Homework on Provenance - Questions

Blockchain and Bitcoin 101
#5202

Since every transaction or movement is recorded on the public ledger, every step of a process can be transparently viewed by any party involved. Thus, any party can verify what is happening at any step of the process without having to rely on trust of another party.

Normal databases don’t allow for this level of transparency or continuous auditing so companies or organizations have to rely on trusting their partners in a supply chain and cannot verify the facts themselves.

This level of transparency would of course be ideal for any business so that they can be sure about the quality of the end product they are producing and the integrity of their partners.

1 Like
#5203

  1. By definition, Provenance is “the place of origin or earliest known history of something”. Blockchain makes this digitally possible by keeping track of all transactions ever made since the inception of blockchain. Because of the decentralized and immutable nature of blockchain, this makes it possible for digital provenance to exist, and be beneficial to all parties involved.

  2. A normal database typically is not immutable, meaning either users or admins of said database can remove or change data from the database.

  3. The short answer is because it provides a certain layer of transparency in transactions. A business (or person) should not have to “trust” any other parties. Transparency eliminates the possibility foul play (whether it be intentional or not) on both sides of an agreement.

2 Likes
#5204

  1. The Blockchain enables digital provenance because it acts as a digital stone. Information cannot be removed, only added. This makes it easy to track transactions because this is also available to the public.

  2. A normal database that we know and use now is centralized and can be altered or deleted by whoever has control of it.

  3. Digital provenance allows business to be more efficient and transparent to people they’re doing business with as well as the public.

1 Like
#5205

Homework on Provenance - Questions

  1. How does blockchain enable digital provenance?
    Provenance (from the French provenir, ‘to come from/forth’) is the chronology of the ownership, custody or location of a historical object.
    Every transaction is verified and added chronollogically onto the blockchain which is updated in real time throughout a decentralized network of nodes and the blockchain can not be altered or destroyed unless each node is altered or destroyed.

  2. Why doesn’t a normal database bring the same provenance?
    A normal database has a centralized form of control, whether an admin or admin protocol. A normal database can be altered without consensus. A normal database requires trust.

  3. Why is digital provenance such a great benefit to many businesses?
    Business benefit form blockchain provenance due to qualities such as the immutability of the blockchain, by the transparancy of the blockchain and by the reliability of the blockchain

2 Likes
#5206
  1. Digital provenance on Blockchain is enabled on a digital “stones” wich mean information can only be added not removed.
  2. Normal database cant bring the same provenance because its centralised and therefore need to be trusted.
  3. Digital provenance is trustless. No third party involvment. Speed and accuracy
1 Like
#5207

  1. How does blockchain enable digital provenance?
    My answer: Through transparency. Every transaction is traceable.

  2. Why doesn’t a normal database bring the same provenance?
    A normal database is mostly build on just trust. Information about a transaction and the transaction itself are not linked to each other.

  3. Why is digital provenance such a great benefit to many businesses?
    Wherever the business consists of selling physical products, there is a supply chain. Because of Provenance, the whole supply chain of a product can be traced and is therefore 100% transparent.

2 Likes
#5208

1.Blockchain enables digital provenance by being able to track, trace, and store transaction data on its “digital stone”.
2. A normal database can’t bring the same provenance because it is centralized and controlled by one admin and relies on too many factors of trust. There is not enough real time auditing of transactions
3. Digital provenance is great for many businesses because it creates a trustless environment where all transactions and data are viewed accounted for and essentially audited in real time on the blockchain.

1 Like
#5210

  1. Public ledger where all transactions can be tracked in real time - immutability

  2. Normal database are centralized and the information can be edit and manipulated.

  3. Its completely transparent

1 Like
#5211

  1. In blockchain, a ledger is chained together to the ledgers which have been verified by nodes around the world. Therefore, one is able to track the origin of the ledger by simply going back to the previous ledger.

  2. In a normal database, each data is not connected like blockchain. Even if it was connected, it can easily be modified.

  3. Companies can track financial transactions or sensitive information in real time. Also, the data cannot be modified.

1 Like
#5212

Hello everyone,
I am new here just got the course today…

  1. How does blockchain enable digital provenance?
    It is an immutable public digital record meaning it cannot be changed and everyone can view it
  2. Why doesn’t a normal database bring the same provenance?
    It can be changed or modified and is not instantly access like blockchain is
  3. Why is digital provenance such a great benefit to many businesses?
    Publicly verifiable and you can perform transactions whenever where ever it is also faster than traditional methods
1 Like
#5213
  1. How does blockchain enable digital provenance?

Since blockchain is an add-only data structure that requires consensus from a majority of nodes in its network, every transaction in the history of the blockchain’s existance is traceable, assuming the blockchain is public. Any attack to fake a transaction can be overcome through the consensus mechanism used by blockchains and an attempt to edit a blockchains history would be detected since it would change the has value the blockchain is using its current block.

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

Normal databases grant different rights to different levels of users. Some some users may have write acces while others only have read access. This subjects normal databases to security vulnerabilities if, for instance, a user with write access has his or her credentials stolen, in which an attacker can manipulate the database’s data.

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

It has the potential to eliminate opaqueness in a lot of industries and supply chains, since , for example, in a supply chain a particular item can be scanned from when it first enters the supply chain and added to the blockchain as a transaction and continuously tracked through new transactions whenever a new action is taken upon it, giving complete traceability to its flow through a supply chain into its final product.

1 Like
#5214

  1. Blockchain has provenance because it keeps a public ledger of all activity. This makes it a trustless network, meaning you do not need to trust the other party because they are already verified on a global decentralized network.

  2. A traditional database does not have the same provenance because it is not connected to the same type of decentralized network. Data can be privately owned, tampered with, edited, and no one has to report it on a centralized network. This means you have to trust the people & businesses you deal with.

  3. The provenance of blockchain is great for many businesses because it cuts out time and financial cost of middle men for various processes. For instance it allows for seamless, ongoing auditing so you won’t have to worry about annual audits. It also creates the ability to send money quickly and more cheaply then wiring through banks. It also builds trust between you and your audience because they can see the history of your transactions on the block.

1 Like
#5215

  1. Blockchain enables digital provenance through a decentralized public ledger that provides real-time, trust less transaction verifications. Don’t trust. Verify. Information can only be added, not removed.

  2. A normal database provides no trust, no transparency. It cannot provide real time auditing of both accounting and transactions in one place. Centralized entities can manipulate or lose data meaning the particular database is built solely on trust.

  3. Digital provenance is a great benefit as it provides important, real time origin tracing, tracking and verification on an open source, public ledger. Value and efficiency are achieved as a by-product by removing trust from the equation.

1 Like
#5216

1. How does blockchain enable digital provenance?

Digital provenance is achieved through a permanent, traceable record of all transactions written to a decentralised public ledger, in real time. Once a transaction is written, it cannot be undone, creating immutable records.

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

Normal or traditional databases, can be edited or modified at any time, which is vastly opposite to a blockchain ledger, where changes to an existing record can not occur.

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

The greatest benefit, in addition to record accuracy, is the immutability of the blockchain itself. The trustless state of a decentralised ledger not only helps in auditing, reports and tracking, but it also makes it very easy to engage with new customers/consumers immediately to begin transacting with.

3 Likes
#5217
  • Homework provenance-

How does blockchain enable digital provenance?

By eliminating trust to all aspects of each items supply chain

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

Accounting and transactions currently are separate but Blockchain allows them to be in the same place

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

It makes everything much more efficient

1 Like
#5218

  1. Blockchain enable digital provenance by making transactions verified and trusted . Normal database can not bring same provenance because it is centralized and data can be removed. Digital provenance is a great benefit because it fight cheating and data manipulation.

  2. Normal database can not bring same provenance because it is centralized and data can be removed. Digital provenance is a great benefit because it fight cheating and data manipulation.

  3. It is beneficial as it encourages verifiable trust by allowing others independent or direct access to full ledger or data starting from the origin to shelf. It also reduces traceability time from days to seconds.

1 Like
#5219

  1. Financial transactions can be traced in real time

  2. With blockchain you can add data but not remove.

  3. Combines the accounting layer and the transactional layer. You don’t need to trust anyone but the code.

1 Like
#5220

Homework on Provenance - Questions

  1. How does blockchain enable digital provenance?
  2. Why doesn’t a normal database bring the same provenance?
  3. Why is digital provenance such a great benefit to many businesses?

1.) Blockchain enables digital provenance by tracking an asset (e.g. currency, smart contract) from its origin, forever following that particular asset’s movement, and verifying both origin & movement of that asset with every node on the network before accepting the transaction as genuine.

2.) A regular database doesn’t bring the same provenance because it is centralized and controlled by a small group of administrators who theoretically can singlehandedly alter it as they wish. A single database may have some level of provenance such as server redundancy, but there’s nothing that fundamentally prevents administrator(s) from altering the redundant server(s) as well. On the other hand, blockchain assets are decentralized; no single entity can add more assets to - or move existing assets within - the network without consensus & verification.

3.) Digital provenance allows the transparent and trustless tracking of assets from their origin (such as a miner) to their current location on the network and everywhere in between. We’re just now beginning to discover how many potential use cases exist for this technology - Physical asset ownership and registration (homes, cars, cellphones etc.), financial transactions, and supply chains - just to name a few. Middlemen such as banks are no longer necessary when transacting on a blockchain network; community consensus replaces the middleman.

1 Like
#5221

1-) How does blockchain enable digital provenance?
= A network of computers helps blockchain to prepare a database where you can only add and not remove any data from the public ledger. This helps in tracking in real time. This is how blockchain enables digital provenance.

2-) Why doesn’t a normal database bring the same provenance?
= Normal database is not a distributed ledger. It is centralized and moreover can be easily manipulated without getting caught.

3-) Why is digital provenance such a great benefit to many businesses?
= It will help in real time auditing, will also make accounting and transactions together like two sides of the same coin which help the business save cost and time. It will enable them to verify and not trust blindly.

1 Like
#5222
  1. Blockchain enable digital provenance because everything is stored and cant be removed or added.
    Each transaction can be verified in real time.

2.Because in normal database can be manipulated. Transactions can be falsified.

3.Digital provenance is a great benefit to normal business because everything can be checked.

1 Like