- By real time auditing.
- Because it can be easily corrupted.
- Because you don’t have to trust but verify since data is public.
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1 - It’s like writing on a stone. You can only add and not take away. It is decentralized and public for all to have access to.
2 - A normal database is centralized and can be manipulated by, people, banks, government.
3 - Instant audit. Accounting and transactions are all in one. Goodbye KPMG and others.
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How does Block chain enable digital provenance?
Details of every part of every transaction made are universally accessible via computers in numerous vicinities.
Why doesn’t a normal database offer this prominence
*data on normal databases can be adjusted or deleted, destroying or distorting the truth.
*A normal database is run by a central authority, who is forced to trust the input from different sections. input in one vicinity will not be accessible to everyone at any time. So each department will not have understanding of other departments activities, requiring unnecessary extra communications.
- Extra time and money required to find out this information.
Why is digital provenance such a benefit to so many businesses
*immutability, transparency,Universality, cost effectiveness (saving time and costs of checking back and forth), security (nearly impossible, without a bug introduction, to cheat the system)
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- How does blockchain enable digital provenance?
Provenance is the chronology of the ownership. Digital provenance is the chronological transaction transparency and accountability in digital form. The blockchain (by definition) commits data into a database which can be viewed by anyone, but can NOT be modified.
- Why doesn’t a normal database bring the same provenance?
Typically, a “normal” database is centralized and the data can be changed. You could manage the data/database by only allowing records to be written. However, since it’s centralized, there is always a way to modify the data (DBA access, etc.). ALL actions to the data in a “normal” DB can be tracked and reported on (audits). You could also design a distributed database and used DB features such as 2-way commitments, mirrioring, etc. but the CONTROL is still with the database’s centralized authority.
- Why is digital provenance such a great benefit to many businesses?
One of the best use cases I see is Financial Reporting for Investors (especially publically traded companies). Costly efforts to produce financial reports and “present” the information without access to confident data will be phased out, replaced by blockchain apps.
Real-time, trustworthy, transparent transactional data that has been verified by the community would reduce the need for abrasive, expensive and time-comsuming audits by 3rd parties (I am interested to see how the ‘Big-X’ will feed the rest of thier business if it isn’t fueled by the audit practice. … and no, I don’t believe the regulatory bodies were effective in breaking up the conflict of interest in the big auditing companies). Trustworthy data leads to trustworthy investors. Those companies that are slow to adopt blockchain technologies (i.e. Ethereum, Polkadot, Chainlink) will be reliant upon antiquated tactics to gain the trust of thier data.
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How does blockchain enable digital provenance?
The Blockchain enables digital provenance by having the ability to track financial transactions in real time. Data is immutable and the public is able to verify each transaction. -
Why doesn’t a normal database bring the same provenance?
A normal database is unable to bring the same provenance because it does not have immutable characteristics. It is not decentralized. -
Why is digital provenance such a great benefit to many businesses?
Digital provenance is a great benefit to many businesses because it creates a more efficient and verifiable system. It cuts costs by reducing the need for excess auditing and builds trust across the entire data chain.
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(Re-posting in the correct thread)
HW on Provenance
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How does blockchain enable digital provenance?
The blockchain is a transparent public ledger or “digital stone” with no central authority. Instead of a central authority, there is a network that all share the same data. Data can only be added to the ledger but it cannot be altered or erased. -
Why doesn’t a normal database bring the same provenance?
A normal database doesn’t bring the same provenance because it may not be immutable in the same way the blockchain is. If it has a central authority responsible for the database then others have to trust that the central authority is being 100% honest and accurate. In contrast, the blockchain has a network that can all verify the same data to make sure everything is accurate. There isn’t trust in one authority, instead the network can all verify the same thing in a transparent way. -
Why is digital provenance such a great benefit to many businesses?
Digital provenance is a great benefit to many businesses because all the accounting and transactions are in one place. There can be auditing that is done in real time. Also companies can ensure that they are getting accurate information from suppliers without relying on trust. For example food companies can easily verify that the ingredients they receive from suppliers are 100% accurate. Clothing companies can make sure that they are working in an ethical way by being able to verify that none of their supply has come from child labor sweat shops. This transparent accountability along the supply chain helps to take the guesswork out of trusting one person’s word.
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- By allowing all transactions to be tracked and recorded to a public ledger and using Realtime auditing.
- A normal or traditional database uses 3rd party resources and is easily vulnerable to hacks and manipulation.
- It allows real time tracking of service and goods so they can provide verifiable products to their customers.
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- Blockchain ensures Digital Provenance through immutability via consensus.
- Normal database is usually centralized, can easily be altered.
- Digital Provenance ensures verification and promote authenticity.
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Every transaction is recorded in a blockchain in real-time.
Normal centralized database can be tampered with unlike blockchain which is immutable. Decentralization and trustlesness plays a key role here.
Audits can be performed in real-time and nobody can cheat in the system.
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- Every transaction is stored in blockchain and cannot be removed, it enables to carry out real-time audit.
- Because it is centralized, so it’s highly exposed to manipulation of data, it can be rigged.
- It is transparent, hence it satisfies customers, who can trace the road that a product passed, it enables real-time verification, no trust in the equation.
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- How does blockchain enable digital provenance?
Because it is a network of decentralized computers that records all the transactions in real-time.
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Why doesn’t a normal database bring the same provenance?
because no transaction can be removed from the database, you can only add to it. It can also not be manipulated because, if a transaction does not exist on the blockchain it will not be verified by the ledgers. -
Why is digital provenance such a great benefit to many businesses?
Because it allows for a trust-less society, where everything can be verified at each point of call.
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Provides a network of computers wherein each records the transactions of all others making a permanent trail of verification that previously depended on trust of sources of data information.
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Normal database(s) must depend on trust of sources whereas blockchain validates source through multiple records entered in the network of computers.
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Blockchain is a ‘public ledger’ wherein all transactions are verified and audit-able in real time.
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Provenance with blockchain is in realtime, by concensus, secure, immutable and produces finality anywhere on globe. It doesn’t need to be audited as blockchain is an audit in itself. This helps fight corruption, is immediately satisfying and provides safety as can trace contaminated food, products, or problems with supply issues quickly. No human is needed to do this. No middlemen.
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- Block chain is an open ledger that where nothing can be added but can be traced.
- A normal database does not bring the same provenance because they are built on “trust,” there is no way to trace back to its original source of that thing that is being produced.
3.Digital provenance is a great benefit for businesses because of its trustlessness, you can verify instead if relying on trust.
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Blockchain enables digital provenance by enabling tracking in all transactions as wells as verfication
Normal databases involve trust where is blockchain is trustless.
Digital provenance can illuminate the need for a 3rd party audit /evert bit of every transaction is recorded forever and cannot be changed
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How does blockchain enable digital provenance?
By having a network of computers with a common purpose of validating transactions, the source and validity of transactions can be assured, so long as the computing power of the good outweighs the bad. -
Why doesn’t a normal database bring the same provenance?
Normal databases can be updated, whereas the blockchain is an additive process where history cannot be altered. -
Why is digital provenance such a great benefit to many businesses?
It removes the need to trust because there is a solid audit trail in real time.
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Blockchain and Bitcoin 101
How does blockchain enable digital provenance?
Blockchain allows digital provenance as it is an open ledger, therefore anybody can trace a transaction back to its original source.
Because of proof-of-work and decentralisation nobody can change what’s written on the ledger. It is infinitely backed up due to the nature of the network.
Why doesn’t a normal database bring the same provenance?
A normal database can be easily changed, manipulated and copied and is usually privately owned, not public and is open to corruption
Why is digital provenance such a great benefit to many businesses?
Real Time Auditing, can carry transactional and accounting data regularly and at a much lower cost than current methods.
Food manufacturing companies could trace there products back to source allowing for a trustless relationship with customers.
It removes the need for trust and allows people to verify for themselves what has happened.
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The use of the network of computers that verify the source.
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The normal database can be altered and information can be removed.
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The blockchain combines all the provenance all in one. Which can be a good use for business to supply the real accurate information in there products to customers easily and cost efficient.
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1.How does blockchain enable digital provenance?
Blochain is giant database carved on a network of public ledger’s, transactions can only be added and not removed, so every transaction can be traced and verified trough public ledger’s.
2.Why doesn’t a normal database bring the same provenance?
Cause the data can be added and removed. And it is centralized, that means using this database is based on trust. Tracing is difficult and you don’t have acces to this data base.
3.Why is digital provenance such a great benefit to many businesses?
Because you can verify every step in transaction. A more direct relationship is possible and you can audit data in real time, so it saves time.
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It enables it because every transaction or step of a process is saved in the digital block and like this it is trackable where the origin of a source came from.
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A normal database can be changed or manipulated by a person.
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Because they can verify the origin of sources for themselves and for their customers or partners. Especially now, when ecological matters get more important for many people, that is a huge benefit.
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