and accounting functions are completely separate and this often requires a third party to complete both the transaction and accounting functions. Third parties can sometimes have omissions and errors since this requires a trusted approach.
3 - Digital provenance is such a great benefit to many businesses because it allows businesses to still have encrypted information that is public but is still accessible to an auditor. Also, this enables a business to have frequent audits ranging from seconds to every minute. An additional provenance merges the accounting and transaction data in one accessible location for businesses/auditors to locate. I believe the biggest benefit provenance provides to many businesses is the ability to verify transactions with a decentralized network of computers removing the reliance of third parties for confirmation of transactions.
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It is immutable, digital and real time record.
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Normal database is often delayed and corruptable .
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It’s fast, trustless and easly accessible.
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Blockchain enables digital provenance as a consequence of it being a distributed ledger. Because of this public accessibility, it allows all transactions to be traced. Also, nothing can be removed from it making it immutable.
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A normal database does not bring the same provenance because it is centralized and therefore can be changed.
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Digital provenance is a great benefit to many businesses because of its ability to track any transaction, even in real time, which can allow them to measure different components of their business and reach maximum efficiency. It also allows a higher degree of consumer confidence being that the custody of ingredients or components can be tracked and verified.
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thank you very much, i will try my best.