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Transactions happening and being audited in real time, the accounting and transaction layers will be done at the same time.The database will only add data and it will be impossible to remove since its a distributed public ledger. Anyone can check/inspect the ledger.
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Because blockchain is immutable, since its a public ledger distributed worldwide, transactions can only be added, not removed, since they get verified on each node.
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Transactions happening and being audited in real time, the accounting and transaction layers will be done at the same time.
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1. How does blockchain enable digital provenance?
Blockchain enables digital provenance by providing a trust-less method of verification for each transaction through the consensus of a decentralized network of nodes.
2. Why doesn’t a normal database bring the same provenance?
It is possible to manipulate a normal database. The blockchain database acts like a digital stone, in which data can only be added to and not removed providing trust-less provenance in every transaction.
3. Why is digital provenance such a great benefit too many businesses?
With digital provenance a business doesn’t have to trust their suppliers or business partners they can verify, in real time, their transactions and agreements through the transparency of the blockchain database.
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- Blockchain is a distributed pubic ledger, anyone can verify a transaction.
- Private centralized databases are opaque and transactions cannot be verified by a 3rd party.
- Transactions and contract conditions will be trustless and verifiable.
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- Blockchain relies on a decentralized system of verification - providing an immutable public ledger that holds all of the transactions’ aspects within it.
- A normal database can be changed by it’s administrator, creating risks of data loss, data tempering, and participation blockers.
- Benefits include:
- Better traceability of transactions and other performance metrics
- Better supply chain management
- Security across multiple domains, including transactional and contractual
- Real-time management of various aspects of the business
- Verification-based rather than trust-based relationships with suppliers, customers and third-parties.
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Inmutability property.
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Because it is mutable.
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Because it can be verified automatically.
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The blockchain is a public, immutable single source of truth so at any time transactions can be traced with 100% confidence that the records are complete and correct.
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Databases are not made public as they are vulnerable to attack and require strict access control. Often databases contain disparate data where provenance is not present in a single location but rather spread across many databases. Databases are mutable therefore requiring processes and safeguards to prevent data deletion and corruption.
3.Provenance greatly reduces the cost and integrity of audits. Provenance also provides data that can lead to insights through analysis.
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1.) With Blockchain it is possible to track all kinds of data! Everything what is on the chain is unable to remove in the past! It is the connection of Time, Data and Validation in ones. Therefor you have not to trust anyone! Just look on the data in the Chain and everone is able to see wahts happen. So its extremly difficult to corrupt or false the data on Chain
2.) Because a normal database are only centralized. Therefor the founders or holders have all power to change or delete data like they want. things like corruption is possible. Blockchain makes data secure and in first time of history we can have a democratic system for data of all kind!
3.) Because as a customer you will have a absolut proof of realness:-) in so many food producion firms its is not really possible to know 100%, are the Informations real.
Also its a great booster for effectiveness, saving money, have all overwiew and you dont have to trust anyone - you can research on your own and know exactly what is real!
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1- Because No one can control the blockcahin we can only add and not make changes in the data.
2- Because there’s a central authority that can control it and we have to trust them.
3-Because we know the exactly history and no one can play with it.
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1.on the blockchain every transaction can e traced… totally verification.
Transactions are written an, verified and cannot be taken off the blockchain.
NONTAMPERABLE.
2.on a normal database transactions can e both written and unwritten/ taken off/ tampered with. Bad actors can manipulate the database for their own cause if they are in charge or choose to do so for their profit or to deny accountability.
Normal databases don’t let you verify transactions in real time.
3.what blockchain technology can do for businesses is awesome… it will revolutionize businesses, simplifying them, making them more efficient… such businesses like say organic beef can be verified from parents to slaughter house to time in the supermarket isle. Other businesses such as accounting will be way much efficient and smoother, cutting out middle men processing.
BLOCKCHAIN TECHNOLOGY ISXA GAME CHANGER.
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It is an immutable ledger, transactions can only be added (once they are verified), and not removed.
So the provenance of an item/coin/whatever is maintained. -
Normal databases are normally operate by adding AND removing/modifying entries. Also these entries are not verified by a network of nodes.
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It can be of utility in almost ANY business process. Procurement, asset management, auditing, you name it.
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1.Digital provenance is achieved due to the fact that blockchain is open source, unchangeable, and in real time.
2. Normal Database is not transparent and can thus not be inspected by everyone. If is fallible due to many outward influences such as data loss and corruptibility.
3. Businesses no longer have to take the word of another player, but can actually verify transactions and other factors on the blockchain.
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It enables digital provenance by ensuring immutablity. The data structure blockchain only allows read and write and not deleting information. It is like a database without the ability to delete data. Once added it is stored on the public ledger which will be verified by all nodes in the network.
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A normal database is usually centralized and data can be deleted. So data can get lost/deleted easily. On top of that information is hard to verify since information is centralized and usually not public.
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It is a lot easier to audit transactions. You do not need to hire special services but can do it yourself in real time.
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Blockchain - a transaction or shared (Private or Public) ledger technology that allows any participant, in the business network, to see those areas of the system records she/he has permission to see. Companies will upload data records to the blockchain and through this process, the data are link to the transaction in an indelible manner and as a permanent record on the blockchain.
Provenance: a digital channel, for example a product, referring to the origin, chronological record of its ownership, location, process and modification it went through, ingredients added to it etc. These are recorded on the blockchain, shared and stored to different nodes in the system.
Blockchain provides the technology for provenance to be realised as mentioned above. -
Normal database are centralised system for individual, governments, companies to control the transactions and processing of everything within the system. The system’s data or records can be manipulated, modified , changed or even abandoned. Provenance on the other hand, as mentioned above, cannot be changed, modified, etc. easily, only by consensus between all the different nodes in system or network for it to happen.This will be extremely difficult to achieve.
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Business benefits associated with Digital provenance are as follow:
- chain of custody - critical in Business transactions.
- efficient audit process in real time
- consumer confidence - increase consumer confidence could lead to willingness to pay more for goods.
- right product to the right customer.
- authenticity - bring in transparency by using technology like blockchain and IOT.
Providing provenance in a substantive way will benefit both customers and businesses.
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Homework on Provenance - Questions
- How does blockchain enable digital provenance?
A: It allows it to be trustless. Just like a stone, every transaction is written and can never be erased allowing others to verify each step of the supply chain. - Why doesn’t a normal database bring the same provenance?
A: Through the normal database, information is stored onto hardware and assigned to someone who controls the access to the information where one has to trust the information given is accurate. Whereas in the digital provenance we cannot take information away, you can only add to it, thus allowing anyone to verify the information without having to rely on trust from others. - Why is digital provenance such a great benefit to many businesses?
A: Because it allows you to be transparent with the customers. It allows the customer to see every step the process took, act independent, and increase accurate traceability.
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Blockchain enables verification and storage of all transactions with immutability thus eliminating need for trust among transactions.
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A normal database could be easily corruptible from human error to computer hacking.
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Businesses will benefit with immediate auditing, real time tracking, trust less transactions and more.
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1 Blockchain enables digital provenance by its trustless, verifyable nature. Anyone can see every transaction and nobody can edit or remove anything on the ledger.
2 Normal databases do not provide the same provenance because they rely on a centralized entity. The information can be tampered with or hacked.
3 Digital provenance is so beneficial to businesses because they no longer need to rely on unverifiable information. They can now just verify the ingredients/origins of various products that others claim are true.
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How does blockchain enable digital provenance?
Blockchain enables digital provenance by utilizing a public ledger where data can be added and not be removed or modified. The data is verifiable through math and scientific methods and allows data for accounting and transactions to be combined. -
Why doesn’t a normal database bring the same provenance?
A normal database doesn’t the same provenance because the system isn’t trustless. A normal database can be modified. -
Why is digital provenance such a great benefit to many businesses?
Digital provenance is a great benefit because it was revolutionize accounting and auditing by combining the transaction with accounting.
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(1) Blockchain makes digital provenance trust less. No one can change the the data in a blockchain.
(2) Normal databases can be changed / manipulated from a central authority. (either big tech like google / facebook or governments can change their databases as they wish).
(3) It takes away the need to trust someone. They simply see on the blockchain if someone is telling the truth or not if it comes to the ingredients / quality in their supply chain etc.
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1 BC is like a stone. Once something is written there, it is forever.
2 a normal database have a 2 way of communication…: you can write something and you can modify it laters on.
3 knowing provenance of things will greatly improve overall quality of things knowing that everybody will be able to verify them.
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Blockchain is essentially a database that comprises of network of computers (ledgers). It is immutable which means information can only be added to it and not removed. Whenever a transaction happens, it automatically gets added into the database and it cannot be removed nor altered. It is also public hence every transaction can be traced back to its origins in real time to remove the element of trust as long as the maths behind it is verified
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Normal database can be susceptible to editing and alterations. Also the information is not available for the public to see and verify. It revolves mainly on the pretence of trusting the information on the database rather than verifying whether it is the correct information. There is no traceability option available on the normal database as opposed to blockchain
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Digital provenance will hugely benefit many businesses across multiple sectors. It can enable real time auditing for financial transactions which will make the overall process much more efficient. Blockchain can also put the account layer together with the transaction layer and can be used to track the ingredients of your food (Origintrail). It is currently trust based and very opaque process
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