- How does blockchain enable digital provenance?
By creating a ledger that only allows data/transactions to be added and never removed and making all transactions publicly visible to anyone. - Why doesn’t a normal database bring the same provenance?
Can be corrupted. Isn’t publicly visible by everyone - Why is digital provenance such a great benefit to many businesses?
They get an audit trail with absolute certainty of all ingredients/components of the full transaction.
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Hello,
In regards to Lesson 4 homework below are my answers.
- How does blockchain enable digital provenance?
In blockchain all transaction can be tracked in real time.
- Why doesn’t a normal database bring the same provenance?
In normal database data can be removed, solely by this fact it does not provide same perks as blockchain
- Why is digital provenance such a great benefit to many businesses?
It enables to trace for example. supply chain, financial procesess are more efficient.
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- How does blockchain enable digital provenance?
Blockchain allows the record and track of information and it makes it hard to “lie” to the network as every machine has this information and it is validated between many.
- Why doesn’t a normal database bring the same provenance?
Normal databases can be modify and counterfeit because it is centralized.
- Why is digital provenance such a great benefit to many businesses?
It will make it available to do business with a partner without the need of thrust between them
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- How does blockchain enable digital provenance?
By being able to track all transactions in the distributed ledger - Why doesn’t a normal database bring the same provenance?
Because you cannot erase and/or manipulate the transaction recorder in the distributed ledger - Why is digital provenance such a great benefit to many businesses?
Because it removes the need to have a 3rd party to certify/verify your transactions
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How does blockchain enable digital provenance?
Verifiable public ledger available to anyone world wide. -
Why doesn’t a normal database bring the same provenance?
Normal data basing relies on timestamping and a centralized copy/authority to keep information correct and up to date. Usually there are access barriers and you need to be an authority or be granted access to truly audit or verify. You take an “experts” word for it. -
Why is digital provenance such a great benefit to many businesses?
It removes the trust aspect in transactions, you will have more transparency in business interactions in real time.
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How does Blockchain enable Digital Provenance?
Blockchain has a network of computers that verify each transaction, removing the trust and verifying with the maths.
Why does n’t a normal database bring the same provenance?
Normal databases can be manipulated, changed, or deleted as you can have many individuals using the database.
Why is Digital Provenance such a great benefit to many business’s?
It removes the need to trust by verifying through the maths.
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How does blockchain enable digital provenance?
Blockchain enables digital provenance by its inherent immutability, and the fact that it is a data structure where a network of nodes hold the history of every transaction that has ever occurred, meaning that anyone can verify the history of an asset -
Why doesn’t a normal database bring the same provenance?
A normal database could be relying on manual input (humans make mistakes) and could also be fudged (deliberate “mistake”), the information in a database could also originate from offline records such as documentation/invoices etc which again could be altered. -
Why is digital provenance such a great benefit to many businesses?
Digital provenance will remove the need for companies to pay external consultants millions, to perform financial audits or even quality audits, as they will be able to build in house controls to keep on top of their data and reporting
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A blockchain enables digital provenance by recording every entrance, even in chronological order.
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For me, the answer to the second question is not that obvious. I am not quite sure what a “normal database” means, and it is unfair to compare a blockchain to a “normal database”. I wander if it is so complicated to build a database that can provide you the provenance? That database practically won’t be as secure and reliable as a blockchain, because of the decentralization of the block chain, because of the way that the ledger is created etc. But, the questions is not about the advantages of a blockchain over a “normal data base”… it is about the provenance.
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Because they can track whatever they want. (Again, in my opinion the question does not refer to the transparency, to the decentralization, security etc.).
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Blockchain allows for digital provenance by allowing items to be digitally tracked. These items and transactions are added to the blockchain ledger and are immutable.
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A normal database does not allow for the same provenance because it is reliant on a centralized authority to maintain the data and transaction history. Blockchain is decentralized and allows for “trustless” verification.
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Digital provenance is beneficial because it allows for businesses to easily track and maintain data in real time without a middleman.
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- How does blockchain enable digital provenance?
Answer: The blockchain enables digital provenance through a public ledger (a network of computers) where each transaction needs to be verified by the network. Don’t trust, verify.
- Why doesn’t a normal database bring the same provenance?
Answer: A normal database doesn’t bring the same provenance, because it is not verified by other members of the network.
- Why is digital provenance such a great benefit to many businesses?
Answer: Because it eliminates the fact that you have to trust the producer or the supplier through the public ledger. It becomes possible to track every transaction in real time and check if they are verified or not.
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- Blockchain enables digital provenance by keeping a decentralized ledger of all transactions that is open to anyone, enabling everyone to view all transactions
- Other databases don’t have the benefits of decentralization, and they can be erased by a single crash or edited. Furthermore, I believe that other databases can be controlled by organization and made private.
- Businesses may benefit by taking trust out of the equation of their monetary transactions. They will be able to verify quickly that all of their money is going where it needs to go, and they won’t need any middlemen.
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Blockchain enables provenance by distributing the ledger across decentralized nodes in a transparent manor, enabling a greater level of trust and security for transactions and outcomes.
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A normal data base is vulnerable to hacks and alterations in code that may go unnoticed by it’s community.
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Digital provenance can greatly reduce resources needed for verification and increase trust in outcomes due to the security of blockchain technology.
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1-by allowing us to track the origins/source of every transaction
2- because there’s always a primary control system in the conventional system
3- because we can verify everything, so we have confidence in what we get
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It provides a trustless verifiable record/ledger that allows transparency across all layers of commerce.
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A normal database typically involves a certain degree of “trust” between different parties. Without being necessarily verifiable, this leaves the database open to inefficiency and even possible corruption.
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Digital provenance provides many benefits for businesses: for example, a) efficient open access such as real time auditing - marrying account and transaction layers, b) complete accounting of ingredients used in food manufacturing, and c) tracking the labor practices of clothing companies (child labor? eco-friendly? etc.).
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- How does blockchain enable digital provenance?
Blockchain enables digital provenance by being trust less. Transactions cannot be removed or changed.
- Why doesn’t a normal database bring the same provenance?
A normal database doesn’t bring the same provenance because you have to trust the owner of the database to record transactions accurately and honestly. There’s room for human mistake.
- Why is digital provenance such a great benefit to many businesses?
Digital provenance is such a great benefit to many businesses because it provides real time auditing of financial transactions, improves efficiency, and allows businesses to remove the need to trust the accuracy of recorded transactions.
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- Blockchain enables digital provenance by auditing in real time and verifying transactions.
- A normal database does not guarantee trustless results because there are not multiple nodes in a network that verify a public ledger.
- It allows for transparency in the supply chain where there is no trust required.
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- All transactions are traceable and in real time
- Normal database does not bring the same provenance in that it can not be trusted and the information has to be looked at historically. The transaction layer and the accounting layers are separate and require lots of time to reconcile
- Digital Provenance has a great benefit for businesses in that the transactions can easily be verified and traced. It brings in trust of goods bought
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It records every transaction in a public ledger and is therefore verifiable by anyone at any time.
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A normal database does not bring the same provenance because it is controlled by a single entity that could change data at any given time.
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Digital provenance benefits many businesses in that they can verify exactly where their supplies are coming from and ensure that they are getting what they ordered. Therefore ensuring the highest quality and value.
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- blockchain enables digital provenance as each transaction is getting recorded in the “public ledger”
- normal database is not recording all transactions that occur in network
- benefits businesses as they can verify provenance no need to just trust
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How does blockchain enable digital provenance?
By making data stored on the blockchain immutable and freely available for public scrutiny by other blockchain nodes. -
Why doesn’t a normal database bring the same provenance?
Data can be changed and may not be avaible for public inspection. -
Why is digital provenance such a great benefit to many businesses?
The ability to trust the data stored in the blockchain which reduces costs for businesses, and the need for a third party to verify the data.
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