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Blockchain enables digital provenance by using multiple nodes instead of being a centralized database and that it is self auditing.
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A centralized database isn’t redundant and relies on trust instead of verification.
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It eliminates the need for auditing and trust. Also it gives you a track record and origins of transactions, ingredients, or any information/goods changing hands.
- How does blockchain enable digital provenance?
Block chain enables digital provenance by removing trust from the system that brings a product or service to the marketplace.
- Why doesn’t a normal database bring the same provenance?
A normal database doesn’t bring the same provenance because capital inflows/outflows (transactions) and accounts work completely separately. Once a year auditing firms need to be used by governments/businesses/organisations that use these databases to assign value, pay taxes or simply make future spending plans.
- Why is digital provenance such a great benefit to many businesses?
The emergence of digital provenance will make business more streamlined, especially improving the ‘Just in time’ global supply chain, making it more cost/time effective. Accounting will be in real time, placing transactions and auditing in one integrated system – transparency also being a further benefit. Services or goods will be more easily verifiable for quality standards at each stage of a chain.
Blockchain enables provenance by achieving a consensus among many computers to insure trust that the information is valid.
A normal database normally belongs to one party rather than many unrelated parties. thus creating trust.
With the removal of the need for trust, a business can rely on the fact that the information is valid.
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By creating an immutable ledger, where anyone can access the history and verify any transaction.
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When using normal database, you are forced to trust a third party to execute the transaction. Where as blockchain removes the need of a third party, increasing trustlessness and efficiency.
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It allows the business to be fully transparent, by letting customers see the products history from origin to the present day. It also removes the need to trust the other counterpart, which is huge improvement compared to current systems.
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- Blockchain is able to verify the information using the local database of different users.
- Because in a normal database you have no way of verifying the information.
- Because it will eliminate the need of customers trusting the company, instead they will know for sure that what they are paying for is what they are getting!
digital provenance= digital tracing
blockchain = digital data stone, which storage all the transaction information, so all the history can be tracked, even some are damaged or dysfunctional.
Also, the data can’t be deleted, so it exists forever.
2The normal database is centralized. If it is defect, deleted or hacked, the database could not be used and all the information are damaged or gone. If the information is gone, not to mention of provenance. Ie estonian id card!
3Safer, more transparent, track in real-time, solve the trust problem, all these affect the effi
ciency.
- Blockchain is a public decentralized ledger where transactions are recorded in real time. the history of a certain product can be reviewed by everybody (information is public)
- unlike a blockchain a database is managed by a single company/ person. It can be manipulated (not trust less) and it can fail when that company fails. You trust a company and not a protocol.
- In a global market people want to trade with everybody. Different legal procedures and more ore less relaxed rules in different countries make it hard to have trust between economic agents. Using digital provenance can provide that extra trust. The quality of a product ore a company can be derived from the history recorded in real time on chain.
**1. How does blockchain enable digital provenance?**
Blockchain enables digital provenance from the first time a transaction or a digital assets
is been saved or created on the blockchain. Therefore any transaction or digital asset
cannot be changed or manipulated in any way.
**2. Why doesn’t a normal database bring the same provenance?**
A normal database cannot bring the same provenance because most of them are centralized,
meaning it can be easily manipulated, changed or even be hacked.
**3. Why is digital provenance such a great benefit to many businesses?**
Digital provenance its not only a great benefit for the businesses but also for the customers.
They both can find out the origins of their products that they use or buy and also they can easily track and control many products that can be bad and harmful for anyone in any way.
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- Information can only be added, it is immutable and can be traced.
- In a normal database you can make changes so that implies trust from everyone .
- Digital provenance keeps accurate records, so for example a manufacturer doesn’t have to trust his supplier about the quality, origin of the merchandise.
1. How does blockchain enable digital provenance?
Since the blockchain is public and inmutable, it allows to track the origin of a fund transaction or to know the historical transactions from a fund.
2. Why doesn’t a normal database bring the same provenance?
Normal databases didnt keep the historical modification of theyr data, they will just overwrite the file.
3. Why is digital provenance such a great benefit to many businesses?
Because they can have an historical file to know how much they spend or have on a raw asset, where did this asset comes from, how much or how many times they make a deal with a customer or a service.
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How does blockchain enable digital provenance?
It does that by providing real-time auditing, via the ability to track accounting & transactions simultaneously. -
Why doesn’t a normal database bring the same provenance?
Because we still have to rely on some degree of trust on the various parties involved, creating inefficiency. -
Why is digital provenance such a great benefit to many businesses?
It helps companies create a seamless process for their business/supply chain, by being able to verify everything.
digital provenance is enable on blockchain because every node has a complete history of everything that has happened on the blockchain. Blockchain combines the transactional and the accounting layers in to a single action. Digital provinence means business can prove there accounting is legit and businesses can track the origins of products they are selling along a chain
Provenance works without a centralised authority by whom databases of info transacts with other computers in real time and never to be erased.
Normal databases can be altered or may have been coming from a single source where trust can be a big issue and can be lost.
Digital provenance in blockchain resolves the problem by collecting real-time information which can be layered and audited without any middle man involved and all sides can be satisfied by the quality and qualifications of the info without needing a trustee.
- How does blockchain enable digital provenance?
Blockchain enables digital provenance by Realtime Auditing. There is no trust, instead, it verifies - Why doesn’t a normal database bring the same provenance?
In a normal database, the account and transaction are maintained differently. Therefore reconciliation is required. Hence auditing cannot take place in realtime. - Why is digital provenance such a great benefit to many businesses?
It saves lots of time. Plus authenticity. There is no need to work on trust alone.
How does blockchain enable digital provenance?
By adding the information in all the blockchain network not only in one controlable place.
Why doesn’t a normal database bring the same provenance?
A normal database can be corrupted or manipulated by the ones who owns the database.
Why is digital provenance such a great benefit to many businesses?
Descentralized, cant be corrupted, can be verifyed in real time
- Permanent and ongoing trace ability for business transactions.
- A normal database can be modified without verification provided by a network of node which verify all updates to the database.
- Traceability, instant auditability and trustlessness of transactions with other businesses.
Homework on Provenance - Questions
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How does blockchain enable digital provenance?
Blockchain enables digital provenance by providing a permanent decentralized unalterable record of all transactions. Information can only be added to the ledger, but not removed. Information is public and can be independently verified via mathematics without trust. Information is transparent. -
Why doesn’t a normal database bring the same provenance?
A normal database is centralized and information can be manipulated by self-interested actors. Third party entities are required to independently audit normal databases to ensure provenance. Information is opaque. Trust is required of all actors inputting data into the database and having access to it. -
Why is digital provenance such a great benefit to many businesses?
Digital provenance is a great benefit to many businesses because it reduces costs via combining accounting and database operations into the same function. It can provide transparency to previous opaque processes. It allows businesses to ensure that their products and supply chain supports best practices and avoids interactions with objectionable actors. It provides their customers and clients a way to independently verify what a business is doing without explicitly trusting it.
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- As blockchain can be emphesized as a digital stone which is a platform on which data in the form of transactions is constantly added with no removal option, all built on a network of computers, it makes it a public ledger in which transparency is the core fundament so the whole ecnomic structure is traceable to give us a mathematicaly based trusted model.
2 As being intentionally not vivid, normal DB is trust based, This can cause friction in the system due to issues of breach of trust. - Mathematicaly based trust transparency is a corner stone foundation for businesses to thrive. It sets a much more cost effective financial managment due to real time auditing. It impacts the ingrediants in products to much better quality because it’s tracked and open to observation and criticism.
- How does blockchain enable digital provenance?
By making it impossible to change or tamper with the data that has already been added. The data itself is not owned by any single centralized entity so the participants on the network don’t need to trust a corporation or company to provide true information.
- Why doesn’t a normal database bring the same provenance?
For the same reason. Databases are centralized information, which can be controlled and manipulated by a single central entity, which means that users need a lot of trust in the company that controls the database as data is easily changed by owner.
- Why is digital provenance such a great benefit to many businesses?
Because it brings back the power to the consumers to decide what kind of products they want to buy & what kind of industry they would like to support. Nowadays people are becoming too trusting of big companies about the way their products are made, which gives more chances for them to abuse that trust in pursuit of bigger financial gains - be in on the back of children labor or simply using cheaper ingredients for food products. So that’s why it is so important to have real provenance because only then can people actually know what kind of companies they support by buying their products.
1 How does blockchain enable digital provenance?
Provenance is building a system of data to be traceable and transparent on a public ledger (Blockchain) a network of computers for securely storing information , unchangeable and open.
Blockchain is the distributed ledgers that records the ownership or custody of a digital asset.
2 Why doesn’t a normal database bring the same provenance?
A normal database has a someone who controls the decisions over which data to send and what access to give to those who would like to use the data, whoever has the power is subject to manipulations. No security of the orginal data (Trustless)
3 Why is digital provenance such a great benefit to many businesses?
Blockchain tracking raw materials origin include but may not be limited to Cost-Saving, increased profit, trust and reliability will increase. Compromise and corruption in raw material procurement is eliminated through Provenance.