What I learned is that blockchain is a public ledger system and it has a feature called provenance. Provenance allows to put together accounting layer and transaction layer on the blockchain, so the transactions can be audited in real-time.
Digital provenance can be also used in the regular business besides cryptocurrency, including tracking the origination of the product and ingredients, etc. So that consumers and businesses know how the product was finished and delivered from the beginning to the last stage, so it enables trustless transactions. The transaction or the process has tracking and everything step was done as it was tracked.
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- By removing trust from the equation and enabling a full public ledger.
- It can be altered. Normal Databases are not “set in stone” and are not often available for public viewing.
- Again, by removing trust/human error from the equation. This not only increases efficiency but transparency and accuracy as well.
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- It is a digital signature which records information and demonstrates authenticity.
- Because a normal database can be controlled by a single person or have a central authority.
- It cannot be controlled by a central authority or a government and cannot be deleted and is trackable.
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1.) The whole thing is decentralized, so there’s no owner. Nothing can be erased from the blockchain and everything is public.
2.) In case of normal databases you have to trust the owner. They can easily alter the data, add or delete records.
3.) You won’t need the element of trust anymore. Once provenance is implemented in the business, you can see the origin of anything that uses provenance.
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Homework on Provenance - Answers
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Blockchain enables digital provenance by providing all the transactions on the blockchain to verify every transaction, to trace every transaction which makes the whole process transparent
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a normal database is not viewable for everyone, it can be manipulated, normal databases are not built like a decentralized public ledger.
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Transactions being transparent for all the players enables more efficient economic process. Trust won’t be needed anymore, instead the blockchain establishes trustlessness so anyone can the the origin of anything that has provenance implemented.
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How does blockchain enable digital provenance?
The blockchain, due to the fact that it’s an immutable public ledger, gives anyone the ability to audit the blockchain in real time. -
Why doesn’t a normal database bring the same provenance?
A normal database is designed to be centralized and is highly reliant on trust. This allows anyone with authority to edit data as they see fit.
- Why is digital provenance such a great benefit to many businesses?
Digital provenance removes trust. This degree of auditing allows businesses to verify their supply chain and track the flow of raw materials. For example, a food manufacturing company can track the ingredients used in the production process.
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In providing a ledger in which you can add information but not remove it, therefore making transactions tracesable.
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Beacuse it can be copied or multiplied, edited or delete existing information.
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Beacuse it will remove “trust” from business transactions, therefore making them more efficient. Don´t trust verify.
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blockchain is enabling digital provenance by the transparency of each transaction in the chain. As that is verifiable and accessible by anyone, this is base to achieve trustlessnes.
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Normal databases are:
a) centralized, so they are not universally verifiable
b) normal databases allowing deleting and changing of the records. Therefore are not trustlessness proof. -
Digital provenance is a great benefit because for many businesses it is bringing verifiable proof of transactions. Eider financial transactions or other transactions. For example proof of origin. And it is real-time provenance.
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1.) How does blockchain enable digital provenance? By providing the chain of ownership using a ledger. This ledger can answer the questions of who, what, when, ware and how.
2.)Why doesn’t a normal database bring the same provenance? Databases can be changed and altered by a central authority or users. These changes can not be verified or tracked by the end user or recipient of a good or service.
3.)Why is digital provenance such a great benefit to many businesses? Digital provenance allows for real-time auditing and transparency to all parties involved. Verified using the digital ledger using a trustless system.
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Blockchain keeps record of all transactions permanently, and the transactions are available for anyone to view.
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For financial transactions, traditionally the actual transactions and accounting are kept separately. It is hard to trace activities from beginning to present. Hence, many transactions are made based on trust.
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With the true information accessible to anyone, it provides real-time information trail for decision-making. As a result, transactions are made based on verified historical facts instead of just trust.
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- By tracking all the transactions and keep them in a decentralized ledger, where anyone can check the provenance
- Because it’s centralised, therefor you need to trust that nothing was changed.
- You can verify transactions without the need of the middle man. Accounting becomes more effective with blockchain.
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Homework - Provenance
Benefits of Using Blockchain
- How does blockchain enable digital provenance?
Blockchain enables digital provenance by putting the transaction layer on top of the accounting/audit layer. Doing this will make the financial process more efficient. It will be able to do real time transactions and real time audits. It will also enable one to have product information like the ingredient in one’s food in addition to its state of being at each point of the supply chain.
- Why doesn’t a normal database bring the same provenance?
Normal databases cannot provide the same provenance because normal databases information can be manipulated, removed, or changed. With blockchain, the information is etched into the “stone,” it is there forever and cannot be manipulated, removed, or changed.
- Why is digital provenance such a great benefit to many businesses?
With the example of the food chain supply, it can guarantee a business’ product is up to par; and avoid any liabilities that may come from defective products that would be distributed without notice had one not had the secured data provided by blockchain. The ability to have trustlessness, will give a business confidence that what they produce is made to optimum verified specifications. “Don’t trust. Verify.”
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The blockchain enables digital provenance as it is a database where you can only add not change anything. Therefore it is the perfect usecase for provenance.
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A normal database can be changed. With the blockchain all data has to get verified from all other ledgers. Whenever someone tries to manipulate data, it won’t get verified but ignored.
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Digital provenance can definetly be of help for the accounting of a business. It can also help to prevent misappropriation and create a better customer experience.
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How does blockchain enable digital provenance?
ANS #1: Blockchain is an open and public ledger that cannot be erased and tracks all transactions digitally via the internet. Information is available to all computers / mobile devise networks. The data is encrypted and secure within the Blcokchan ecosystem. -
Why doesn’t a normal database bring the same provenance?
ANS #2: Normal database and supply chain verification (“Provenance”) is reliant on third party inputs, trust and accurate communication variables. They are subject to honest mistakes or willful omittion of data. Blockchain removes these variables. -
Why is digital provenance such a great benefit to many businesses?
ANS #3: Blockchain verification combines both Auditing and Transactional Details within the open and public ledger system, removing the need for CPAs (Accountants / Accounting Companies.) increased transaction accuracy, providing supply chain trust immediately as well as a large business cost savings due to those activities.
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Blockchain enables digital provenance because like most databases that are owned by an individual or group of individuals that have full control over it, blockchain allows that open ledger for that public that contains unchanging data.
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A normal database doesn’t bring the same provenance because it can be manipulated, tampered with or modified due to it being a centralized database.
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Digital provenance is such a great benefit to many businesses because it builds their trust. It creates more efficient businesses by providing safer, more transparent, verifiable transactions.
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- How does blockchain enable digital provenance?
- By storing the tracking of every steps of a process (financial or logistic for example) into the blockchain. Therefore, the history of the provenance of money or goods can be achieved.
- Why doesn’t a normal database bring the same provenance?
- Transactions and events are guarantee to be true with the transparency of the blockchain and can’t be falsified easily.
- Why is digital provenance such a great benefit to many businesses?
- Trustless operations can guarantee a more rigorous process and easy verifications
- Transactions and audits can be more efficient and in real time with more information available about what really occurred
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Blockchain enables digital provenance through a distributed and immutable public ledger. Thus every transaction can be audited with the knowledge that it cannot be changed after the fact.
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A normal database can be changed by the database administrator with no clear trail of the changes being public so there is no trust that the data in the database has not been manipulated.
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The greatest benefit is the trust that the data is true. So customers can verify that claims made by a company are, in fact, true.
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- Anyone can add to or check the ledger, but nothing can ever be erased.
- Need to trust who owns the database
- Everything can be verified from it’s origin and don’t have to go off of trust
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How does blockchain enable digital provenance?
In blockchain you have an open ledger and no way of adjusting the info that is alredy there. The process is transparent. Every party involved can check what has happened before.
Why doesn’t a normal database bring the same provenance?
In a regular database things might be adjusted, in blockchain there is no way to do it.
Why is digital provenance such a great benefit to many businesses?
It makes the processes way more efficient. There is no need to trust for example the suppliers, the businesses can take decisions based on the info that is verified by the blockchain rather then just trusting the suppliers. Also it is easier for the business to prove that it really does what it stands for.
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1, Because it’s transparent. If so it’s easy to dig on the data and have to get or track all the essential elements. Moreover able to see every activities.
2, They doesn’t share commonly the copy of the data base networking like in a blockchain.
3, It helps businesses to achieve both the transactions and same thing auditing stuffs. collecting data. And instead of just trusting it assist to verifying the information.
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