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How does blockchain enable digital provenance?
Each block is permanent and transparent to see and verify the transaction. It is decentralized so is not susceptible to central server hacking. -
Why doesn’t a normal database bring the same provenance?
It is centralized and records can be changed. You can not see the records. -
Why is digital provenance such a great benefit to many businesses?
Removes the need for trust.
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- By time stamping and immutability. it immediately gives a digital imprint of data.
- Because data can be altered by a central database. With most blockchains the data is governed by all.
- It Can provide real time Immutable data to many industries.
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Blockchain enables digital provenance by using math to prove transactions and allowing real time auditing.
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Blockchain provenance is different from normal database provenance in that it can keep the content of the transactions private while still auditing or proving transactions using math.
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Digital provenance is a great benefit because it allows companies to track where things are sourced from. For example the quality or source of materials of a product.
- Blockchain enables trustless and opaque verification of any required provenance information set such as auditing, tracking and checking on a digital ledger open and verifiable to all
- A normal database can be altered and is not trustlessly opaque and verifiable.
- Digital provenance benefits businesses by offering indelible confirmation, accountability and clarity to all parts of their process to anyone.
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- How does blockchain enable digital provenance?
Blockchain serves as home of all inputed data that is decentralised and impossible to change/manipulate in any stage after it is saved on it (blockchain).
- Why doesn’t a normal database bring the same provenance?
Because it is centralised and with that we must trust the governance of that database. All inputed data is exposed to risk of manipulation of data.
- Why is digital provenance such a great benefit to many businesses?
Because it delivers very much needed credibility (of the company) in the eyes of customers. Transparency in the supply chain shows all the steps the product had made to come to customer.
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It enables digital provenance by adding and confirming the necessary data to prove for example the origin of a product, the ingredients of food or the transactions used directly and immediately in the automated auditing procedure.
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Without the consensus there remains the possibility that the data has been altered and can therefore not be trusted a 100%. It can only be trusted by the same level of trust i give the entity who created the data and that entity could exploit my trust.
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It can save a lot of time and money and even prevents a lot of errors. For the end consumer this can guarantee that they get the exact value for the amount of money they are willing to spend. They can trust a company without trusting the company, which brings great customer loyalty which is one of the most important and costly things for a company to acquire.
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- it is enabled by having an unchangable dececentralized database
- Normal databases are centralized, and are controled by the entity that created it. They can theoretically change it at will.
- There are many reasons, including lower costs to tranfer value to another entiy, very fast real time settlement by todays standards, and the trustless feature of the blockchain. Businesses will also be able to attached conditions to the transactions as well, without use of a third party.
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1. How does blockchain enable digital provenance?
By making it decentralized, trust, immutable and public database.
2. Why doesn’t a normal database bring the same provenance?
Because a normal database is centralized. They are not so transparent and can be modified.
3. Why is digital provenance such a great benefit to many businesses?
Brings confidence, transparency and speed in the business world, reducing bureaucracy
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How does blockchain enable digital provenance?
It is immutable -
Why doesn’t a normal database bring the same provenance?
It can be changed/modified -
Why is digital provenance such a great benefit to many businesses?
It can move business from trust to trustless
Homework on Provenance - Questions
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How does blockchain enable digital provenance?
Because every transaction of the blockchain is recorded in an immuteable public ledger, which everyone can access to verify all past transactions. -
Why doesn’t a normal database bring the same provenance?
Because normal databases are not immuteable and can be changed. -
Why is digital provenance such a great benefit to many businesses?
Because you don’t have to trust an informationen given by somebody else, you can verify this information on your own by looking it up in the public ledger.
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1, the public blockchain ledger is immutable so no one can change it or manipulate it. transactions verified by Maths. Each transaction can be trucked and traces.
2, Normal database controls by the owner of the database.
3, Digital provenance can create a trust between suppler and customers because we can registered all the information on Blockchain, so the customers can see the information on the product in this example. Another example to mention, Many business they do not need an accountant to make their audit as long as all the transactions registered on Blockchain.
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1.-everyone sees it all, everyone can be an overviewer from the beginning of ages to right now!
2.-easy, just one user got the one copy of it and he can add/remove or edit anything he likes without anyone knowing before disclosing it to the public.
3.-information.people nowadays are exceptic, we’ve been deceived so many times we need to verify or try to verify where everything we use/consume comes from and what better to do it from common/ordinary people rather than from big corporations spokesmen or fancy websites
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you can add complete tx data, track from where info/coins sources are and to where they are going to even additional data may be added to the same tx, all in the tx info to be included in a block with other tx’s
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in a normal db, although tractability and additional information are possible to be designed, all this data can be changed at a later time, so trust would be required that no one would change the tx data
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audits can be performed ‘trusting’ that the blockchain was build with valid/truth data (some still will question in the food example that the information sources like physical sensors must be trusted in advance, so in the food example it is not true that a blockchain for food tracking can be completely trustless)
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Ledger machines are able to see the history of the entire blockchain, enabling real-time auditing, and verifying that a transaction makes sense.
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A normal database only has one central copy. There is no way for distributed verification.
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They can use blockchain to keep a transactional history of processes. Customers don’t need to blindly trust a company, and can use blockchain to ensure company does what it says.
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How does blockchain enable digital provenance?
Blockchain is auditable, open and unchangeable. -
Why doesn’t a normal database bring the same provenance?
A normal database can be changed and is not distributed and so must be trusted. -
Why is digital provenance such a great benefit to many businesses?
It can be used to prove distribution rather than be taken on trust.
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1.All the transactions are tracked in the Blockchain and everybody can look up the bc
2.Because you can remove data from a normal database (you have to trust the owner)
3.You dont need to have two different layers for accounting and transaction and you have the real time auditing
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- How does blockchain enable digital provenance?
By being trackable/traceable and immutable/unchangeable - Why doesn’t a normal database bring the same provenance?
A normal database can be changed and potentially have no audit trail. - Why is digital provenance such a great benefit to many businesses?
It provides a trustless audit trail without the participation of an auditor.
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1.Blockchain enables digital provenance because all information is stored on an immutable database and verified by the network so information about the product/transaction cannot be altered
2.A normal database isn’t necessarily open and can be altered after the fact. Following this the information cannot be verified and has to be trusted.
3. Digital provenance is a great benefit to many businesses because a product/ingredient/financial instrument can be verified without a third party being necessary.
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Because you can trace all transactions back to source.
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Because databases could be hacked or altered and have data removed. Blockchain is immutable.
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Because it allows real time tracing of transactions and real time auditing.
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- Through immutability all transaction can be traced back enableing provenance of all future transactions throughout the netework,
- A normal database can be edited and portions eraced and replaced, blockchain does not allow this so is immutable.
3.All transactions are tracanle, auditable in real time, they can also be linked to bookeeping daps that can create records and forms for tax purposes removing the need for human auditing all together. This represents a vast saving in money and time for businesses.
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