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How does blockchain enable digital provenance?
-Blockchain enables digital provenance by providing the ability to track and audit data in real time, transactions can only be added and not removed making it immutable , so there’s no need to rely on trust when you can just verify through blockchains since they are public ledgers. -
Why doesn’t a normal database bring the same provenance?
-Normal databases are not decentralized meaning information can be altered or manipulated by the central authority governing it. Additionally, Information on supply chains might not be 100% disclosed meaning the other party would have to rely on trust. -
Why is digital provenance such a great benefit to many businesses?
-Trust is the most important asset to any business, people are more likely do business with people they trust. Digital provenance will completely eliminate reason for distrust by laying out the facts in real time.
- How does blockchain enable digital provenance?
Blockchain enables digital provenance because it is a public ledger that allows for trustless transfer of goods, services or digital currency. If the nodes verify the chain, then provenance is assured. That means that the ledger can be traced from the creation of the asset to the present transaction. Whatever is being transferred from party A to party B via blockchain cannot be intercepted or stolen by a third party because the thief cannot invent ledger without being flagged by the network’s nodes.
- Why doesn’t a normal database bring the same provenance?
A normal database relies on a third party to connect party A to party B during a transaction. This third party is typically a centralized server that could be hacked, thereby clouding provenance. With crypto, the decentralized nodes act as a network of verifying servers; thus, even if one node is hacked, the rest of the nodes will ignore the hacked up ledger or transactions–the attempted theft will fail.
- Why is digital provenance such a great benefit to many businesses?
Digital provenance has huge advantages over traditional systems. Accountants and auditors would all basically be out of high-paying jobs if the world went 100% crypto. Instead of an accountant coming over to an office, going through ‘the books,’ charging high prices and potentially exposing private information, digital provenance is instant and basically free. There are other use cases for digital provenance such as tracking supply chain resources in the fashion or food industries to ensure that businesses are using fair-trade practices and honest sourcing of goods/materials.
- How does blockchain enable digital provenance?
Blockchain enables digital provenance because it is a public ledger that allows for complete transparency for all participants in the blockchain. It allows for the real-time auditing and confirmation of all transactions that take place through this transparency.
- Why doesn’t a normal database bring the same provenance?
Every normal database ultimately relies on the integrity of a centralized entity that oversees all transactions, like a bank or a large company. This consolidated power leads to the users of the database being powerless in their relationship to the larger entity. Blockchain redistributes this power to the users.
- Why is digital provenance such a great benefit to many businesses?
Digital provenance can greatly reduce the costs of auditing, accounting, quality control, and any other verification process that businesses must go through today. All transactions will be audited in real time and all products will have a blockchain ledger of the supply-chain that was used. This leads to a huge decrease in operating costs for businesses.
1- by providing immutable data base (digital stone) that when it is created it can not be changed later, and it can do that by make the ledger so diverse that a probability of a wrong action is zero.
2- because it is not publicly available to everyone in real time and can be changed before it is bee shown to public.
3- every business has customers an suppliers, in fact every business is a customer of another business, with having immutable property every customer (AKA. business) can verify everything that is needed.
- The blockchain is uneditable and unchangable and trustable.
- Normal databases can be changed or edited and therefore not trusted.
- Everything can be tracked traced and trusted.
- How does blockchain enable digital provenance?
real time record that can’t be altered - Why doesn’t a normal database bring the same provenance?
You can “cook the books” you have to trust the person doing the auditing and or accounting - Why is digital provenance such a great benefit to many businesses?
Trustless private/public access in real time, which save time and money
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Blockchain enables digital provenance through a network of computers (decentralized database) which allows data to be written. Once the data is written on the chain the information is completely traceable and transparent but it cannot be removed or altered.
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Because a normal database is not decentralized and it is controlled mainly by organizations or governments. This type of databases can be removed, hacked or altered.
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It provides a great benefit because everything is transparent (it gives the user the trust that the product/service is exactly as described). Businesses save money because they can have a real time auditing (no need for 3rd party), track of their products, merging of accounting and transactions layers.
How does blockchain enable digital provenance?
Digital provernance is ensured by distributed ledger technology, an information database that is collectively maintained and synchronized by a network of different computers.
Why doesn’t a normal database bring the same provenance?
Conventional databases are stored centrally. They could be manipulated by access-authorized database administrators or even hackers.
Why is digital provenance such a great benefit to many businesses?
Benefits can theoretically arise wherever there is an exchange of value and data between parties where trust must be ensured. For example authentication of an artwork, food supply chain tracking and transport route monitoring.
- By the form of blockchain that you cannot change data written in a block, you just can add
- Because you can change data at your preference and provide if you want no valid elements
- Because you can verify the origin of the outcome and not only relay on trust.
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A blockchain can bring Provence due to being decentralised. Hence, it is opaque to the community. A blockchain can only be added to and data can not be manipulated nor removed. A block chain is also in real time. Hence, it is real time auditable.
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A normal data base can be manipulated, information can also be removed or lost. A normal data base is less time efficient and is not accessible to other companies. Nor is it real time auditable.
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There are many benefits of digital Provence. What if a national company were to have a fire in the main computer server room and short circuited the main server? What if this server was the only one in eg Australia. All information could be lost. Its is not just about transparency for the community but efficiency and the ability to retain important information. I have seen this disaster occur.
End of month Auditing is a terrible pain for managers and Employees. Many late nights and long days meeting quotas. All parties would be quite happy if that were to be removed and companies could focus precious time and energy elsewhere.
Additionally data that can not be manipulated and is presented to communities in real time creates trust with verification.
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Once on the blockchain, it cannot be removed: Trust is not needed when you can follow the chain at the network. Decentralisation is the keyword.
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At a normal database, manipulation can take place. If something happens with this information or the back-up or the cloud where it is stored, it could be lost or stolen.
On the blockchain it will be stored forever and not erasable or alterable. -
Transparency. Satisfaction. No need of third parties or intermediaries, so less costs and less time to go from producer to end user.
Homework on Provenance - Questions
- How does blockchain enable digital provenance?
As it is decentralised anyone is able to track/trace everything in real time. Its is therefore trust-less.
- Why doesn’t a normal database bring the same provenance?
A normal database is run by a central authority or government that can control or manipulate it. It relies heavily on trust.
- Why is digital provenance such a great benefit to many businesses?
It provides real time auditing and accurate traceability down the supply chain that can be passed on to the consumer.
How does blockchain enable digital provenance?
Blockchain is a data structure which is decentralised, therefore is it not controlled one single by a government or company. Blockchain enables provenance by tracking financial transactions in real time, it enables the transaction layer and the accounting layer to be visible for each transaction, removing the need for audits to be carried out by a third party which reduces costs. Information can only be added to the blockchain, never taken away, so it is extremely transparent. This removes the ‘trust’ element of traceability and replaces it with verification or certification. Anyone can access the data on the blockchain.
Why doesn’t a normal database bring the same provenance?
The primary difference is that a ‘normal’ database will be centralised and the blockchain is decentralised. Often a ‘normal’ database is owned by a third party and you cannot access it. With blockchain, data can be accessed by all parties in real time and nobody can alter the facts, this is a very powerful tool. If someone tries to alter the facts the blockchain technology will know automatically correct this and also share information about the party that has tried to do this. Each participant in the blockchain (a network computers) has a secured copy of all records so each user can view the provenance of the data. Blockchain technology will immediately identify and correct any unreliable information.
Why is digital provenance such a great benefit to many businesses?
By removing the ’trust’ element of the transaction, all parties can be safe in the knowledge that the information on the blockchain is correct. It will save time and money as information can be accessed in real time by all parties, so there’s no need to contact the other party in the transaction for information. It also stops information being edited before it is audited, which could (and does) happen in a normal database. Companies can currently alter their databases to suit them without their competitors or customers knowing. This wouldn’t happen if provenance through the blockchain was used from the outset. The slogan ‘don’t trust, verify’ Is used a lot in the blockchain community.
- How does blockchain enable digital provenance?
Via its core principle: verifiable public transfer of true, unalterable, unremovable information from point A to point B
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Why doesn’t a normal database bring the same provenance?
Control over information is centralised to an entity rulled by a group of people thus open to human behaviour which can corrupt the database. -
Why is digital provenance such a great benefit to many businesses?
Transfer of maximum quality trust between parties which renders the system a trustless system.
- How does blockchain enable digital provenance?
By not relying on any central point of trust for verification, blockchain eliminates the ability for retrospective changes to the data it holds, allowing us to know that the data it displays is factual. - Why doesn’t a normal database bring the same provenance?
Because trusted humans have the ability to make changes to the data, and humans can betray trust. - Why is digital provenance such a great benefit to many businesses?
It allows for the verification of components across the full span of a supply chain, in real time. It can also be used to ensure security of data (ie who accessed what)
- by using blockchain we can track of everything. there is a note of everything.
- in normal database we need to trust each area. we cannot verify
- no time waste to check all the files of transactions we made, every transaction is in record.
- Blockchain enables digital provenace by verifying the given information without the need of trust cause theres no possibility to change or remove the given Information.
- Because its centralized and therefore it can be manipulated or changed by a Authority.
- It enables them to track Information without the need of trust cause its verifed and trackable. All the Informations are transparend, decentralized and approved by everyone instead of only one Source.
- By allowing for everyone to see all transactions ever made. And this can never be changed by anyone
- Because it’s not decentralised which means that other people have control over and there is no trust.
- Real time auditing
Answers - Provenance homework
1-Blockchain brings information that cannot be altered, Provides solid verification methods in real time and infinite scalability
2- It is more expensive since you have to own or rent the servers AND data can be manipulated
3- It is a lower cost solution, faster, more reliable and therefore more efficient. You do not need trust, just verify yourself
- By being visible to all parties and not allowing data getting removed. The decentralized network structure would not allow it.
- Because a normal database is centralized. A single entity could edit records from the past.
- The main benefit would be that everyone involved could verify the truthfullness of transactions not having to rely or trust a single entity. This would make transactions more efficient.