- Every transaction is recorded on the blockchain. You can only add info on the blockchain and you can not delete existing info.
- Info can be manipulated on central databases.
- You don’t need to trust your supplier and middleman anymore. You can verify it through blockchain.
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How does blockchain enable digital provenance?
As blockchain serves as a public ledger, all information is stored and can be accessed and consulted and audited in real time. This allows a trustless system, which relies on verification.
Why doesn’t a normal database bring the same provenance?
Normal databases in other businesses, such as the food industry, relies heavily on trust, which does not guarantee safety. These systems lack transparency, and therefore do not allow the same level of provenance that blockchain does.
Why is digital provenance such a great benefit to many businesses?
Blockchain enables digital provenance, which can benefit businesses by ensuring transparency, traceability and accountability, providing users and companies with a safer experience.
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- How does blockchain enable digital provenance?
Records cannot be deleted, the public ledger allows anyone to search anything, and the permissionless ledger allows anyone to add anything…
- Why doesn’t a normal database bring the same provenance?
Because the entries are not permanent and can be modified by the database owner It is also less secure because storage access can be blocked if the database is centralised or distributed.
- Why is digital provenance such a great benefit to many businesses?
Many companies will profit greatly from digital provenance. In the one side, they can trace their goods and break the confidence layer between supply chains. They, on the other hand, offer transparency to their clients without attempting to persuade them to believe them.
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Records are public, all stored information can be accessed and verified by anyone, thereby eliminating the need for a “trusted 3rd party”
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Most other systems rely heavily on trust which means there is plenty of room for manipulation. These systems tend to be much slower and lacking in transparency
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It enables users and businesses to have a safer and more transparent experience because all information is public, immutable, verifiable .
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- Blockchain enables digital provenance by being able to trace all transactions by verifying instead of trusting. Provenance is transparent, all transactions can be traced. Transactions are not controlled by a central authority and are available to anyone.
- A normal database is controlled and not transparent and therefore can’t bring the same provenance.
- Businesses can benefit greatly from digital provenance as they can track exactly where things are coming from to make products, food etc. Real time audits are possible and efficient with everything also being available to the consumer.
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- Blockchain technology enables real-time origin/location through digital, changeless ledgering.
- Insecure. Relies on trusting information that cannot be truly verified.
- Saves time, through marrying transactional and accounting data. More cost effective.
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1. How does blockchain enable digital provenance?
As a blockchain is a ledger which is public, transparent and immutable. Transactions/information can be saved and viewed from every member in real time.
2. Why doesn’t a normal database bring the same provenance?
As it’s controlled by a third party (company, authority etc.) and can be manipulated.
3. Why is digital provenance such a great benefit to many businesses?
No trust in third parties is needed. Example: Supply chains - businesses and especially customers can trace every single step of the supply chain, so this creates tremendous transparency, trust in the product/service and improves the customer experience.
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How does Blockchain enable digital provenance?
With distributed Ledger Blockchain stores data in lists of blocks wich are tied in chronological chain of records. For a new block to be added to the chain it must be verified or solved mathematically. Mathematical is verification is referred to as mining. Once confirmed the block is added to the chain of records completing each transaction. -
Why dosent a normal database bring the same provenance?
Information or data can be manipulated and changed. Lack of trust -
Why is digital provenance such a great benefit to many businesses?
Immutability: data cant be changed or erased.
Security and great reliability: blochain is designed to be resilient to attacks. If any indvidual node goes offline or becomes unstable on the blockchain network. Then the remainder of connected nodes which number in the hundreds of thousands. Countinues working to make the network available and no data is lost or compromised.
Transparency: open ledgers like Bitcoin, has every single historical transaction is recorded and can be viewed by anyone without premission, providing an unparalleled level of accountability and transparency that benefits all stakeholders.
Privacy: Blockchain technology dosent give out personal information to private tech companies. A Blockchain solution gives users control over what information is viewable to outside parties.
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- How does blockchain enable digital provenance?
blockchain allows for digital accountiability and verification of information
- Why doesn’t a normal database bring the same provenance?
normal databases do not use the same type of technology and allow for human error
- Why is digital provenance such a great benefit to many businesses?
you mentioned ingredients in food and accountants with taxes, these are good examples of how it can benefit businesses for holding other business and people accountable and verify to their customers that their product is legitimate
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- Keeping a ledger of all previous history and keeping it transparent
- Information from databases are not transparent/verified
- Transactions can be verified without parties needing to trust each other
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- Don’t trust, Verify! This is what Blockchain enables and it is decentralized. Transactions can be added to the blockchain but cannot be removed (improbable).
- A normal database is often private and mutable and owned by a central authority. Blockchain is a public ledger hence transparent.
- Blockchain takes away the need to rely on trust with all the stakeholders involved. This improves efficiency for businesses
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A blockchain enables digital provenance because it is a public ledger which can store data but it can not be erased or re-written. Therefore it is transparent and requires no trust.
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A normal database doesn’t do the same because it is centralized and the information can be altered which makes the information not always reliable. Blockchain tech allows for information to be verified by hundreds of different nodes in the network, ensuring that all are in agreement about the infos accuracy.
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Digital provenance is such a benefit to businesses because it simplifies accounting, tracking of supply and many other things which requires a lot of money and effort in the traditional markets
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- How does blockchain enable digital provenance?
By creating a system where transactions can be added, verified and never removed, thus greatly increasing the authenticity of said transactions.
- Why doesn’t a normal database bring the same provenance?
Because normal databases are based on trust and can be manipulated.
- Why is digital provenance such a great benefit to many businesses?
Because businesses don’t have to stress about whether they can trust outside parties they work with, such as suppliers. Instead, they can simply verify transactions on the blockchain to ensure their authenticity.
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- How does blockchain enable digital providence?
Very easily by mitigating the need for trust or an arbitrator by creating a publicly visible and distributed ledger that can be viewed by any persons.
- Why doesn’t a normal database bring the same provenance?
It is inherently flawed in that it is not publicly visible and even if so due to its centralized nature any error in the database or system or persons controlling such database would have an inaccurate ledger and therefore could not be fully trusted.
- Why is digital provenance such a great benefit to many businesses?
Due to its decentralized nature all records are verifiable by any interested parties and no persons can make changes without other persons knowing. Therefore all transactions are trustable. The records are all permanent.
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- How does blockchain enable digital provenance?
Immutable and trustless ledger - Why doesn’t a normal database bring the same provenance?
It is centralized and therefore prone to fraude/manipulation - Why is digital provenance such a great benefit to many businesses?
It takes away the need for a lot of cumbersome and costly processes like accounting. Also transactions are real time and almost instant and third parties aren’t neaded.
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- How does blockchain enable digital provenance?
It does not really enable provenance. Nothing does unless it is verified by a real intelligence for each company’s research or analytical purposes. Machines will keep computing. You will always require human operators for machines to execute you answers. It supports reporting of provenance on a broader spectrum. We may no longer need the dummy book keeper in the accounting firm we use but if some coder wants to tell me that they got my accounting covered I’ll tell them they are full of shit. For a start are they licensed and finally if I give them a task will they procrastinate and waste a lot of time and money trying to figure out high finance or will they go do the research that I asked of them and send me back some files with real data. I can review or even train somebody to complete some advanced spreadsheet work. But a lot of coders do not even have analytical skills or advanced mathematical abilities. Did they even study calculus or economics? Most of them don’t do what you tell them and expect 50-90k just because they can code? A teenager can hack better than most of these guys.
The short answer is that the blockchain can support our provenance reporting because it tracks all financial transactions and covers basic rudimentary verifications. If you are a billionaire its fairly easy to spot a time waster. It will be pretty clear on the blockchain that somebody does not have the funds. But if you are an average Joe just because you see tens of thousands in transactions you still do not know if you are dealing with a smart con artist or his crew.
With the right development team and suitable consultants advising, solutions could be built that may one day enable digital provenance for a single company but there will be a cost to updating such a system and the development costs associated with handling a conglomeration of businesses working in its industry or sector. A new type of digital broker will replace the old ones I guess? My experience of computers and IT people are that they do not want to speak with you and you have to tell it to a nobody that basically answers “Computer says no” then you got no customer service and you will be left hanging on their phone lines and then eventually cut off because your IT support subscription ran out. If it’s more technical some Ethereum developer has just quit to work on a new project or they left your code on a repository that was not protected and now all your data has been hacked. May be these hackers just minted new coins and ran off with millions in your companies capital or your stake holders money. The authenticity of each new provenance hack will be a fine art known amongst anonymous hooded teenagers and I’m getting too old for their shit. Do I trust guys that earn 90k a year for something I did for free as a kid? Will they stop these kids from spreading mischief under the protection of end to end encryption that makes it nigh possible to trace them if they are actually from North Korea or have used a chain of proxies to make it look like Kim Jong is the data fatboy stacking nuclear powered asics imported from a Chinese photoshop processing department. Nope!
If my homework was on enabling a tonne of digital provenance conspiracies hmmm…
Ok in one sentence a blockchain can support public and also private transactions with a level of automated account keeping a process which is coined as “digital” provenance.
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- Why doesn’t a normal database bring the same provenance?
It does not bring the same kind of “digital” provenance which will get hacked. One could argue that a normal database built to spec can provide a trustless pay wall which keeps us secure. That database could be a peer to peer network or a much deeper network with layers of security that do not require anything to be “trustless”. It may be that some broker or accountancy firm has the patent or license to operate payment processing via that channel or relay.
I think the difference is that the blockchain is a decentralised network with the same computing power of super computers and datacenters but which are secured by their block encryption. An operator will then be personally responsible for any fraud or manipulation eg social engineering scam that is marketed by hoodies. When using a centralised trust based solution the payment authority would take ownership of any fault or handling of the fraud or reimbursing any theft so long as you did not willingly pay money into another persons account. If you have been hacked then you are basically screwed and will not get your money back. Encryption nuts think you can be protected on encryption and trustless operation.
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- Why is digital provenance such a great benefit to many businesses?
How great is a new benefit replacing an old one that you never had to do or were responsible for anyway? You paid those dummies to do it for you so that taxes may be avoided. I guess the great benefit is now people can play their computer games on NFT provenance to take care of that tax avoidance for you.
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Blockchain enables digital provenance because it is an open source database that is entirely available to the public.
A normal database cannot provide the same digital provenance because it is not immutable. Normal databases can be updated and edited, they are not set in stone like the blockchain.
Provenance allows for real time tracking of transactions, so auditing can be completed immediately without the need for bookkeepers and accountants. This will save businesses time and money. Additionally, transactions completed on the blockchain are trustless and verifiable. They do not require you to take your supplier or vendor at their word, you can verify that the information they are providing is true and accurate. For example, a manufacturer of electric vehicles can verify that the cobalt used in their batteries was mined without child labour, or a purchaser of LNG can verify that the gas they are purchasing has proper carbon offsets.
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How does blockchain enable digital provenance?
Blockchain enables Digital provenance by being immutable and therefore every transaction can be traced back to its origin without being altered. -
Why doesn’t a normal database bring the same provenance?
Because it is a normal centralized data base that can be edited and deleted. -
Why is digital provenance such a great benefit to many businesses?
Digital provenance is a great benefit to normal business because it will allow a business to trace and track where something has been with transparency that can’t be altered or removed. Business can tract their transactions back to the original source without needing to relay on trust.
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