Homework on Provenance - Questions

Blockchain and Bitcoin 101
#3712

Provenance – Homework – What are the benefits of using Blockchain?

  1. Transparency = Trustlessness = removes trust
  2. Track and Trace (financial) transactions in real time
  3. Can only add but not remove data (=data is immutable)
  4. Public ledger with copies on many computers (= permanent accurate back-up)
  5. No auditing necessary
  6. Saves money on accounting and auditing
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#3713

Homework on Provenance – Questions

  1. How does blockchain enable digital provenance?

Through independent verification of data in the public ledger by many different computers in a computer network which each have an independent copy of the ledger with all the transactions which can be tracked and traced in real time.

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

Because a normal database is centralised and data can be removed or altered by administrators so data is not immutable.

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

Digital provenance gives the users accurate information without having to trust the source of the information = trustlessness.

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#3714

How does blockchain enable digital provenance?
Blockchain enables digital provenance by its immutability. Since every link in the blockchain references the previous object by its hash, should anything be changed in a previous block the whole chain would be incoherent.

Why doesn’t a normal database bring the same provenance?
A normal database generally only stores data in one state on an index. While logging can be added to allow trace-ability it has to be designed in to a system either from the outset and can become quite complex while with blockchain it is intrinsic to how it worked.

Why is digital provenance such a great benefit to many businesses?
You can show an immutable chain of events leading to the current data set with certainty. This is particularly important in industries with high level of regulation.

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#3715
  1. Every transaction is recorded on the blockchain technology which makes everything transparent and irreversable. Trust is now removed from the equation.
  2. In the normal database, it is centralised, thus a lot of trust is required.
  3. It allows all data to be transparent on the web and everyone can have easy access to information
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#3716
  1. How does blockchain enable digital provenance? Blockchain enables Provenance by accessing verified data communicated through the web
  2. Why doesn’t a normal database bring the same provenance? Because nowadays we rely on a third party which we ended up trusting in it, normal database lacks of immutability, is owned and controlled by one large governing body which can manipulate by adding or removing information, making the data unreliable. The principle of Provenance is to share the information between several cooperating parties, resulting in a verifiable database.
  3. Why is digital provenance such a great benefit to many businesses? Because business/manufacturers will know where the products/services/raw materials involved in the production cycle come from, therefore, they embrace responsibility and transparency through the chain and pass it on to the consumers.
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#3717

  1. Blockchain enables digital provenance, because it is a trust less, immutable database. It can not be changed & is there for anyone to verify at any time.

  2. A normal database does not bring the same provenance, because a normal database can be changed & in the event of a disaster, the data could be lost.

  3. See #1. Like the answer to #1, it is immutable & can be verified by customers, other businesses, & suppliers at any time.

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#3719

  1. blockchain enables digital provenance by using an open ledger where all transactions can be traced and cannot be changed, duplicated or erased.

  2. normal databases can easily be edited , copied or erased.

  3. digital provenance is a great benefit to a business because it has real time auditing and is transparent

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#3720

Q1. The BlockChain Network is a Database that records all data & transactions and cant be removed from the database because all transaction can be trace & track.

Q2. A regular Database is not secure and can be hack very easily. Compare to a Blockchain network your data is saved and distributed to thousands Nodes. An since its a Public Ledger everyone able to see whats going on in real time.

Q3. Its great for the company its help by tracking the product and removing the layer of trust from the supply chain. Providing great transparency/information to the customers.

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#3721
  1. By creating an immutable, traceable and accessible record containing all transactions processed on the network.
  2. A normal database can be modified or tampered with, and is often not public. The timeline discrepancy between the transaction and the accounting process exposes it further more to modulation.
  3. It offers the possibility for real time auditing, thus merging transaction and accounting process as one. It eliminates the need for trust, and replaces it with verification.
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#3722

1- Blockchain tracks all transactions, they can’t be removed and they are public, therefore it can be trade financial transaction on real time.

2 - A normal database has luck of trust and transparency as you are depending on third parties to be reliable.

3- Digital provenance enables to verify your supplier in order to trust, as well as to track your accounts, where your taxes are going. It has transparency and accessibility in the public ledger.

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#3723

How does blockchain enable digital provenance?

Since blockchain is a public ledger and stores data in one single version and is immutable everything can be traced and verified in real time.

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

Because they are not trustless, a specific party may need to be trusted. A database can also be hacked.

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

Because it allows businesses or consumers to know what they are getting. This is a trustless process.

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#3724

  1. The blockchain is not editable. It is decentralized and can be audited in real time

  2. Centralized and editable, vulnerable to human error and omission

  3. Real time verifiable tracking without the need for “trust”

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#3725
  1. How does blockchain enable digital provenance?

An blockchain is an public ledger which is tracing all transactions happening in real time. This means an blockchain gives you an complete history of all it transactions which are available for the public.

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

In an centralized database you have to trust the third party which runs the database. There is no security that the owner of the database will handle the data correctly. So there is always the possibility for data being corrupted.

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

They don’t rely on trust anymore,can work more efficiently and have a better transparency.

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#3726

1- The blockchain ledger is decentralized, publicly available and immutable. It contains all transactions.

2- Normal databases are centralized (it’s controlled by a single entity/individual), therefore transactions can easily be deleted/manipulated.

3- Because of digital providence is decentralized, publicly available and immutable it increases trust. It can capture both the accounting and transaction layer and allows for tracking of financial transactions in real-time. This has the potential to disrupt the auditing business. But it goes much further than that as it can also help verify ingredients/material origins.

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#3727
  1. It’s a digital stone. With Blockchain technology we can always back trace the validity of a transaction, etc.
  2. Because it depends on trust and what other participants of the transaction say about the origin
  3. removes trust and the risk of data manipulation
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#3728
  1. Bitcoin is a ledger that’s recorded in real time. This allows transactions to be tracked as they’re made. They’re made public so anyone can see and access the transactions.
  2. With a normal database, the information isnt accessable in one place. With blockchain all of the information is in one place.
  3. You can track the products manufactured by companies or even the component parts in things being built.
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#3729

  1. Everything on the blockchain is stored but can’t be deleted.

  2. In the normal database information could be deleted in the blockchain the datebase can’t be deleted.

  3. Digital provenance is a great benefit for the businesses because the time of auditing some data is possible in real time and doesn’t require somebody to do physical auditing .

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#3730
  1. With Blockchain technology we should be able to track the provenance of a transaction. Also every transaction which is in blockchain can not be removed. Blockchain Is an open Ledger that allows us to verify the provenance of every transaction we do.
  2. Because in a normal database, transactions can be altered, modified or erased and all the information will be lost.
  3. Because it allows them to track and chase in real time every transaction.
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#3731

As every transaction is permanently encoded in the blockchain, audit ability is built in.

Normal databases can be altered and are not always mirrored on other computers to make sure they haven’t been changed.

Digital provenance leaves a transparent trail in the block chain so trust is no longer required.

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#3732
  1. By being perfectly transparent, blockchain removes all trust. The permanence of blockchain allows for easy auditing.
  2. Normal databases cannot bring the same provenance because they are not as visible to the public and rely on trust.
  3. Provenance helps businesses by removing all trust from the equation, should a company need to find out what is in their product they simply need to look at the record.
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