Homework on Provenance - Questions

Blockchain and Bitcoin 101
#5001
  1. How does blockchain enable digital provenance?

You can add encrypted data to the blockchain
You can trace anything on it
It is public for anyone to view and contribute to the blockchain
You can get real-time data from the blockchain
You can only add data to the blockchain, you can not remove data once you add it to the blockchain
All data added to the blockchain is verified to secure the data added is correct
All data is verified on the blockchain you do not only have to believe or trust it is correct.

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

A regular database is usually run on a system which does not allow other parties to contibute or view
only certain parties are allowed to contribrute therefore modifying or manipulating data is easy without verification.

3.Why is digital provenance such a great benefit to many businesses?
brings equality to customers due to the blockchain being public
anything is traceable on the blockchain e.g supply, origin
accouting, every transaction is recorded and verified by the blockchain

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#5002

By creating decentralised system without a middle man or company. Nothing cannot by duplicated due to strict verification process and documentation.

It can be hacked and customised to gain advantaged also it’s not created with the blockchain principles in mind.

Because transactions times, high bank fees and similar issues can be avoided using blockchain. All this can be achieved simply using blockchain also while gaining benefits such as high availability

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#5003
  • How does blockchain enable digital provenance?

Block chain creates digital provenance through the use of a transparent public ledger, where all activities can be traced and accounted for from the time of it’s inception.

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

It requires some measure of trust of another person or persons that rely on assumptions that cannot be verified with 100% certainty.

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

It enables the use of Trustless contracts. It’s here the phrase ‘Don’t trust; verify.’ encapsulates the idea of contract not being secure unless there is total transparency that allows each party to see exactly what the other has done at every phase of any process and at what time it took place and on what day.

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#5004

  1. Blockchain is an immutable ledger that is shared by many computers, which leads us to the second point->

  2. Decentralised (when speaking of public blockchains), this makes sure that information cannot be skewed by someone that has certain malignant intentions of self interest.

  3. Blockchain technology eliminates the necessity of trust, since you can simply verify everything at all times.

’‘He Who Is ₿rave Is Free’'

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#5005

How does blockchain enable digital provenance?
It stores data permanently and verifies it through “A Network Of Computers”. This prevents abuse of the system and anyone can verify it.
Why doesn’t a normal database bring the same provenance?
Because the user has to rely on trust to get accurate data. A normal database can be altered and the users can’t verify everything going on.
Why is digital provenance such a great benefit to many businesses?
Tracing is more accurate and tracing time is reduced. It creates a trustless system that makes it easier for everyone.

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#5006
  1. The provenance is safe, because no data can be erased in a blockchain.
  2. In a normal database, data can be changed or deleted, often the provenance is based on trust.
  3. Many businesses rely on trust for a variety of data, blockchain takes away the “trust” part and makes the data more reliable. Less human error.
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#5007
  • How does blockchain enable digital provenance?

It enables digital provenance by providing an immutable digital real time record that can be used to confirm authenticity. It provides traceability and prevents the removal of any information from the blockchain network.

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

A normal database is centralised and hence corruptible by the administration.

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

Digital provenance brings many benefits to a business. It provides for traceability on the network which enables trustless transactions. It removes trust as the blockchain is a public ledger which provides every participant with the ability to verify and validate claims rather than relying on trust. As everything on the blockchain is permanent it also removes the ability to deceive, provided a participant verifies and validates transactions/claims on the ledger.

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#5008
  1. How does blockchain enable digital provenance? - Due to the fact that blockchain is a public legder, all transactions can be tracked.
  2. Why doesn’t a normal database bring the same provenance? - Because it is not real-time; You can remove transactions from a normal database
  3. Why is digital provenance such a great benefit to many businesses? - Because it is very easy to verify transactions/things.
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#5009
  1. It allows transparency between all parties as they can see all transactions on the network.
  2. You ca remove date from a normal Database. Where you can’t remove it from a blockchain database.
  3. It allows a trustless societty as the information is clear for everyone to see
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#5010

  1. Blockchain enables provenance in that it can track financial transactions in real time making it extremely efficient, allows for a record of a transaction’s origin and existence throughout time and can be verified through math.

  2. In a normal database items may be both added and removed. Through provenance all transactions can be tracked and audited in real time on a public ledger and never changed or removed. An immutable database removing the need to trust industries through a network of decentralized nodes.

  3. Digital provenance is beneficial for businesses because it adds a layer of security verification by handling both the accounting and transactional layer of data and the data is stored in one place which may be referenced in real time auditing on a public ledger .

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#5011
  1. It is unchangeable, vastly accessible, the block chain will keep a digital record of all things
  2. It can be manipulated
  3. Clients won’t have to TRUST the business, they will be able to VERIFY it.
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#5012

1- blockchain allows for the data storage to be decentralized and by doing so removes the need for a trusted middle entity to verify the information being represented. Therefore, people can verify the origin of things by viewing its history on the blockchain without having to take someone else’s word for it.

2- normal databases are controlled by a central authority, be it a government or company and therefore the information can be edited at will by the central authority.

3- it is great for many business because the business can be transparent with their customers and in doing so they will build trust and confidence with their customers that products or goods are being sourced in a eco friendly, humane manner, high quality manner etc

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#5013
  1. How does blockchain enable digital provenance?
    By never allowing changes to the blockchain. Always adding never changing.
  2. Why doesn’t a normal database bring the same provenance?
    Because it is Centralized and would allow control to someone. With Block chained being decentralized that does not happen.
  3. Why is digital provenance such a great benefit to many businesses?
    It introduces Trustlessness. People won’t have to worry anymore about who to trust. Sounds like a good thing.
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#5014

  1. How does blockchain enable digital provenance?
    Having a database where everything is recorded and nothing is removed, and having multiple nodes containing a copy of the blockchain, can ensure fraud activities are denied.

  2. Why doesn’t a normal database bring the same provenance?
    Because it allows deletion of data, which can result in false verification.

  3. Why is digital provenance such a great benefit to many businesses?
    Digital provenance can effectively reduce or even eliminate auditing for financial transactions and can be used to track and verify the supply chain (which I’m not sure how it can be achieved yet?.)

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#5015

Love the way you answered these question. When you write a book be sure to put this info in. I appreciate good concise answers.

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#5016

  1. It verifies any input placed on the blockchain where you don’t have to trust the other party when the blockchain code can verify the work being done.

  2. Because it doesn’t stay chained on a block of code like blockchain does not proving the verification of work. No central authority.

  3. It will bring a much more efficient supply chain and operation to many businesses. Increase trust from customers because the blockchain verifies everything meaning the employees have to do what is right. Also will decrease cost in the long run if operations are run more smoothly. Businesses can focus more on innovation than just cutting corners. Also decentralized processes can help their reach and focus.
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#5017
  1. How does blockchain enable digital provenance?
  • By tracking all financial transactions, instantly, through the blockchain.
  1. Why doesn’t a normal database bring the same provenance?
  • Normal databases work separately and it is difficult to connect the accounting database - that pays - with the financial - that receives payments. By having those nodes of the network separated, the actual flow of the money (in the paradigm of the company) is missing.
  1. Why is digital provenance such a great benefit to many businesses?
  • Since all the transactions are traceable from their very beginning a company can run audits instantly without having to check these separated databases, and also connect all transactions to the same flow. That could be traced back to the supplier that received the money after the relative sale etc. That applies to not only to money transactions but to materials and goods in the supply chain as well.
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#5018

  1. By storing data in block lists which are tied together chronologically in a ‘chain’ of records and cannot be modified or erased, only added to it.

  2. A normal data base pass by a third party which is easier to hack or modify.

  3. Contract must be completely done 100% correctly, tracking and solidify customer’s confidence in the brand and their orders.

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#5019
  1. You can verify the provenance of a product or transaction on the blockchain.
  2. A normal database is not immutable. The information can be changed by a centralized party.
  3. The information is verifiable. No trust required.
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#5020
  1. How does blockchain enable digital provenance?

Blockchain enables digital provenance by having only additions to the blockchain and no removals, so records cannot be erased. It has a network of nodes that all have a copy of the public ledger, so anybody can each trace and verify every transaction to determine if it is valid or not. If it is not verified, then it is an invalid transaction and vice versa, if it can be verified, then it is an appropriate transaction.

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

A normal database does not bring the same provenance because there is no entity outside of itself that can verify the transactions, and therefore relies on trust and would require an auditor.

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

Digital provenance is a great benefit to many businesses because it can be more efficient, it can save money, and it can bring lots of value to anybody requiring their services. It can be more efficient because it saves time by not requiring work to verify the origin of a good or service (and therefore you do not have to trust any particular business), it does not require multiple invoices or departments to track different types of expenses, and information is provided to the business or client very quickly (easily validated). In this way, accountants are not needed, which saves businesses money, and brings values to clients who are looking to trace transactions or origins of goods.

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