Homework on Provenance - Questions

Blockchain and Bitcoin 101
#5283

  1. How does blockchain enable digital provenance?
    Blockchain is a network of computers with copies of all added records or transactions - "public ledger”. This is a Database where you can only add items but not delete them. All transactions can be traced and track in real time, real time auditing.

  2. Why doesn’t a normal database bring the same provenance?
    Normal database is centralised and can be modified.

  3. Why is digital provenance such a great benefit to many businesses?
    Digital provenance increases the customer’s trust, all transactions can be traced and track in real time, real time auditing. It´s make the financial process so much more efficient.

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#5284
  1. How does blockchain enable digital provenance?
  • The transactions that comprise the content of the “Ledger” cannot be deleted, only added. Every transaction can be traced hence every transacted entity can be accounted.
  1. Why doesn’t a normal database bring the same provenance?
  • The standard relational data bases provide UPDATE and DELETE operations. Any data can be modified.
  1. Why is digital provenance such a great benefit to many businesses?
  • Digital provenance removes the need for TRUST between transactions’ stakeholders.
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#5285
  1. Blockchain provides an immutable record of the sequence of steps in a process (e.g. supply chain.)
  2. A normal database is not immutable (it can be changed.)
  3. An immutable record can prove ownership (finance), or steps in a process quickly, and for a low cost.
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#5286
  1. How does blockchain enable provenance?

Blockchain is a database where one can add information, but not take away any information that is already added.

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

The normal database does not bring the same provenance because blockchain is a network ledger that can be viewed by all computers. Blockchain provides the accounting information with the transaction information. Therefore, one cannot say that he or she has a certain amount of cryptocurrencies that he or she does not have.

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

Provenance is a great benefit to businesses because it helps businesses to verify their transactions in real-time providing real-time audits for businesses that can be done in minutes, if not seconds.

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#5287
  1. Blockchain keeps an accurate and open history/record/ledger of all transactions.
  2. Normal databases rely on the information that they have received, they rely on more and more trust typically downstream.
  3. It provides the consumer with open honesty about how the product was created, and with what it was created with…where it came from. Etc. :slight_smile:
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#5288

  1. It is open for all to see any transaction that’s happened. Therefore, nothing is hidden.

  2. Because it’s database is usable by anyone with and internet connection.

  3. It removes the need to trust that they don’t use child labor or bad ingredients in their food or any other problems.

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#5289

  1. Blockchain is an immutable ledger. All the transactions can be public and because it is a blockchain we know that the information has not been edited or tempered with.

  2. Normal database can be edited at any time and the information that it was edited can be deleted, so someone looking at the database might think that it was never tampered with.

  3. Because they don’t have to trust that the information within the database was edited or not. They know it is the original data due to the blockcahin technology.

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#5290

  1. The blockchain is public. Everyone can see and verify all the transactions on the blockchain. Beside that the blockchain is immutable so the transactions can’t be changed or deleted.

  2. It is not possible to verify transactions since these databases are often not public. These databases are based on trust. An important thing is that the transactions can be changed or deleted. Also when the database breaks for some reason, all data is lost.

  3. It creates trustlessness. People don’t have to assume that they are told the truth about the provenance of things, the can just verify instead. “Don’t trust, Verify”.

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#5291

How does blockchain enable digital provenance?

Blockchain is a database where information can only be added and never removed. This allows provenance to be decentralized and also have a public ledger making its financial process much faster allowing processes like auditing happen at real time and securely. Blockchain is also accessible from any location in the world provided you have an internet connection making it more accessible to the user and making it more transparent, eliminating trust.

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

A normal database doesn’t bring the same provenance as it’s run by a central body. Transactions and information can be removed and added, this brings in a big element of trust involved. As there’s no public ledger tracking information can take some time and there is no guarantee that the information you find hasn’t been edited. Unlike blockchain a normal database may crash and information could be lost, blockchain also unites companies on one platform so there are no more issues in sharing data.

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

Provenance is a great benefit to businesses because it removes the element of trust and makes a company more transparent. Companies are all united on one platform so there are no more issues in sharing data. Auditing can be done in real time rather than manually cutting costs for the company. Companies looking to track stock (location, status, quality e.t.c) can easily do this through digital provenance.

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#5292

  1. By being a decentralized immutable public ledger. You can only add to the ledger not change or remove any transactions.

  2. A normal database is centralized mutable and most oftent not public. You can do CRUD operations on a normal database, which means you can CREATE, READ, UPDATE and DELETE posts on a normal database. This means that the current state of a normal database only shows the current state, not its history.

  3. It brings verifiablity to the public. By not involving trust in any third party the public can for themselves verify the ledger in real-time. This creates trust by incorporating trustlessness and always show the full history of the ledger.

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#5293

  1. Every transaction is uniquely encoded onto the blockchain and the blockchain creates visibility of all transactions right back to the Alpha transaction.

  2. Blockchain Technology creates a secure inerasable record of transactions that is decentralized and accessible and confirmable by many users. It does not only sit on a single ERP System but on a globally accessible data set.

  3. It creates a simple reliable way of confirming the authenticity of transaction data with real time audit capabilities.

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#5294

  1. Blockchain enables digital provenance because of the verifiable public ledger. Everything is recorded in chronological order and the transactions can be viewed by anyone who wants to.

  2. Because the regular database is controlled by one company or entity. The same cannot be said for anything on the blockchain.

  3. Digital provenance is big to businesses because it will enable everything to be verified correctly by mathematics and not trusting human error. We can audit in real-time as Ivan says in the lecture.

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#5295

  1. Blockchain enable’s digital provenance by creating real time auditing of transactions.

  2. A normal database does not combine transactions and accounts like blockchain.

  3. It allows for real time tracking of goods in the production and transportation process.

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#5296
  1. How does blockchain enable digital provenance?
    Blockchain acts as a public ledger that allows for a completely transparent review of all transactions. Blockchain combines the accounting layer with the transactional layer which would act as a real time auditing system to ensure all transactions are legitimate.
  2. Why doesn’t a normal database bring the same provenance?
    A normal database can be a read/write database but could also allow previously added data to be altered. Blockchain can only add data to its ledger but it cannot alter data that has been added.
  3. Why is digital provenance such a great benefit to many businesses?
    Digital provenance would remove the need to trust. Accountability would be maximized, and everyone could track the transactions that a business would execute.
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#5297

1: Its a open ledger and because of that you can track every part of the supplychain. you can have a demand on your manufactures that they scan a QR code in every step of the process and upload to the network , then you get a completly open traceability of the merchendise . Witch i think is very thought after by the costumers.

  1. Because it is centralized . you have to trust someone else to be honest. On the blockchain it is open for everyone. The risk of hacking is also much bigger on a normal database.

  2. Because you can deliver what you sell with full transability . I think that is really important , if a company succeds with that all the other companys have to follow .

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#5298

1.How does blockchain enable digital provenance?
Any records can be traced by traced by anyone in public and it cannot be erased.

2.Why doesn’t a normal database bring the same provenance?
Normal database can be deleted or manuplated and we need to trust.

3.Why is digital provenance such a great benefit to many businesses?
Because digital provenance brings us tranceparency , tracking in real time and time & cost can be saved so much.

2 Likes
#5299
  • How does blockchain enable digital provenance?

it has technology to offer an immutable, digital, real-time record

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

a normal database is corruptable and slow

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

Provenance is faster and offers verification

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#5300

Homework on Provenance - Questions

  1. How does blockchain enable digital provenance?
    As all ledgers distributed around thousands of computers thoughout the world, they all records each inmutable transaction and copies to the rest while they’re verified by encrypted signatures

  2. Why doesn’t a normal database bring the same provenance?
    Because it’s managed by a central entity that can modify at its will. You have to trust in the database manager to hold the true information.

  3. Why is digital provenance such a great benefit to many businesses?
    It can leap the whole thing of trust to an upper level. Since it’s decentralized and controlled by an open source algorithm and signed thrugh cryptographic signatures it becomes like written in stone. Once it’s written nobody can modify. They are public and everyone can check. For example, auditing can be much easily done and it’s more reliable.

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#5301

Answer #1. Blockchain enables digital provenance by tracing and auditing financial transactions in real time.

#5302

Answer #1. Blockchain enables digital provenance by tracing and auditing financial transactions
in real time.
Answer #2. Blockchain is more efficient verifiable and transparent, where a normal database
lacks of.
Answer #3 Digital provenance in blockchain is put to use both in accounting and
transactions more efficiently.

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