- Blockchain does this by being able to put the accounting and transaction layer together. This will give you the details of the transaction as well as the audit trail of it.
- A normal database consists of ledger entries without the audit trail. It is incomplete in that sense.
- This is a great benefit because it allows real-time auditing of all transactions, this level of transparency will make the business much more efficient.
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- Block chain can record and track transaction in real time and help instant reconciliation, reduce significant time and effort.
- The normal database is located, stored and maintained in centralized system which is exposed to the risk of being crashed, hacked, and being vulnerable to security risk. Meanwhile, blockchain is an open source, decentralized platform in which information and data once recorded cannot be changed.
- Digital provenance provides the possibility for instant audit with high accuracy as well as remove the trust or human error out of the process. --> reducing significantly related cost for businesses
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blockchain enables digital provenance due to the transparency of data being stored everywhere redundantly without a central control that has it under lock and key. it makes it so the data is verifiable by everyone anywhere if need be. lol, the proof is in the pudding and and with the blockchain… we know what the pudding is made of.
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A normal database would have a problem trying to bring the same provenance because the ledger (tracking) and or storages are not public. Most if not all databases are protected with multiple layers of security in order to keep prying eyes out of it. security consistent with password, keys, coding that is controlled solely by one person or a small team that make all the decisions
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Digital provenance is beneficial to the business sector due to a number of things but i will just touch on a couple that i feel lead to greater economy. businesses benefit due to the fact that it truly lays all the cards out on the table for all to see and decide on. companies and businesses will be able to make smarter decisions with much shorter negotiations, well informed trajectories, and accurate investments.
This also benefits the the companies by opening the doors leading to trust between business and consumer. heck, all the millions spent on sales that push the boarder of unethical, weaved between intangibles can be saved and reinvested in growth, employees, quality,…etc.
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The digital provenance is provided by keeping a track of the asset history from the first issue using the decentralized database. Each change is recorded in the database/ledger and verified by multiple nodes, what assures no unauthorized changes could be made. The information can be only added and never removed.
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The normal database can be easily modified what in case of an unauthorized access could bring a lot of harm. There is no control over the input consistency, moreover in case of database crash the recovery can be done using the latest existing backup, so the recent data would be lost. Blockchain not only assures constant input verification by comparison with the multiple database copies existing in the network it also makes database crash hardly possible. Even if the track of recent record is lost it can easily be recovered using existing network resources.
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It validates origin of the resource/product by keeping secure track of all changes/production steps or ingredients used. By verifying the supply chain companies can keep quality record of all supplies. Moreover, in case of detected component nonconformity ready products could be easy tracked and withdraw from the market.
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- How does blockchain enable digital provenance?
- the distributed network and ability for anyone to view a complete history of the block chain create transparency; the permanent nature means no one can cheat or manipulate the transaction history
- Why doesn’t a normal database bring the same provenance?
- a normal data base can be hidden behind a firewall and is not open for public review, can be edited and things can be removed or changed
- Why is digital provenance such a great benefit to many businesses?
- It provides the ability to audit the transactions in real time so there is no need for manual audit processes that are prone to manipulation
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Homework: Provenance
With blockchain technology, you are able to remove the trust layer when it comes to , for example , knowing where your clothes came from. You can verify the provenance of something and you can track it, using the blockchain.
The advantage that the blockchain has over the traditional database, is that you can only add Information to the blockchain, you can not remove it. In a traditional database on the other hand, you can change the data in the database.
Because now businesses have the ability to verify the origin of their ingredients or their supply. Now these businesses have another tool they can use to track and verify things with.
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- How does blockchain enable digital provenance?
Blockchain is like a stone where you can add info (transactions in this case) but you can’t remove it because this info is stored on Blocks, and these blocks are encrypted with each other, therefore by changing any minimum information stored in that block, the algorithm used to encrypt these blocks will give a completely different result and people can check in which block the information has changed.
As a result we got a blockchain where all info about the provenance of the transactions has been already proven to be true. Blockchain combines the accounting layer and the transaction layer in their transactions, so you can read the all the info around it.
- Why doesn’t a normal database bring the same provenance?
Because a normal database normally didn’t combines the accounting layer and the transaction layer in their transactions. For example if I’m a Factory and I have to buy some raw material, I have to trust that the other company gives me the raw material from areas where, for example, there is no labor exploitation, and since these two layers are separated, I cannot verify it myself and I have to trust that the other company is telling me the Truth, because in the system they use the information is not verified and validated by anyone and if it is, it is alterable since it does not have the property of adding information without being able to remove it, or they can give false information first and that it ends up being validated that altered information.
- Why is digital provenance such a great benefit to many businesses?
For me the first benefit is that you can track an error and solve it at the moment, in the example of the food chain it is very clear that you can prevent many damages to health (avoiding that any product in poor condition is distributed and consumed throughout the world) using the blockchain system instead of the outdated system they are using,
Another clear benefit is that you don’t need to trust anyone, you just verify.
And the main benefit that I think benefits most companies is that they become fully transparent using blockchain, and this attracts more customers.
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How does blockchain enable digital provenance?
Blockchain allows digital provenance by providing a ledger that is public for all to see. This ledger functions as runestones would in the time of the Vikings (a stone with carved words, easy to add, impossible to remove). People can add to the ledger, but no one can remove anything from the ledger. because of the openness of the ledger things like currencies, food ingredients, and product manufacturing lines can be audited quickly and effectively to ensure no trust is needed… only verification. -
Why doesn’t a normal database bring the same provenance?
A normal database cannot bring the same provenance because only a certain person can edit those databases. Also there is no way to verify what is on these databases (no public ledger)… we would have to trust what someone says… which goes against the very motto we just learned.
DO NOT TRUST…VERIFY.
- Why is digital provenance such a great benefit to many businesses?
Digital provenance is a great benefit to many businesses because it adds the ability to audit the origin of things. Businesses will no longer have to trust what they are getting if they can quickly and effectively verify it. With everything verified effectively, businesses can provide better products or services and a better experience for the client.
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Adds accounting layer to the transaction layer for realtime auditing. The public immutable ledger of blockchain allows businesses to easily collate trustless data.
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Normal databases aren’t immutable! Each transaction on the blockchain makes the data more secure.
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There are many, one example is monitoring the stages of production within manufacturing. Syncfab is a project I briefly worked with which utilizes this use case.
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- Blockchain enables digital provenance by creating an unchangeable real time record.
- A normal database doesn’t bring the same provenance because it could be corruptible or delayed and is expensive.
- Digital provenance is a great benefit to many businesses because it is fast and provides both private and public access.
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- How does blockchain enable digital provenance? transactions are verified by a decentralized network of computers creating transparency
- Why doesn’t a normal database bring the same provenance? a normal database is centralized and the data can be manipulated/changed
- Why is digital provenance such a great benefit to many businesses? digital provenance enables every physical product to come with a digital ‘passport’ that proves authenticity (Is this product what it claims to be?) and origin (Where does this product come from?), creating an auditable record of the journey behind all physical products.
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by enable tracking
due leak or insufficient information and transparencies
due to it’s transparency that enable every one to trace all information’s
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How does blockchain enable digital provenance?
Through the use of decentralized computers, financial transactions can be traced with ease and in real time. This is why Blockchain can be called a public ledger. -
Why doesn’t a normal database bring the same provenance?
Normal databases are incapable of providing the same level of providence due to the difficulty of auditing and the opaqueness in transactions. Normal database require a significantly greater deal of trust between two or more parties, unlike Blockchain which allows you to verify transactions in the open. -
Why is digital provenance such a great benefit to many businesses?
Digital providence removes the trust factor of transactions and allow an unprecedented level of transparency. Users can audit, verify, and track material/ingredients in real time.
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1 Block chain gives you the ability to track and audit every transaction in real time. It can’t be changed
2 A normal database still requires a certain amount of trust to function, can be corrupted. Very expensive .
3 Its trust less a lot faster has public and private access
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1- No central authority has control over data as it is decentralised meaning trust is removed from the situation.
2- Normal databases have a central entity that can control it or manipulate it and so it is not as secure or trustless as it could be if it were on the blockchain.
3- Consumers can have more faith in the products they buy and be able to verify where they came from. Businesses can operate in a more efficient way because there is less room for error or any sort of manipulation of data as it is all stored in an immutable way.
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- Blockchain enables digital provenance because it is real-time and immutable.
- A normal database goes through middlemen and is therefore delayed; it is also corruptible.
- Digital provenance is trustless and verifiable with public access. This brings value and efficiency.
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- Data can never be removed from the chain. Therefore, every transaction, or thread of transactions, can always be traced back to its origin.
- Because data can be removed from a normal database, such databases may not contain the entire history of transactions. Therefore, there can be no certainly around provenance.
- Digital provenance, by definition, contains truth in its entirety. There is no greater benefit to mankind - or the Universe, for that matter - than pure truth.
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How does blockchain enable digital provenance?
By using a “trustless” method (blockchain technology) that tracks food ingredients, for example, back to the exact source source. Once the information is added to the blockchain, it has to be verified, and it can not be removed. -
Why doesn’t a normal database bring the same provenance?
Because a normal database uses a centralized server or computer. It usually is not public, and won’t show anyone the tracing from manufacturer to consumer. -
Why is digital provenance such a great benefit to many businesses?
It is a great benefit because it can show customers that they don’t have to trust the business…it will show and verify to customers and other businesses exactly where their products or ingredients, for example, are coming from.
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- How does blockchain enable digital provenance?
By using real time auditing on the public ledger of blockchain, digital provenance is possible. This is achieved by putting an accounting layer together with an auditing layer. In other words, facts or specific information about a value, be it crypto, food or some other item is layered together with the value to provide transparency. - Why doesn’t a normal database bring the same provenance?
Because with Blockchain, once data is added into it, it cannot be removed or changed. It is permanent. With any other database, values and associated details can be deleted and/or changed in some way which could compromise the integrity of the value. - Why is digital provenance such a great benefit to many businesses?
Digital provenance can allow a business to operate among its own components, workers within the business and most importantly a business’s clientele in an environment of absolute verification, rather than simply trust.
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By utilising technology that eliminates the need to trust in third party intermediation
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Within a normal database, transactions and accounts can be edited or erased
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Digital provenance allows for real-time auditing along with the benefits of transparency, accountability and overall cost cutting.
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