Homework on Provenance - Questions

Blockchain and Bitcoin 101
#3150

How does blockchain enable digital provenance?
Since the blockchain is immutable, open source, and decentralized anyone can verify the information on the blockchain.

Why doesn’t a normal database bring the same provenance?
Normal databases are controlled by the database owners who have control over who can view and alter the entries.

Why is digital provenance such a great benefit to many businesses?
Digital provenance makes it possible to verify the provenance in less time, with more confidence, for a much lower cost than centralized methods.

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#3151
  1. It uses a public ledger where the information has to be verified and cannot be deleted.
  2. A norma database can be hacked or manipulated.
  3. Normal businesses can be 100 per cent confident on the information that they are receiving and don’t have to rely on trust.
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#3152

1, Blockchain is a big decentralized ledger. Every transaction you can find in the blockchain and cannot be duplicated.

  1. Because in a normal database, you can delete and add transactions manually, in the blockchain that is not possible.

  2. Because we don’t have the third party any more and you have real time transactions.

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#3153

  1. Because it’s decentralised and therefor cannot be changed/manipulated by outside entities. All transactions are kept on the block chain for everyone to see.

  2. A normal database doesn’t use blockchain, therefor there’s more scope for manipulation.

  3. It allows for a consistency of information to flow throughout, reducing inaccuracy.

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#3154

1= it’s public nature allows anyone to view transactions and see that it was verified.

2= a decentralized public blockchain would be less prone to errors as each transaction would have had to be verified by other nodes in that blockchain. Whereas in a normal database you may only be relying (trusting) a few entities on the accuracy of the data.

3= For integrity of their supply chain to be maintained cost wise but also on an ethical note. Knowing exactly where a good was produced and how many, allows a company to streamline the whole infrastructure. Less slippage of capital.

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#3155

Homework on Provenance - Questions

1. How does blockchain enable digital provenance?

Because it is immutable, trustless and because it gives you the chance to track back all transactions.

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

Because you can only garantee immutability by using a blockchain.

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

Auditing and accountability will be much easier.

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#3156

  1. By providing a trustless digital ledger where transaction data cannot be altered or removed

  2. Normal databases are centrally controlled so require trust in the central authority and transactions can be altered or removed by this central authority.

  3. Businesses can verify information about the products they buy and customers can verify information about products they buy. This will increase both product quality and customer satisfaction.

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#3157
  1. How does blockchain enable digital provenance?
    Blockchain allows digital provenance by keeping an open ledger of immutable data which is verified by the whole network providing factual digital provenance.
  2. Why doesn’t a normal database bring the same provenance?
    Data from traditional databases can be easily copied/edited/erased and by users whereas blockchain does not allow data to be changed in any way without alerting the entire network.
  3. Why is digital provenance such a great benefit to many businesses?
    The ability to not have to rely on a trusted third party can allow businesses to use the network to verify transactions and therefore allow traceability in real time.
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#3158

  1. A blockchain is another words a decentralized digital stone where one can only add data and not remove it thus making it permanent and eliminating any possibility of foul play when it comes to tracing or tracking any transaction.

  2. A normal database can not bring the same provenance because it is not decentralized. In a decentralized database there is a huge possibility of corruption.

  3. Digital Provenance is highly beneficial to businesses because it eliminates trust and opaqueness and brings in clarity and efficiency.

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#3159

  1. How does blockchain enable digital provenance?
    The blockchain is a public ledger where transactions can only be added. All transactions can be traced in real time and instantly audited. This leads to full transparency and increases the trust factor in that the data provided it correct.

  2. Why doesn’t a normal database bring the same provenance?
    Traditional databases are centralized and inefficient. Data can be edited, manipulated, and deleted. The level of trust is diminished. Moreover, there is no mechanism for real time auditing within a centralized database that can be instantly verified.

  3. Why is digital provenance such a great benefit to many businesses?
    It provides businesses with data and transaction transparency. Moreover, it gives businesses the ability to monitor their financials, inventory, services, goods, and related KPI’s in real time. Thereby, allowing the business to make more informed and time sensitive business decisions. The immediate result is the saving of time, money, and increased efficiency.

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#3160

Great, thanks for checking up on my work. I trust you’ll correct me when needed… :+1:

#3161

1- It is a decentralized Database which is all public so you can track transaction in real time. Also no Data can be removed which is making it Trustless.

2- Normal Databases are Centralized. You can add, remove or edit Data and you have to trust a centralized entity

3- it is making it easy to connect to other buisnesses and work together because of its transparency.
Also everyone can help improve the Buisness

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#3162
  1. How does blockchain enable digital provenance?

By removing middle man and enable trust between two partes.
Enables to track something on public ledger.

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

Because normal database is centralized and can’t be trust and data in is not changed.

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

Because you dont have to trust other party, you can instead track everything on the blockchain

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#3163

Hi Ivan,

  1. blockchain provides provenance by allowing all other users to validate information.
  2. A normal database can be altered and corrupted
  3. A digital provenance keeps data in its original source and can’t be altered. as a business owner I know that i can keep my information on the blockchain where it will remain until i need to access it.
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#3164

  1. Transactions can be traced/proven. This means everything can be verified and there is no trust involved.

  2. Because the data can be manipulated, making verification a matter of trust.

  3. It removes trust from the equation and everything can be verified. Since this is the case then business’s and their supply chains would virtually be forced to control the quality of their products.

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#3165

  1. Blockchain allows you to see the history and data of your account when you go to make transactions, unlike today’s banks where you are unable see any provenance when you withdraw or deposit cash.

  2. If your database crashes, you will loose all the data from your account and will not be able to see any provenance.

  3. Well, like the answers stated above, there are many reasons digital provenance can be so useful to companies. With blockchain, you are only able to apply info, never take away, which means the data will be tracked and can never be lost.

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#3166

1.How does Blockchain enable digital Provenance?
Since Blockchain is like the viking stone , You can only add data and cant remove. and updated in real time , then it help in financial auditing since the accounting layer(UTXo and transaction layer) are synced together. Effectiveness in Tax reporting, Supply chain tracking, Helps in a sense track criminal activity ,eg when a hack happens in an exchange they can track where the fund are be deployed

2.Why doesnt a normal database bring the same provenance

  • Central control mean Single point of failure, Tracking becomes ineffective cause the accounting layer is separate from the transaction layer, Based on Trust model, Data can be tampered and change.

3.Why is digital provenance such a great benefit to many businesses?
Automate Various Financial process like Tax report Probably via DAos
Track Various product authenticity

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#3167

Homework on Provenance - Questions

How does blockchain enable digital provenance?
In the blockchain ecosystem, you can only add, you cannot take away. Every transaction is appended into the blockchain and cannot be removed aka immutability. Because every transaction is recorded and cannot be changed or modified, identifying the origin (provenance) of all transactions can be viewed in the ‘public ledger’ (blockchain)

Why doesn’t a normal database bring the same provenance?
Because in a traditional database, there are several flaws in its design.

  1. Typically there is only one record of the data (or ledger) so anyone who has access to the database could manipulate the data or records in the ledger to change the origin (provenance) of the source.
  2. If this single database was hacked or physically destroyed, the data being housed could be corrupted or permanently lost. As blockchain is a network of computers (nodes), there is no one point of failure which could corrupt or destroy the network.

Why is digital provenance such a great benefit to many businesses?
Because it enables any businesses to source the origin (provenance) without having to trust suppliers et al. Customer would be able to track whether their food purchase is really ‘100% organic’ for example, while food producers would be able to verify if the ingredients their suppliers are selling them are an exact match as to what is on the product manufacturer food label.

Lastly, in terms of auditing, blockchain provenance enables real time auditing of all records without the reliance of 3rd parties (PWC, EY) etc to physically review.

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#3168
  1. How does blockchain enable digital provenance?: by having the property of track the transactions
  2. Why doesn’t a normal database bring the same provenance?: because this is, as an example, a Digital Stone, you only can write data, no modify, no erase!!!
  3. Why is digital provenance such a great benefit to many businesses?: you can audit each transaction (ciao EY hahah), you can trust in the technology and not on what your supplier tell you about it, and so on.
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#3169
  1. How does blockchain enable digital provenance?
    Answer: By it’s design. Public database/ledger.
  2. Why doesn’t a normal database bring the same provenance?
    Answer: You have to trust the database owner/operator.
  3. Why is digital provenance such a great benefit to many businesses?
    Answer: No trust needed, verification integrated.
1 Like