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Blockchain enables digital provenance, by providing a trust less ledger, in which information cannot be muted or changed. This allows information to be stored in chronological order dated back to the origin of a transaction.
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A normal database cannot bring the same provenance as blockchain does, because of the inherent nature of the blockchain. The provenance of these databases are limited as they are under a central authority, where as the blockchain is decentralized, and cannot be edited to manipulate records.
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Digital provenance is such a great advantage because to businesses because of the transparency and freedom it brings. Companies no longer have to rely on third parties for their financial audits and transactions. These processes also become much more efficient and transparent for the company, as they now have more control over the situation and can access the information they need through the blockchain.
- How does blockchain enable digital provenance?
Blockchain is a decentralized network making it trust less (dont trust just verify) meaning it is not controlled by any authority or gov and can not be changed or manipulated
- Why doesn’t a normal database bring the same provenance?
most normal databases are not a public ledger like blockchain meaning that it can be controlled changed or even fabricated so you will need to trust in the the word of the authority or government.
- Why is digital provenance such a great benefit to many businesses?
it removes the middle man and makes it possible for the business to track an locate where the product or data in real time.
it also removes the trust factor and makes it easier to have an overview of everything that is happening and that is just god for business .
- Blockchain is an open ledger that ensures inmutability and real-time trace of all-history data.
- Blockchains architecture only permits writing information on it. A normal database is not trustless as it could be edited.
- Businesses can take advantage on provenance as they can be real-time audited. All accounts and transactions are immutable recorded in the same ledger.
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All transactions can be tracked from the beginning of time while being nearly impossible to hack and remove or corrupt info.
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Normal databases are controlled by central authorities and are more prone to hacks
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Since it’s an open source public ledger, there is no trust needed.
the blockchain enables digital provenance because every transaction that happens is listed on a public ledger
a normal database doesn’t have the same provenance because a normal database can be corrupted easier
digital provenance is a benefit to businesses because it lets them verify if the suppliers are telling the truth, they dont need to trust anyone
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Blockchain cannot be manipulated or hacked, it contains all the database from the beginning which makes it transparent to track anything in any business
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Normal databases are centralized and controlled by one authority, as you said in the video 30% trust their suppliers for the ingredients in their food, how much can we trust them? Verify, don’t trust.
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Digital provenance means trustworthy information and reliable database to provide the right information for the consumers, if consumers trust the blockchain then they will trust the products from these companies, and this is what success of a company is all about, people trusting the products.
Please correct me if I’m wrong in anything, English is my third language
Homework on Provenance - Questions
- How does blockchain enable digital provenance? Blockchain can only be added to like a version of a digital stone. There is now way to manipulate information that is stored on the Blockchain due to the decentralized network it is built on. It allows for a trustless transaction meaning all information is able to be 100% verified through the blockchain.
- Why doesn’t a normal database bring the same provenance? Normal databases are opaque. You do not have transparency. You must trust the centralized authority that the information has not been manipulated in any way
- Why is digital provenance such a great benefit to many businesses? It creates an environment where trust is no longer needed
- How does blockchain enable digital provenance?
- All transaction on the blockchain are immutable and made available to the entire network to validate
- This provides all history or previous transactions, thus providing digital provenance.
- Why doesn’t a normal database bring the same provenance?
- A normal database is centralised and transactions are not immutable
- Transactions aren’t publicly verified
- Why is digital provenance such a great benefit to many businesses?
- Tracking and verifying items processed in a
- Supply chain
- Food production
- Real time auditing
- Accounting layer with transaction layer
- Tracking and verifying items processed in a
1. How does blockchain enable digital provenance?
By making multiple and identical decentralized public copies of the data. Which is timestamped, verified and accepted/declined by the rest of the nodes in the network. Making it immutable once accepted by the majority.
2. Why doesn’t a normal database bring the same provenance?
You can modify and erase entries in regular databases. Regular databases aren’t either duplicated as the blockchain.
3. Why is digital provenance such a great benefit to many businesses?
They don’t have to trust their providers, they just have to verify and trace the information.
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How does blockchain enable digital provenance?
blockchain permit keep permanent records of events that can be only added by the supply chain. -
Why doesn’t a normal database bring the same provenance ?
In a normal database any person with access to the database of any company can change the information to his benefit. -
Why is digital provenance such a great benefit to may businesses ?
because allows real time auditing giving them confidence that the information is correct.
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The blockchain is like written in stone. It never goes away and you can folow eveery transacation,
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In other industriews like the food industri is based on alot of trust, sometimes people can lie and harm others because of it.
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More clarity is avalible with blockchain, which brings more fast accurate and maybe fair decisions. If the 3 letter agencies who track and use the technology is ethical, then its easier to act moraly to make sure harm is not happening. If the one in power is unethical/evil, then it could be easy for them to monitor and see exsactly when and what people has bought, and also further down the line how the crypto is being used.
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Provenance is enabled by making it immutable and storing it on a public ledger.
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Information can be changed or modified
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Auditing in various processes within a business can be done in real time
1.The Blockchain enables Digital Provenance by Mathematically Verifying , Tracing and, or Tracking all financial transactions. Along with providing an accounting of all transactions in real-time
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A normal database cannot Track and, or Trace all financial transactions and provide an accounting verifiable in real-time
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Digital Provenance is a great benefit because it involves more than just “crypto”… It also provides the the Tracking and, or Tracing of Ingredients, Items, Places/Locations, in regards Supply chain/ Manufacturing.
- Blockchain enables digital provenance because all entries are stored chronologically in the database, replicated across multiple nodes, and cannot be altered once accepted.
2.A normal database does not have provenance because the entries are not immutable and could be changed by the owner of the database. It is also not as reliable because the database access may be interrupted if it is a centralized database
- Digital provenance is a great benefit to many businesses because they do not have to rely on third parties to audit or access records or transactions - all the data is available openly in the blockchain. This historical transparency can also fight corruption & tax evasion and improve supply chain operations.
(Disclaimer I totally copied these answers from google)
1 How does blockchain enable digital provenance?
2. Why doesn’t a normal database bring the same provenance?
3. Why is digital provenance such a great benefit to many businesses?
ANSWERS
- Records cannot be erased. It’s a public ledger anyone can check anything.
- Need to trust database owner. Entries can be lost or changed and not open to public audit.
- Don’t trust verify! Easy for customers verify transactions and ownership.
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Blockchain ensures a trustless, transparent and immutable means of verifying things digitally in which case we do not have to depend on human trust which is corruptible.
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A normal database depends solely o trust which can be corrupted, is not transparent and can be changed.
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Businesses are able to audit, verify and monitor real time information that impacts their businesses in a trustless and transparent fashion.
Blockquote 1. How does blockchain enable digital provenance?
The data is immutable ( read only- once verified can never be changed).
A block consists of multiples of transactions.
A transaction is a unique record of an agreement between a sender and receiver
A valid transaction is verified by 51% of the network.
Once a transaction is verified on the network it is stored in a block at a given time.
Each block is identified by a unique Hash id.
Each Hash id is a unique cryptographic string of letters and digits.
The current block holds the Closing Hash id of the preceding block & current verified transactions.
Blockquote1. Why doesn’t a normal database bring the same provenance?
In short , a database is a ledger that is Read/Write accessible. It is mutable and does not require validation by others.
A bad actor can change/edit the ledger at any time without approval from others.
Blockquote * Why is digital provenance such a great benefit to many businesses?
It clean, paperless and a record of an agreement that is verified by 51% of the network.
- by tracking fanincial transaction any transaction is written and can’t be delete
2)Normal database can be changed and copy…and in provenance nothing can be changed
3)it gives you anything you need at any time you want and everything is on the Blockchain network and cant be changed
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Blockchain enables digital provenance by being a public, decentralized database in which data is added but never deleted. This allows for each transaction to be verified in real-time, preventing fraudulent changes from happening.
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A normal database is centralized and can be manipulated, hacked, withheld (…), and requires trust.
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Real-time auditing of both finance and supply chains. This could lead to cuts in both operational costs and even taxes.