Homework on Provenance - Questions

Blockchain and Bitcoin 101
#5102

You don’t need to trust - you verify

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#5103

How does Blockchain enable digital provenance?
A: Transactions can be added but cannot be removed.

Why doesn’t a normal database bring the same provenance?
A: Normal database is centralised (managed by an entity). Open to hacks and undue manipulation.

Why is digital provenance such a great benefit to many businesses?
A: Trustless 24/7/365

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#5104

Homework on Provenance -

  1. How does blockchain enable digital provenance?

A: Digital provenance is asset traceability. Once a digital asset is added to the blockchain, it can never be altered or removed. And, since every verified transaction with any digital asset is recorded to the blockchain, anyone with access to the blockchain is able to trace any digital asset throughout its existence.

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

A: In normal databases, data can be altered or removed. Also, unverified, unaudited data can be added. Garbage-in, garbage-out is a possibility with normal databases.

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

A. Because it removes a significant amount (if not all) of the human-error/manipulation/fraud/inefficiency/added-expense/etc. factors from business transactions from start to finish. By allowing for real-time verification and auditing, it allows businesses to spend more time focusing on the core business that actually drives profits vs putting future time/effort/money/human assets into verifying and auditing transactions that happened in the past. Since verification and auditing can be so costly and time-consuming, some businesses might even be tempted to skip these steps altogether, and just “trust” that everything is right.

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#5105

Homework on Provenance

1. How does blockchain enable digital provenance?

Immutable data - enables digital provenance as “digital stone” wherein you can only add data and never remove it. Everything is recorded digitally (public ledger) in an efficient way, eliminating the need for audit-counter audit.

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

It is simply archaic. The centralised aspect of a normal database opens it up to countless flaws and inefficiencies, namely: trust issues, audits, fed control and the like. You only need to read reviews and complaints under some of the major banks and payment providers out there, to see how truly dated these processes are. Data can also be altered or doctored, and if done well enough nobody will be the wiser.

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

You are 100% of the time, 100% in control of transactions, overseeing every aspect of the transaction as it moves through the chain; it is verifiable, irrefutable and it allows independent as well as direct access.

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#5106
  1. Blockchain enable digital provenance becouse it is a ledger open to the public and keeps trucks of all transactions (that everyone can see and verify them), which go to a database, where we can only add data and not remove. Also it is decentralized, no one specific has control of this data.
  2. A normal database can’t bring the same provenance, becouse it is centralized, meaning that some authority can control, remove, change, or lose the stored data.
  3. With digital provenance businesses can be more efficient and reduce their costs, as by having both accounting and transaction layer they can control financial transactions or the supply chain etc. in real time, any time with direct access to full ledger .
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#5107

  1. Blockchain is a decentralized database. All the transactions are written on the blockachain and they are immutables;

  2. Because in a normal database the transactions can be removed from a central authority;

  3. Because with blochain there are more checks and there is a real time auditing.

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#5108
  1. Blockchain is a ledger where all transactions (origin and destination) are visible to anyone who has access. In case of public ledgers (Btc, Eth, other) anyone can see the details of each transaction.
  2. Normal databases can be adjusted: records deleted or changed, records can be added retrospectively. So, one can not fully trust such data.
  3. There are many use cases for blockchain due to it’s trustlessness. You don’t need to trust as all transactions are fixed, visible and reliable. This can be very useful for different businesses, projects where route of money/material/products is very important to be reliable.
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#5109

Benefits of Using Blockchain

Q: How does blockchain enable digital provenance?

A: By having a decentralized system with databases that nobody can control, but instead just add information and transactions. It is not a trust system like nowadays institutions like banks, lawyers, etc.

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

A: In the normal database people can control and it does not have its freedom. Most of the normal databases are centralized, that means you have to trust the people or institution giving you’re the information. On the other hand, with blockchain you can just verify.

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

A: You can cut off intermediaries and you can verify yourself. Businesses will benefit in this case more time saved and less money spent by cutting of the intermediaries. It will improve quality of the database and will make the business flow more efficient.

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#5110
  1. Blockchain enables digital provenance through a trust less system that records data on a public ledger that is immutable in that information can only be added by subsequent transactions.
  2. A normal database is centralized, which means that one central authority is responsible for inserting the data, which might not be sequential. The immutability of the blockchain, only allowing for new transactions to be added, allow to somewhat track the transactions, therefore showing provenance.
  3. Because it allows for real-time auditing and traceability, which can show to customers if the information provided by the supplier is correct.
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#5111
  1. Blockchain enables digital provenance by it’s design, as information can only be added but not removed or edited.
  2. Because it can be edited or parts of it removed.
  3. Because it removes the necessity for trust and makes things “trustless” (that is no need for trusting)
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#5112

  1. Every transaction is visible on the blockchain, you can’t erase Data and it is confirmed by an Dos network (nuds).

  2. Because it is build on trust, data can be removed or changed, not transparent

3.we will know for what we are paying, quality of the product + knowing the way and the supply chain of our product, we will get a Trust-less environment and can guarantee our customers that what we say is in the product is true

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#5113 
How does blockchain enable digital provenance?

-All transactions are visible and unchangable
-Nobody can have full contol of the data

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

-It is not build on a blockchain type technology
-Normal databases are private, with information unaccountable that you just have to trust. -Information can also be edited or erased on a normal database.

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

-It will take trust out of customers mind whenever they are purchasing something.
-Businesses can track processes within their ecosystem and see immediately which areas can be improved.

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#5114
  1. How does blockchain enable digital provenance ?

Blockchain act as public ledger where any transactions,Data can be traced backed to its origin. The fact that no data cannot be amended or removed avoid the data to be manipulated there by enabling all the data/transactions to be verified.

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

Most of the databases are controlled by a central authority directly or indirectly unlike block chain. So it is highly likely that the data can be altered for different interest for the parties involved and there by making the provenance of the data questionable.

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

Digital provenance accomplish the idea of less trust and real time verification.
it minimises the risks of fraud and increases the assurance of legitimate business

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#5115
  1. Anyone can access ledger. Data cannot be changed.
  2. Someone is in control of information and can make changes.
  3. Accounting and transaction layers are together. It also eliminates trust in someone else.
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#5116

1 - As informed in the lecture, blockchain is like a stone where you can only write or add on, but not remove. By having all the information engraved into the blockchain you can always go back and check the origin. (My question, What prevents the source of the data to input it wrong in the beginning, Example, clothing manufacturer can input the data that the factory abides all regulation and human rights conditions but in reality, is not).

2 - Because a database is not shared so if someone change it is easy to go pass by the change, with blockchain all the network stores a copy and can verify any change disrupting the change and not accepting it.

3 - companies can show the origins and gaining customer base, Blockchain removes trust based information, but by doing that it can generate trust in the company by the customers.

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#5117

  1. it make the information public on the blochain public so you can trace the origine of any data so that give a lot of transparency , the blockchain is decentralized: no central entity has the control of what can or can’t be exchange or create, trade or change the data in it; is up to the individual of what he gonna do with this technology. It is easy to create a account and to exchange data. All the information are check, protect and verify so you don’t have to trust them.

  2. All the information is between the hand of a trust party who most of the time use your data for their own benefic (most of the bank) and they are not or mildly protected by some old program so they are not to hard to get hack and when you break through you got your and of a lot of personal document because they are on the same server.

  3. Because it allow them to create accurate and secure data exchange between their client and other company this will create trust by showing the transparency.

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#5118

  1. How does blockchain enable digital provenance?
    By removing the trust in the system and verifying with a real time/accurate public ledger

  2. Why doesn’t a normal database bring the same provenance?
    Because its centralized, works under the “trust system” therefore they can be manipulated.
    Cannot combine the Accounting Layer w/ the Transaction Layer

  3. Why is digital provenance such a great benefit to many businesses?
    It audits itself in realtime, eliminating the need for auditors to come to your business. Combines the Accounting Layer w/ the Transaction Layer

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#5119
  1. How does blockchain enable digital provenance?

The blockchain is a public ledger. Everyone can view it to verify, rather than having to trust what they’re told.

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

A normal database is not public. A blockchain can be accessed by everyone and nothing on the blockchain can be edited or removed.

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

A business’ customers do not have to worry about potentially being deceived. They can simply verify the information in a sales presentation. This is great for both B2B and B2C customers.

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#5120
  1. How does blockchain enable digital provenance?

The blockchain is a decentralized immutable public ledger. It’s like a digital stone. All data is recorded, but can not be removed or edited.

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

A normal database is centralized. Data is collected by “the owner”. The data is not public. Because of this asymmetry of information, it is possible for the owner to edit, remove and add data.

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

It provides trustless, accountability and traceability.

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#5121

1. How does blockchain enable digital provenance?
Blockchain is like a digital stone, every transaction that is written on it could never be erased.
The data base is decentralised and cannot be changed. All transactions are open source.

2. Why doesn’t a normal database bring the same provenance?
Traditional databases can easily be changed (copied / edited / data erased) by anyone who has access to the database. On the contrary Blockchain does not allow data to be modified without alerting the entire network.

3. Why is digital provenance such a great benefit to many businesses?
It allows various types of businesses to make a real time audit and verification of their vendors’ whole supply chain. This might be beneficial for any segment B2B, B2C, B2G etc.

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