- All the supply chain is transparent and can be accessed instantly. No trust of intermediaries is needed.
- Because data can be deleted or changed in usual database, or it might be secret and not available to check, where you need to trust a third party on it.
- It saves a lot of time to track or verify a specific product/operation, it is much more secure, it maintains the quality, and reduces verification costs.
- How does blockchain enable digital provenance?
As each transaction cannot be removed (just added to) the open-ledger/decentralized nature of block chain removes the need for trust. Verification > Trust.
- Why doesn’t a normal database bring the same provenance?
Data and transactions could well be removed, and the database would be centralized to an authority or company - requiring trust.
- Why is digital provenance such a great benefit to many businesses?
Transparency, verifiable data and transactions, speed, cost efficiencies. Great example above given on farming and tracing food safety. Auditing and industry compliance would also be more cost effective for the customer - and as Ivan says this will mean significant disruption for the likes of EY and PWC etc.
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Block chain enables digital provenance by supplying real time auditing though transparency of the transactions with in it. This is what makes it decentralized and free from any central authority or government.
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A normal database does not bring the same digital provenance as the block-chain because it can be change, manipulate and governed.
3.The digital provenance on the block chain can be a great benefit for businesses because it allows a public ledger that cannot be manipulated, making it minimize the amount of trust required from any single persons or central government.
How does blockchain enable digital provenance?
It is irreversible. Cannot be erased and altered. It doesn’t require trust.
Why doesn’t a normal database bring the same provenance?
It is not decentralized, immutable, or necessarily trustless.
Why is digital provenance such a great benefit to many businesses?
Supply chain tracking, straightforward accounting, and trustlessness result in
efficiency and consumer confidence.
Homework on Provenance - Questions
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How does blockchain enable digital provenance?
Because blockchain is an immutable ledger like an database that cannot be modified after doing something to it. It has a perfect recall history so you can always see all the transactions that took place in a specific block. -
Why doesn’t a normal database bring the same provenance?
Normal databases are centralized and they can be modified as you like after inputting data. -
Why is digital provenance such a great benefit to many businesses?
Digital provenance is great, because it creates a trustless enviroment. Also your transactions are always seen and verified so there is no need for trust in this case.
- It records all transactions from the beginning to the end. and non of the transactions are ever removed.
- Data can be removed from normal databases.
- You can track origins of many things like ingredients of food and where the material in you t-shirt is from.
How does blockchain enable digital provenance?
It is immutable, trustless and decentralized.
Why doesn’t a normal database bring the same provenance?
It is NOT decentralized, immutable and trustless.
Why is digital provenance such a great benefit to many businesses?
Brand awareness, Trustless information for any kind of contents for all the customers
- Blockchain enables digital provenance by it being an unchangeable public ledger. Anyone can add to it, but not take away what has already been recorded and verified as truth.
- A “normal” database does not offer the same provenance as blockchain due to certain humans being able to alter or audit it at will. The normal database requires an immense amount of trust in the humans that have and or had access to it for its life.
- Digital provenance is so beneficial to a myriad of businesses due to its trustless truths and evolution of the supply chain that has created whatever product in question.
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How does blockchain enable digital provenance?
=> what is added on the blockchain cannot be removed -
Why doesn’t a normal database bring the same provenance?
=> because you can add/remove/modify normal databases -
Why is digital provenance such a great benefit to many businesses?
=> because you can verify without the need to trust
Homework on Provenance - Questions
- How does blockchain enable digital provenance?
Answer: Every transaction and event is recorded on the blockchain via Distributed Ledger Technology (DLT). Data is never erased and can be traced up and down the blockchain in which is was created.
- Why doesn’t a normal database bring the same provenance?
Answer: Data on a traditional database is centrally stored and managed by possibly one individual or, in some cases, by small teams. As well, this data is stored in a “Trusted” environment and can be deleted, manipulated or otherwise molested and/or corrupted at the whim of human influence and interface.
- Why is digital provenance such a great benefit to many businesses?
Answer: Since it is based on math/algorithms it requires less, or no, human management and is cheeper to manage, provides better security and relies on a verified system rather that a trusted system/environment.
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How does blockchain enable digital provenance?
the immutability and traceability of transactions allows provenance to be possible -
Why doesn’t a normal database bring the same provenance?
because transactions on a regular database can be modified or deleted -
Why is digital provenance such a great benefit to many businesses?
because it allows real time auditing by verification which reduces if not eliminates the necessity of a trusted third party
It guarantees the immutability of data, transparency available to everyone, the supposed validity granted by a third party becomes obsolete. So you can guarantee processes such as transactions, source of supply chain, processes tied to corruption (handling taxes, government expenses, electoral processes etc,)
Homework on Provenance - Questions
- How does blockchain enable digital provenance?
Blockchain, through a public ledger, offers immutable information that can be easily traced and verified without trust. - Why doesn’t a normal database bring the same provenance?
A normal database can not only add but can remove or copy data. - Why is digital provenance such a great benefit to many businesses?
Digital provenance offers the ability to join accounting and transactions for real time auditing.
- You can only add data. No data can be removed. Because there are multiple copies of the blockchain, you can’t cheat. Because it is decentralized, it cannot be controlled by a bank or a country.
- You can edit a normal database and cheat. You can’t audit it in real time.
- You can audit in real time, and it is trustless. You can’t cheat, anyone can check anything at any time.
- Blockchain allows digital governance by securing an open ledger of immutable data, which is secured by the hash power of the whole network.
- Other databases are less secure and can be marginalized.
- Removing trust from finance allows for a much safer world with less usury.
-How does blockchain enable digital provenance?
It enables digital provenance by enable transactions in real time without interruption from third party it uses the digital ledger in the chain that is transparent. It cant be tempered with.
-Why doesn’t a normal database bring the same provenance?
A normal database is a central governed database where this third party can get access to the information which is a trust issue. They might also be able to alter or block things they dont feel is for exampel appropriate for that company or government. And it is easier to get information by hacking. Blockchain can put togehter the accounting layer with the transaction layer
Why is digital provenance such a great benefit to many businesses?
Digital provenance make it possible to track the ingredients in the food so that the manufacturer can be more transparent with the thing they put in and where it come from. Because the ledger is using mathematics for determent the trust it is possible to give accurate information to customers about the products that is right. It is also able to
1- It’s decentralized and trustless.
2- It’s centralized and requires trust.
3- They can verify the source and quality of vendor supplies.
A network of computers updating the common ledger in each computer in which entries cannot be changed. The changes are in real time. Invoicing and monetary transactions are in each entry and so auditing is made simple. This system is trustless and verifiable
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The blockchain is immutable so all transactions can be traced and verified.
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Normal databases are centralised and can be manipulated.
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Businesses can verify the origin of their supplies and benefit from administration cost reductions.
- How does blockchain enable digital provenance?
Blockchain enables true provenance by allowing a distributed, permanent and unchangeable public record, so all transactions can be both made and verified by anyone.
- Why doesn’t a normal database bring the same provenance?
A normal database is not necessarily public, and is changeable, editable, will have varying access permissions and structure, type of language, as well as being subject to data loss and not capable of being a record of transactions in the way a blockchain is.
- Why is digital provenance such a great benefit to many businesses?
Reliability of authenticity - trust can be removed from many aspects of the equation - information can be verified all the way down a supply chain for example, with no error rate. This is amazing for many industries - from food and agriculture, to collectibles such as artworks or in tracking components for manufacturing or data in healthcare.