Homework on Provenance - Questions

Blockchain and Bitcoin 101
#4418

  1. Every transaction is public and instantly verifiable therefore also the provenance can be instantly audited.

  2. A normal database is not public and is not trustless, therefore it can be easily modified and is not accessible to the public but only to private auditors.

  3. Provenance is a great benefit for many business because they can be 100% sure about the provenance of their products and therefore guarantee an higher standard of product and services to the public, also the public can verify by themselves if the product or service they are purchasing is complaint with their specific requirements.

By the way I saw that the Origintrail project that was mentioned in the course has a boarding period which will start soon, probably a good project to invest in? https://staking.origintrail.io/

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#4419
  1. How does blockchain enable digital provenance? by giving an accounting and transaction ledger
  2. Why doesn’t a normal database bring the same provenance? Blockchain can track and audit
  3. Why is digital provenance such a great benefit to many businesses? no need to look at trust, real time tracking, accounting and transaction available
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#4420

I applied, but I’m not entirely sure what is it about. I am running their ot-node from way back in december 2017. By now I got more than 50% TRAC invested.

#4421

Thank you Alko, I also applied let’s see

#4422

  1. By tracking, because it makes all transactions trackable in real-time, and accessible to everyone (public ledger).

  2. Because in a normal database transactions can be removed, but this is not possible in the blockchain.

  3. Because it allows fast verification (real-time auditing) and removes trustlessness. This is for example useful in tracking the origin of the food or another use case is that it combines accounting and transaction layer together.

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#4423

  1. You can trace financial transactions, Real-Time auditing and secure

  2. We have to believe what we are told

  3. Trustless network, decentralisation , transparency

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#4424
  1. All transactions cannot be removed and are like carved in stone. They are all verified before actually being added to the blockchain. Thanks to this decentralized database that does real-time verification, trust can be built.
  2. Normal databases can be changed at any time by those who are in charge of it, or can be hacked and information could be changed this way. These databases also don’t require any verification at the time of adding data.
  3. It does away with the concept of “trust” as all data is being verified, which is then more cost and time efficient for companies. If for instance a vegetable is of a bad quality then it can be traced to its source in a matter of seconds.
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#4425

How does blockchain enable digital provenance?

Provenance means the origin of something. It is from the Latin root provenire. pro- ‘forth’ + venire ‘come’.

Blockchain records the date, time, originator, and contents. The originator can encrypt all or part of the contents.

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

Normal databases allow people to change and delete data.

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

You don’t have to “Trust” people to keep the original statement of facts. The facts remain the same.

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#4426
  1. Blockchain is a decentalized ledger, having many copies, which cannot be all forged. Moreover the blockchain has a mechanism of verifications of new transaction blocks
  2. Normal database can be changed by removal of the information versus the blockchain where all transactions can be properly put and traced and no one can be removed while it is put on.
  3. It gives opportunity to audit easily suppliers, costs, etc what brings a never seen before level of verification, sorting a trust problem.
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#4427
  1. How does blockchain enable digital provenance? Enable decentralized tracking of transactions that provides the stakeholders a high level of trust in the outcome.
  2. Why doesn’t a normal database bring the same provenance? Because a normal database is centralized and prone to manipulations.
  3. Why is digital provenance such a great benefit to many businesses? It improves trust which entrenches end-users’ confidence in such business’ products and services.
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#4428 
1. How does blockchain enable digital provenance?

Blockchain does not rely on trust but instead allows transactions to be tracked. Each transaction is added to the (public) ledger which is immutable. Therefore information cannot be removed allowing for each transaction to be tracked and verified.
2. Why doesn’t a normal database bring the same provenance?
Normal databases rely on trust and are owned by an entity who have the power to change data as well as add and delete data. As data from normal databases can easily be altered there is little transparency and customers are unable to verify the information they’re given by the entity who own the database.
3. Why is digital provenance such a great benefit to many businesses?
Digital provenance would allow customers to verify data provided by companies, instead of having to trust what the business tells them, increasing the business’ value in the eyes of their customers. It would increase sales/investments as the businesses would be truly transparent which makes customers feel safe when deciding to invest in a company or their products. Digital provenance would also allow companies to improve quality control of their products from beginning to end as well as allow them to conduct real-time audits.

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#4429
  1. Blockchain is a public ledger with immutable data once it’s accepted.
  2. An authority can temper their database on a whim.
  3. They can verify the instead of trusting. This brings complete transparency without relying on third parties
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#4430
  1. Blockchain enables digital provenance by making all transactions traceable
  2. A normal database is not decentralized and requires trust
  3. Allows customers to verify the validity of their purchases, and strengthens the reputation of the company after numerous successful transactions
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#4431

Going to answer based off what I remember from the video not referencing other answers…

  1. How does blockchain enable digital provenance?
    The blockchain keeps record of all ingredients that goes into Bitcoin/crypto.

  2. Why doesn’t a normal database bring the same provenance?
    It lacks full trust as far as record keeping goes.

  3. Why is digital provenance such a great benefit to many businesses?
    It removes a middle man such as an auditor. The blockchain is auditing as well as transacting.

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#4432

1)Blockchain is like a digital stone you can only add transactions and can’t remove it and all the transaction are stored in block and thus enables digital provenance
2)In normal database one can add or remove data and hence chance of manipulation and fraud increases and some times fear of losing data is also there
3)one can see all financial transactions and anyone can verify it, real time auditing can be done, transparency maintain and as there are no. of network verifying more security is there

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#4433

  1. How does blockchain enable digital provenance? —- Digital stone is verifiable

  2. Why doesn’t a normal database bring the same provenance? —- Values can be changed

  3. Why is digital provenance such a great benefit to many businesses? —- Permanency

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#4434

  1. Block chain enables provenance by making it more direct and less relied upon multiple entities for outsourcing.

  2. Because it is more convoluted and less transparent.

  3. It is less about trust and more about verification.

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#4435

  1. Blockchain enables digital provenance because it records transactions in real-time. These transactions cannot be removed from the database once they have been recorded. They’re immutable.

  2. A normal database doesn’t bring the same provenance as a blockchain because it is centralised. This means that the database is owned by some kind of central authority which also means that data can be removed.

  3. Digital provenance is a great benefit to many businesses because it allows them to verify where things have come from and where they’ve been by means of tracing data. They don’t have to trust the word of the supplier.

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#4436

1 - the accounts are written (or visible/inscribe) in the transaction
2 - it can be controled and it can show only what the people who controles the database wants the public to see
3- it provides transparency, people can verify by themself

image
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Dont trust, verify.

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#4437

How does blockchain enable digital provenance?
Simply due to the fact that blockchain as a technology is a publicly verified and it’s traceable at any given second, thus making it transparent at any given second!

Why doesn’t a normal database bring the same provenance?
Due to the fact that normal data base is centralized and owned/managed by a person or a company, makes it less transparent, and most importantly could use delete button to remove data!

Why is digital provenance such a great benefit to many businesses?
It’s a bit of paradox, as by removing the trust and implementing verification/auditing level, the companies will actually gain more trust, and establish great relationships with the customers, suppliers etc.

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