- Blockchain as a decentralized data base where you can only add information and cannot erase, create the system with trust and impossible to alter.
- Traditional data bases are centrally controlled, susceptible to data breach, data corruption, theft and alteration of existing information, it can also be conceal from the public.
- It will creates transparency, verification and trust to the supply chain, finance and many aspects of all industries.
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Blockchain enable digital provenance by creating non alterable ledgers via a public network.
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Traditional database are not decentralized which can be lost, corrupted and altered.
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Provenance is beneficial to businesses via transparency of production which will attract clients.
- Trustless traceable transactions with business partners which speeds up a variety of processes.
- Beneficial to quality control and rectification of procedures.
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All information are open. Everything’s transparent. It is the computer that verfies the information in real time. It uses mathematic and scientific method to achieve trustlessness. There’s nothing to hide.
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There’s no middle institution that you need to rely on everything— that you have to give your complete “trust”. For example: you dont know the exact content of the product that you’re buying.
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It’s time efficient.
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Creates a leger or hub of non alterable information.
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Normal databases aren’t as public and inclusive.
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Transperancy is key, it will bring a higher sense of security and trust.
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1.By removing trust from ledgers.
2. Normal databases rely on human input.
3. It removes the need to have an auditor.
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Answer 1: Digital provenance is achieved by providing transparency +trustlessness for each stage of blockchain transaction
Answer 2: Normal data is centralized and stored locally, unlike block chain that is decentralized and available in different machines involved in mining.
Answer 3: It provides transparency and trustlessness to any entity in whole business cycle. All transactions are available publicly .
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How does blockchain enable digital provenance?
By providing a digital ledger. -
Why doesn’t a normal database bring the same provenance?
Because it doesn’t track all transactions. -
Why is digital provenance such a great benefit to many businesses?
Because you no longer have to trust other parties you can verify.
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- How does blockchain enable digital provenance? By giving the public the ability to verify transactions in order for individuals to trust companies to give them the goods and services that they are claiming to give.
- Why doesn’t a normal database bring the same provenance? Because normal databases are not tracked and being verified publicly for all to see therefore things can be changed and corrupt can occur. You are essentially trusting companies blindly to do what they claim to be doing.
- Why is digital provenance such a great benefit to many businesses? Because you are able to show consumers that you can be trusted and that your means of operation is indeed legit with no cut corners and the product is everything it is supposed to be. Real time auditing and accurate traceability.
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It allows tracking items back to their source of origin.
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Other databases are centralized which means that information can been hidden from the public and would also be controlled by an organization or authority which also means the data could be manipulated or changed at will, creating a lack of transparency.
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It’s a benefit to businesses because they will have more information on where their supplies or orders come from, who they do business with, and having more knowledge on the products or services they are involved with.
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How does blockchain enable digital provenance?
By not making it an option to remove or edit transactions on the public ledger. The fact that everybody can track every transaction, in real time, makes everything that happens on the blockchain transparent. (Real time auditing)
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Why doesn’t a normal database bring the same provenance?
Because it is not open to the public and the accounting layer and the transaction layer can’t talk together.
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Why is digital provenance such a great benefit to many businesses?
Because you don’t need an accountant showing up in your office, every transaction and all the info about it is on the blockchain. As a company that produces products you can verify, what is in your product and the origin of the ingredients/parts you used for it.
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1 blockchain is a digital record of all transactions that cannot be erased or altered held within a network of computers that must agree the transaction is accurate
2 there is no consensus of others verifying the transactions made at the time of the transaction
3 removes middlemen and allows continuous access to all transaction information without auditing
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Blockchain offers an immutability feature, hence enabling trustless verification.
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Normal database’s could be altered, hence data could be added, removed or changed. Hence, it is mutable which cannot provide provenance
3.It allows the business to, easily verify the transaction and also enables them to do accounting in real-time.
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1. How does blockchain enable digital provenance?
Blockchain enables digital provenance by publishing an immutable, trustless and transparent audit trail on its decentralized network.
2. Why doesn’t a normal database bring the same provenance?
A normal database is not decentralized like the blockchain and as such you need to trust the centralized authority managing and maintaining the database.
3. Why is digital provenance such a great benefit to many businesses?
Anyone can verify the provenance on the decentralized ledger themselves, instead of having to trust a central authority that what they claim is true just because they say it.
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- How does blockchain enable digital provenance?
- Blockchain is described as a digital stone that contains previous and next hash with data of transactions. It enables provenance as it records each transaction without needing a third party auditor. No one can tamper with the database as it will require high computing power to alter the proof of work consensus.
- Why doesn’t a normal database bring the same provenance?
- In the case of banks and institutions, ledgers from banks are usually kept and not public. It requires trust from many parties in order to verify the facts about the origin of the product.
- Why is digital provenance such a great benefit to many businesses?
- In supply chain applications, digital provenance would allow parties to know the process and the state of the product at each point in the system. In finance, it will allow for traceability and verification. It is also a much faster solution than other methods as it eliminates the need for third party institutions.
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Blockchain&Bitcoin 101
Homework - Provenance
- How does blockchain enable digital provenance?
trace Financial transactions, Real-time auditing, track and trace
- Why doesn’t a normal database bring the same provenance?
Because you can alter the existing blocks, trust involved
- Why is digital provenance such a great benefit to many businesses?
No trust - verification
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All the transactions are recorded on the blockchain and cannot be removed, the blockchain being a public digital ledger where every transaction is visible to everyone.
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In a normal database, the transaction history can be easily manipulated, especially when a single or several codependent authorities control it, thus raising severe mistrust. If a hack would occur, the ledger would be lost because the users don’t have their own “copy” of it, in this case being qualified as a backup actually.
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Because it combines accounting and transaction history and it removes the need for audit and in the long run, can eliminate tax evasion and probable miscalculations that can amount up to penalties from the fiscal authorities.
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[quote=“ivan, post:1, topic:8423, full:true”]
Homework on Provenance - Questions
- How does blockchain enable digital provenance?
Public ledger, data base and transactions could be adding but not removing. - Why doesn’t a normal database bring the same provenance?
They are centralized, can be manipulated. - Why is digital provenance such a great benefit to many businesses?
Providing possibility of real time auditing and accurate traceability.
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Homework on Provenance
- It enables digital provenance by verifying computations. You can add to the blockchain but not remove.
- Normal database rely on a third party whereas blockchain there is a network that are used for verification.
- It benefits businesses by allowing verification of supply.
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By providing real time audits and tracking of transactions on chain.
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A normal database depends on trust and is not efficient.
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Businesses no longer need a third party to transact or verify transaction.
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1. How does blockchain enable digital provenance?
Blockchain enables digital provenance due to its fundamental nature i.e blockchain in Public, Distributed, and Immutable.
It is Public, Distributed, and Immutable in the sense that all transactions can be traced and verified to their sources by the various computers(nodes), and once a transaction has been recorded, it can not be erased.
2. Why doesn’t a normal database bring the same provenance?
The primary difference between a blockchain and a database is centralization. While all records secured on a database are centralized, each participant on a blockchain has a secured copy of all records and all changes so each user can view the provenance of the data.
3. Why is digital provenance such a great benefit to many businesses?
Digital provenance can help create trust, transparency, and accountability between disparate parties/actors in a wide range of business activities and industries such as supply chain, art(verification of authenticity of pieces), banking etc
As a matter of fact, it does not create trust per se, it removes it from the equation altogether
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