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Through use of a public ledger, blockchain technology is able to create a record of transactions that will trace back the entire ownership history of an asset. Transactions cannot be changed once recorded on the blockchain, and new transactions are only added once they are verified by the distributed ledger. The result of this is a robust, trust-less system governed without the fragile security provided by a central authority.
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In general, databases are private and are incapable of easily sharing the information that they contain. They are also vulnerable to their dependency on trust - they are verified by individual authorities rather than a distributed system. They are therefore susceptible to error and modification. In contrast, one can be certain of the validity or origin of an entry on a blockchain, since it is (inherently) a complete, immutable record.
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Digital (blockchain) provenance makes it possible to have an audit every minute/second, since there is no need for the visit of an auditor. Through use of blockchain, a business does not need to rely on the safety of a single point of storage to avoid loss of data. Blockchain also enables a business to easily share access to data in the ledger - this has many potential applications, such as tracing ingredients in food products and supply chain logistics in general.
- The Blockchain enables the true/actual value and authenticity (provenance) of a product to be digitally managed and verified in ways that make trust irrelevant.
- A normal Database can not bring the same level of providence as the block chain for the following reasons:
a. They are centralized
b. They are mutable
c. They are “third Party”/”middleman” controlled
d. They have much weaker security - Blockchain based Digital providence is an advantage it’s a solution for the reasons stated in answer 2. Digital providence is the result of a decentralized, immutable, distributed ledger technology that utilizes mathematics and computation for verification.
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Decentralized ledger, accessible for everybody
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Centralized, single point of failure
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Transparency, traceability, accountability
- Blockchain is like carved stone which cannot be deleted, only added to.
- It can be manipulated because it is not de-centralized.
- All matters can be verified in real time.
1. How does blockchain enable digital provenance?
- Being a public ledger, everybody has access to it, anytime from anywhere. The information inside blockchain also cannot be changed or deleted, once they are written inside.
2. Why doesn’t a normal database bring the same provenance?
- Normal DB is usually under a centralized control (of a single company), so it is vulnerable to potentially malicious changes. Data in classical DB can be very easily modified and/or deleted.
3. Why is digital provenance such a great benefit to many businesses?
- It brings the possibility of real-time auditing of almost any financial system. It also puts together the transactional and accounting layer, simplifying the access to all information at one place.
- How does blockchain enable digital provenance? Enables businesses to easily collate their data,
- Why doesn’t a normal database bring the same provenance? The company does not need a person to go through the information. Can track transactions in real time. Puts accounting layer with the transactions. It is completely trustless.
- Why is digital provenance such a great benefit to many businesses? Trustless technology.
- How does blockchain enable digital provenance? the blockchain is a decentralized ledger that contains every transaction since the beginning of time. data includes date/time, addresses, and amounts on each transaction, and is verified by many nodes on the blockchain. one corrupt player who tries to corrupt the data will be overrided by the many. it is also designed to only add and not change/remove existing data. it does transactions and accounting all in one.
- Why doesn’t a normal database bring the same provenance? normal databases are centralized and enable changing/removal/overwriting of existing data. a corrupt player could enter in bad data.
- Why is digital provenance such a great benefit to many businesses? businesses will be able to verify their supply chain to ensure (i.e. factories that engage in child labor, or have huge issues with toxicity, etc) without having to trust some guy’s word (i.e. it’s all good bro - knuckles). it will also eliminate the need to hire third party auditors to double check the data for errors or corruption. better data at less cost.
1.A. Blockchain or public ledger records every transaction and can be verified.
2.A. Unlike a normal read write database, the Blockchain only writes transactions once inserted and cannot be amended by a single entity making it immutable.
3.A. Businesses can verify the truth by searching the blockchain reducing trust and risk.
- How does blockchain enable digital provenance?
Blockchain is a permanent and public digital ledger. Its transactions are contemporaneous with the receipts they generate. This allows auditors to identify the source of each transaction as they occur from an immutable record. - Why doesn’t a normal database bring the same provenance?
Normal databases do not provide the instant benefit of provenance because transactions and their source documents do not present simultaneous in a single database, nor are they immutable. - Why is digital provenance such a great benefit to many businesses?
Digital prominence offers the promise of reducing costs viz.: Costs of Financial Audits and Attestation Services; Product ingredients verification; Supply Chain Management et al.
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How does blockchain enable digital provenance? Blockchains are autonomous decentralized organizations which allows true immutability on the data they keep.
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Why doesn’t a normal database bring the same provenance? Because they are centralized, so you have to trust someone that the data is legit. No one can guarantee that a centralized databases could altere the data.
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Why is digital provenance such a great benefit to many businesses? It removes trust from the process, reducing cost by not depending of middle-men anymore.
- Blockchain adds onto a digital stone known as a ledger w/ each transaction. You can only add to a ledger and can never take something out of a ledger.
- Why don’t you ask Hilary Clinton’s emails?
- Businesses wouldn’t have to trust that what their suppliers are giving them is what the business is actually asking for.
- How does blockchain enable digital provenance?
By providing an immutable database of transactions the blockchain allows the custody of any digital asset to be chronologically traced. Additionally, the blockchain provides a trustless accounting since it is not centralized, and all transactions are verified by multiple independent nodes.
- Why doesn’t a normal database bring the same provenance?
A normal database is intentionally designed to be mutable, so a transaction could be modified or erased either accidentally or intentionally. Normal databases are also typically centralized and would require trust in the custodians of the database to ensure they are honest brokers and do not manipulate the transactions for nefarious reasons.
- Why is digital provenance such a great benefit to many businesses?
Many businesses would benefit from digital provenance because it allows real-time auditing of the custody or composition of any digital asset. In additional to the financial audits, it’s possible to extend the use of digital provenance to real world physical items such as auditing subassemblies to guarantee the use of genuine parts or the custody of meat products from farm to abattoir to butcher for food safety and recalls.
1 - How does blockchain enable digital provenance?
By having multiple trustless immutable copies that contains the history path of each transactions.
2 - Why doesn’t a normal database bring the same provenance?
Because it can be erased and is usually controlled by one entity in which you need to have total trust.
3 - Why is digital provenance such a great benefit to many businesses
It greatly simplifies interaction between different entities by having a common system without governance.
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How does blockchain enable digital provenance?
Blockchain enables digital provenance by allowing for the real time auditing of it’s ledger. -
Why doesn’t a normal database bring the same provenance?
A normal database involves entry in a manner that isn’t decentralized. As such entries can be altered and erased if “trust” is broken. Blockchain’s ledger is immutable. -
Why is digital provenance such a great benefit to many businesses?
Digital provenance removes the element of trust from the equation. It fufills the role that middle-man would taken prior, it will not be corrupted, and it can be checked and audited in real creating great efficiency.
- How does blockchain enable digital provenance?
Blockchain is in all of us, I mean anyone of us can VERIFY the transactions done. - Why doesn’t a normal database bring the same provenance?
A norma database is based on trust. The one who “post” that database could be lying… we all just
have to trust that information, not in Blockchain, we can verify it! “DONT TRUST, VERIFY” - Why is digital provenance such a great benefit to many businesses?
Many things. It is like a realtime auditing, so there is no need to come someone to your business to do some work, also it is possible to make the transaction and the auditing at the same time, saveing time, money and effort.
- How does blockchain enable digital provenance?
- Unlike a centralized server, all data stored in blockchains has a digital record which cannot be modified or erased unless 51% of nodes agree to the changes. The blockchain technology ensures provenance data is always verified, available and secured.
- Why doesn’t a normal database bring the same provenance?
- Although owners of a normal database usually perform backups and store them separately, the number of all backups is way far from matching the capabilities of a blockchain. Moreover, any data in a normal database can be easily manipulated (modified or deleted) by a centralized decision. Or, even worse, critical and time sensitive data may become temporarily unavailable in case of a crash until the normal (centralized) database is recovered through a backup.
- Why is digital provenance such a great benefit to many businesses?
- It rapidly provides private and public secure access.
- Wipes away the subjective concept of trust and replaces it with the mathematical proof through which all transactions are verified. The historical records of information made available through provenance no need additional human audits for validity proof.
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How does blockchain enable digital provenance?
By making every transaction traceable. The data cannot be changed. -
Why doesn’t a normal database bring the same provenance?
It’s based on trusting the party/organisation that provides the data. You cannot verify if the data is truly what it says it is. You need a third party to verify what is claimed. -
Why is digital provenance such a great benefit to many businesses?
It gives total transparency in the whole production and supply chain. Businesses don’t have to rely on trust, everything can be verified. No more green washing. You cannot be successful with false claims anymore.
- How does blockchain enable digital provenance?
It enables a pathway to make all records more trustworthy, by accumulating data into a database, replicated in a public network across multiple nodes without altercation.
- Why doesn’t a normal database bring the same provenance?
Centralization is the main difference between a database and blockchain. On a blockchain each user has a secured copy of all records so each participant can view the provenance of the data.
- Why is digital provenance such a great benefit to many businesses?
The trackability of a digital provenance ensures transparency, which eliminates a trust factor between businesses.
Homework on Provenance
- How does blockchain enable digital provenance?
Digital provenance is enabled because of blockchain’s transparency. If we are able to explore a public ledger data, for example lists of transactions, then we can trace the complete path of money transfers from point to point.
- Why doesn’t a normal database bring the same provenance?
Because we don’t have access to the data and many businesses are based on trust. It means that if I am buying a product of certain properties, I cannot really check if the seller is telling the truth about it or not because I don’t have access to the data or even if I had I wouldn’t be able to check it easily and quickly.
- Why is digital provenance such a great benefit to many businesses?
It can increase the quality of many services, it can punish product manufacturers which are involved in some shady activities like using worse prefabricates than they declare. It can also reduce the costs of some complex analysis procedures which have to be undertaken in case for example auditing.
The list of benefits and different applications goes on and on.
- by using math and cryptography to distribute ledger to all the nodes on chain. So all the nodes must know every steps in the way and confirm before putting the transactions into the ledger.
- a/ human factors: based on trust and morals.
b/ can be hacked and tampered with.
c/ conflicks of interests. - Immunable, transperancy and unite incentive interests.