Blockchain is a decentralized immutable database, it does not exist only in one place but many, it is not possible to alter the blockchain or create fake transactions
A normal database in one centralized location. it could be altered, hacked an copied undetected.
Businesses do not need to create and maintain their own database, the blockchain is public, transactions are traceable, and allows transparancy.
Blockchain is a public ledger and all transactions can be tracked in tracked in real time. You can also only add to the ledger and cannot remove data
A normal database allows a user to modify existing data as it is not public but centralized.
Everyone can audit all transactions since the beginning of time in real time and the data cannot be manipulated.
A blockchain’s database’/ledger of transactions are available to the public, and you can only add a transaction, not remove it which makes it impossible for cheating.
Because data can be erased, amended, added by the user.
It removes the trust factor in doing business because all data/information of the source is on the blockchain.
Blockchain can track the provenance, and it allows immutability so no data can be removed.
It can be manipulated and its centralized.
Benefits are that you actually know what you are getting, and it allows businesses and people to be more confident of the product, weather its bad.
Blockchain enables digital provenance because it is open and transparent so you can see the origin and trace all transactions.
A normal database allows you to remove, delete or edit data so does not give you provenance, it is centralized so can be private and also can be forged.
Digital provenance is a great benefit to many businesses as you (a) Trustless- you dont have to trust 3rd party, (b)the data is verifiable,
Speaking of the financial world, blockchain makes this possible not only because it is not possible to delete records, but also because in a single transaction you can have at the same time the accounting and the transaction data, all in a public and efficient way.
Related to the above, public databases are mutable, they can be altered in any part of the transaction chain, with blockchain everything is connected to each other, from the origin to the end.
Because they can have more clarity about their processes. Speaking of the supply chain industry that currently operates with its suppliers through trust, with blockchain this is no longer necessary as we move from pure trust to verification.
On the Blockchain every Transaktion is recorded. Every step of a supply Chain is transparent. It can’t be erased. And Information just can be added by the permission of Every ledger. That enables digital provenance.
The normal database can‘t record transactions in real time. Ist needs More People or time to verifiziert the truth of a transaction. Real time auditing is possible. Informations can’t be erased or added.
Inständig of trusting People, datas and suppliers companies can verify in real time every single step of Information on the blockchain, ist saves time, money and worries.
Blockchain is a network of computers/databases spread throughout the globe. It acts as a public ledger there everyone can trace every transaction on the database. The records are immutable, meaning no single organisation or individual can make any change to the existing transactions. That’s why it is capable of providing digital provenance.
A normal or traditional database won’t bring the same provenance because it is centralized. In other words, it is controlled and manipulated by some parties. The traditional database also lacks the quality of immutability. It is possible to edit/delete some records.
To many businesses, digital provenance provides trustless trust. They can rely on the blockchain to verify and to enforce business deals. This will remove a huge amount of transaction costs and the cost of due diligence.
1.Blockchain enables digital provenance by combining the data from the account and the transaction itself. The non-removable public ledger technology also adds to the provenance.
2.In the normal database the account and the transaction are separate and it is fully based on trust.
3.Digital provenance is trustless and more accurate. Also it is faster and more reliable .
The blockchain holds important information that allows anyone to check it’s validity as the data is stored within the blockchain and is immutable (cannot be changed) and can be used to verify key data like a digital store within the ledger.
A database is usually centralised within one location (such as a company server) and can be altered by anyone with access to the database. Whereas a blockchain is verified in real time usually by multiple parties that are not part of a centralised system (decentralised).
Digital provenance as it can let businesses know accurate information about the product that is digitally verified within the blockchain, verifying its authenticity, that can be obtained without relying on the trust of the other parties involved in the product or service.
Because data cannot be erased, only added.
All information can be checked on at any time
and there is no authority or government that controls it.
Because in a normal database, data can be altered or removed and there is always an authority or government with control over it. It is also much more difficult to track transactions.
A digital provenance would be beneficial because you could always track
where items are coming from and how they were made.
with a digital provenance we would no longer need to trust other
companies and how their products are made as we can always go back and check.
Block chain uses a transparent ledger, where all transactions are verified and made public by multiple nodes throughout the world.
Normal databases are verified by trust and thus are prone to fraud. This can lead to people changing numbers and transactions in a business.
Digital province allows for businesses to be fully transparent, taking away the needed trust that is necasary to operate in the financial world.
Bitcoin enables digital provenance by provding a trasparent imutible public ledger that isnt controlled by anyone and can be varifyied by all.
because it is opaque and can be manipulated
it is a benifit due to being able to have real time auditing, trace financial transactions and supply chains as well have the capabilities to do accounting and transactions on the same layer.
Provenance - a new word for me - it is a log of ownership in a way … but it cannot be erased. FOr example with title companies related to real-estate purchasing … a lot of money and time is spent making sure ownership of real-estate is known. Normal databases can be rewritten and changed. So they are not trustless like blockchain. Digital provenance brings about an efficient way to do transations and at the same time create provenance (a history that cannot be changed).
1.Blockchain is public ledger technology which tracks all transactions. New entries are possible but not removing information. Public means, it is open for everyone to make an audit. This generates trust.
It is a solution for the single source of truth problem. Usually, If a normal database fails and there is no backups, the valuable information is gone. With blockchain the many other validator can take over the job. This is the reason why governments have a hart time regulating bitcoin or crypto in general. I liked the example in the lesson: normal database are not able to bring accounting and the transactions together.
It resolves many issues of our society. Trust is a very valuable good. Today we pay a lot to institutions like banks for intermediary tasks or store money safely. Actually, in every situation where we are not sure about the correctness of an information, the blockchain technology has an use case.