Homework on Provenance - Questions

Blockchain and Bitcoin 101
#5504

Blockchain enables digital provenance through a trust-less public ledger that can not be controlled by one person or company, or be manipulated or subtracted from (immutable).

Most databases are centralized to a single node, making it accessible to only certain people, including malicious ones. This lacks transparency as well as a larger spread network of nodes that can access the ledger and validity of transactions.

Digital provenance is a great benefit to many buisnesses as it encourages verifiable trust by allowing others independent access to a full ledger that is traceable in seconds.

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#5505
  1. How does blockchain enable digital provenance?

Because blockchain is a public ledger where you can only add transactions.

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

Because a normal database is not immutable and has no possibility for real time auditing with the efficiency and transparency that blockchain has.

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

Because businesses (and even consumers) now can see in the public ledger what ingredients are used in their end product and where it is from. They can see in what stage of the supply chain it is and even the state of the product.
Therefore businesses and consumers know for a fact what it is they’re selling or buying.

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#5506
  1. By being decentralized, public transparent ledger, transactions can be recorded but not erased or manipulated.
  2. Normal database can be manipulated and transactions erased. It is controlled by a company.
  3. No third party audits needed. No need to trust , only verify all information,.
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#5507
  1. How does blockchain enable digital provenance?

Blockchain enables digital provenance by allowing each individual transaction to be traced and verified in real time.

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

A normal database is usually centralised, meaning there is less transparency especially in regards to financial transactions. Companies, banks and governments do not allow each person to view their financial transactions, meaning they do not gain the full trust of the consumer.

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

Full transparency allows businesses to gain full trust from the consumer by allowing them to verify and trace each transaction. Furthermore, businesses don’t have to rely on trust when trading with suppliers. Digital provenance removes the need for trust and instead replaces it with the ability to verify.

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#5508

  1. Blockchain is not owned by a company and therefore its decentralized also called trust less, don’t trust, Verify.

  2. Because a normal database is usually owned by an authority or company that can change and ban however they like.

  3. Companies are going to a digital provenance because it’s convenient and easy to send information and data to each other, just like Bitcoin being a digital gold, you don’t have to store big chunks of gold and try to send it by sea.

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#5509
  1. The blockchain enables digital provenance by removing the trust and allowing the math to verify the supply chain.
  2. A normal database doesn’t bring the same provenance because it relies on trust. Allowing companies to cut cost to maximize profit.
  3. The reason why digital provenance are such a great benefit to many businesses is because its trustless and allows companies to closely monitor where the supply chain of a certain ingredient or material has originated from, where it is currently located, and where it is going.
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#5510

  1. By acting trustless, there is no need for a person to verify or manage te transactions

  2. Bc in a normal database you need persons to manage the transactions and verify if it’s send or recieved

  3. There is no trust in this procces, everything can be managed online wherever you are on te web

(Correct me if im wrong, im learning…)

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#5511

Homework on Provenance - Questions

  1. How does blockchain enable digital provenance?

because every member/computer on the blockchain has the same transaction that must be verified by the BC

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

databases can be controlled by the main user or users and are not open to all

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

open resource for companies to actually see the information they seek from the open platforms being engaged with - no lies or falsehoods

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#5512

1 By using public ledgers that act as real time auditing The info are available for everybody to read
2 Cause the information are private and not recorded digital so they are difficult to be verified
3 Cause there is no need to trust the information given as they can be verified

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#5513
  1. How does blockchain enable digital provenance?
    Blockchain acts as a public database which record the provenance for every product and could not be changed so that everyone is able to check and verify the provenance.
  2. Why doesn’t a normal database bring the same provenance?
    A normal database is centralised and controlled by someone else. Hence, the provenance may be amended.
  3. Why is digital provenance such a great benefit to many businesses?
    It enables a trustless business environment. Many business e.g. supply chain, financial transaction, product production can be tracked and blockchain ensure all business information are correct
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#5514

  1. Provenance, as defined by dictionary.com, is “place or source of origin.” Therefore, Blockchain enables digital provenance by recording each transactions origin, whether it’s a financial transaction or, as pointed out in the lecture, the origin of commodities like food or clothing.

  2. Normal databases are generally not duplicated and connected to multiple nodes, or touch points. A normal database can also be updated and information manipulated, whether it is added, changed or deleted.

  3. Instead of businesses relying on intangible feelings like trust, transactions are verified, hence the slogan Ivan referred to “Don’t Trust - Verify.” This verification, then has a knock-on effect that induces feelings of trust towards the business and it’s transactions :slight_smile:

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#5515
  1. How does blockchain enable digital provenance?

Provenance is the use case of tracing and tracking in a trustless manner. The blockchain enables this because it is a immutable database with no centralized authority that is verified by nodes and algorithms. Therefor, the blockchain enables real-time auditing and tracing when it comes to both financials and supply goods.

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

Normal databases are centralized and can be changed by the entity overseeing it. Therefore, it is not trustless. Normal databases also have inefficiencies with a lot of moving parts instead of it all being in one place. On the blockchain, accounting, tracing, and auditing are all in one place and verified in a trustless manner. Lastly, normal databases typically have manual quality control instead of automated.

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

Digital providence can reduce costs by cutting out outsourced parties/departments and saving time/mistakes from manually controlled databases. Security and quality of whatever is delivered will be stronger because trust isn’t necessary.

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#5516
  1. How does blockchain enable digital provenance?
    Given blockchain is a digital public legder, it provides access to all the information to track and verify thus enabling provenance
  2. Why doesn’t a normal database bring the same provenance?
    Normal database is not public and can be only be verified by its owners
  3. Why is digital provenance such a great benefit to many businesses?
    Industries can benefit by accessing public information and efficiently track their assets and audit in a timely fashion
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#5517

1.How does blockchain enable digital provenance?

Every transaction is recorded in the block-chain and can’t be erased or changed or modified by anyone, additionally it is always available for anyone in public to trace and analyze. Hence, there is always a record available to trace and audit. Transparency is achieved, the proof of transaction is generated and stored forever.

  1. Why doesn’t a normal database bring the same provenance?
    Provenance can’t be achieved as transactions are entered manually. They can be easily manipulated, changed or modified to meet different agenda’s and objectives. The reason top audit firms are hired to conduct transaction audits such as KPMG, Deloitte and E&Y.

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

It is the only way to ensure justice, fairness and a reflection of actual transactions occurred. It is not based on trust or provision of manual facts and evidences. The records are generated by the computers with all the details that are needed to ensure transparency and justice in the global echo-system. Block-chain technology enables verifications and discards trust concepts.

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#5518
  1. How does blockchain enable digital provenance?
    Decentralized blockchain are able to be trustless, public and immutable
  2. Why doesn’t a normal database bring the same provenance?
    A normal database is controlled by a centralized entity, who have the power to change or erase the information.
  3. Why is digital provenance such a great benefit to many businesses?
    Businesses could use blockchain to increase efficiency and to decrease cost, also the possibility to have the traceability of products
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#5519
  1. How does blockchain enable digital provenance?

Blockchain brings forth a trustless system in which every transaction is recorded in a public ledger. This makes it impossible to change or manipulate the ledger, allowing for real time auditing. Anyone can clearly see the transactions without having to trust a centralized organization.

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

A normal database is backed by trust. Yes, transactions are recorded in a similar fashion, however, it is less verifiable. With a normal database, it often involves a centralized organization proving a transaction is legitimate, making it only verifiable by word of mouth. This leads to easy manipulation. With blockchain, there is no trust involved. Transactions are recorded and cannot be manipulated once they are verified by a variety of different nodes. Proving for a much better system.

  1. Why is digital provenance such a great benefit to many businesses?
    Digital provenance can benefit everyone. Accounting and transactions can become one with blockchain. Financial transactions for businesses do not need to be recorded by individually, they can be put into the blockchain. This allows for all transactions to be instantly audited, cutting out the need for accounting. In addition, supply chains can now be built on fact rather than trust. Locations of items can be recorded. Ingredients can be proven. Materials can be shown. The possibilities are endless when data is recorded on the blockchain.
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#5520
  1. Blockchain enables digital provenance by connecting the accounting layer with the financial layer of blockchain. This allows for tracking, measuring and trustless transactions.
  2. A normal database cannot bring the same provenance because trust is based upon what the previous supplier had stated. Even with well intentions information can often be inaccurate.
  3. Digital provenance creates trust because information can be verified. This creates transparency and efficiency.
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#5521
  1. How does blockchain enable digital provenance?

All blockchain entries are immutable so it shows the history back to the origin in the chain itself.

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

A normal database is centralized and can be changed by the owner.

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

Businesses will self-verify and no longer need to trust third parties for audits or to access transactions or records of any kind.

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#5522

  1. Blockchain enables real time tracing and data collecting, from start to finish on the
    supply chain.

  2. A normal database is not verifiable.

  3. It gives businesses confidence in their purchases and knowledge in the handling of
    purchased products.

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#5523

  1. Blockchain is public ledgers. Anyone can do real time auditing and tracking the whole supply chain.

  2. Because the normal database is centralized, handles by one authority. You have to trust that authority. On the other hand, blockchain is trustless. You don’t have to trust anyone but the system and you can verify yourself.

  3. Digital provenance flatten the 2 major layers of the business; transaction and supply chain verification. It helps increase logistic and accounting efficiencies.

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