- The two main characteristics that enable digital resources via blockchain are verification and immutability.
- Centralized (normal) databases (ledgers) are subject to human error and can be hacked to a much greater degree.
- Two very important applications of digital sourcing in the business world are brands and supply chains.
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Making it decentralized allows you to don’t trust anyone but to verify through math.
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Because there is no central point which can change the data. You cannot either remove data.
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Because you don’t have to trust the suppliers information and the costumer can verify the product by themself.
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It enables provenance by verifying where a transaction came from.
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A normal database only holds certain data. The blockchain contains the necessary tools to verify a transaction. Along with consensus to make sure everything is copacetic.
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It’s beneficial because it can eliminate the trust factor. Audits can happen more often, and information can now be stored on a public ledger to be used in other programs.
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Homework on Provenance - Questions
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How does blockchain enable digital provenance?
A decentralized network of computers whom all maintain and verify all transactions on a public ledger that have ever taken place inside the network by creating chronological history of where a product/object/currency etc has been involved in any transactions on the network. This allows for any person to digitally verify the current status of that object/product and verify the total history of where it also has been. -
Why doesn’t a normal database bring the same provenance?
A normal database is most likely run by a centralized entity that can not only add but also remove data. It also does not have an independent network of computers that is tracking the same database that is also regularly verifying transactions with one another to be sure each transaction is legitimate. -
Why is digital provenance such a great benefit to many businesses?
Because this digital provenance is decentralized it removes the worry of bad actors who have the power to change the rules at any given moment, tamper with the data at any given moment, and businesses can rely on the data being verified in a decentralized manner my a network of computers instead of relying on the trust of another’s word that the data is accurate.
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Im sorry my reply doesn’t improve the conversation in any way … just uploading homework 
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Blockchain is trustless - it brings together the accounting layer with the transactional layer - nothing can be removed from the ledger, its immutable
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A normal database can be altered and manipulated - relies on trust - has a overlord
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Everything is verified
Cheers
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- Blockchain technology enables digital provenance by making all transactions public.
- Normal databases rely on “trust” and third party verification, which can be manipulated and flawed.
- Digital provenance is a great benefit due to it being inarguable, and the public transparency takes away the “trust” aspect of traditional markets and supply chains.
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How does blockchain enable digital provenance?
Blockchain enable us to track the origins of the transaction, Therefore its traceable. You can
only add things in blockchain but cant erase it, so digital provenance is so much easier on the
blockchain.
Why doesn’t a normal database bring the same provenance?
Normal database is controlled by centralized entity, so anything can be changed or erased from
it. Thus by nature its provenance capability isn’t trustworthy, if there is at all.
Why is digital provenance such a great benefit to many businesses?
In many industry, digital provenance is extremely critical because, the transactions need to be
immutable and traceable and trustless at the same time and can be audited Realtime.
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Everyone hold the same version of blockchain & all the record cannot be erase but only for adding. Just like recording footprint.
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Every company now hold on to their own database where they can easily create & remove data from it.
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All the footprint has been recorded and easy to retrieve the information when needed. This could save tons of time.
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It allows us to trace digital transactions.
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As a normal company when you pay invoices and receive payments, however info about the actual invoices is not available. With blockchain this can be linked/baked into one.
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It allows us to track transactions in real time, so there is no need for traditional auditing. Companies will no longer need an auditor to come past, look at receipts etc. More efficiency, more transparency from a financial perspective.
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Blockchain keeps track of transaction, which can only be added but cannot be removed, making it hard to be tampered with. It goes through verification and is using a trustless system making it a decentralize community that is open to the public.
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Normal database transactions can be tampered with and can be hard to trace as well as vulnerable to hackers. It can be controled and is centralized it’s not like blockchain decentralize system.
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It provides safety transaction through verification instead of trust, can trace its origins and provides authentic information for real time auditing.
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How does blockchain enable digital provenance?
Blockchain enables digital provenance by creating a system that eliminates the need for trust. In lieu of trust stands transparency and verifiability among the populace. -
Why doesn’t a normal database bring the same provenance?
A normal database doesn’t bring the same provenance because that database is not shared amongst users who are disassociated from having any benefit of that transaction. -
Why is digital provenance such a great benefit to many businesses?
Digital provenance is a type of auditing idea and thus makes it universal to businesses who are mandated to audit in order to operate. It goes further as its application extends beyond financial auditing and can be projected onto all goods and services delivered.
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- How does blockchain enable digital provenance?
It does but storing the data from the very beginning to the very end, any edition or addition of the data is recorded on the chain and is immune to any editing. - Why doesn’t a normal database bring the same provenance?
It is because in most of the case, the data is stored by a central entity that have sole control on the data and the data is always replaceable. - Why is digital provenance such a great benefit to many businesses?
Because it enable trustless transactions between numerous entities along the supply chain and potentially other chains of business. Trustlessness is prime benefit of blockchain.
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- How does blockchain enable digital provenance?
You can only add new information to the blockchain database. And this database doesn’t exist in a single central location. Every computer in the network can verify the information so there is no need for trust because all information that is added can be traced to the very beginning of the blockchain.
Also, the blockchain information is open source so it can be audited by anyone.
- Why doesn’t a normal database bring the same provenance?
A normal database is located on an organization server controlled by an administrator that can modify data and control access to the information limited to what can be tracked or traced. And it relies on a trustable administrator.
- Why is digital provenance such a great benefit to many businesses?
Because you can verify all transactions to their source. It can be used in the food industry to verify where is the origin of all the ingredients and where they come from.
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How does blockchain enable digital provenance?
Transactions that are added in the blockchain are transparently recorded and then can be tracked and audited. Enabling someone the ability to trace and verify a transaction -
Why doesn’t a normal database bring the same provenance?
The blockchain was designed in such a way you can only add something. Eliminating the ability to duplicate or cheat something. -
Why is digital provenance such a great benefit to many businesses?
It eliminates the trust you need to give to a third-party, inculcates trustlessness which removes possible faults (i.e. forgery).
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- How does blockchain enable digital provenance?
All transactions are can be tracked and can never be deleted or altered. - Why doesn’t a normal database bring the same provenance?
It is controlled by a by a centralized organization, and whoever has control can change or manipulate the data. - Why is digital provenance such a great benefit to many businesses?
All transactions can be traced and verified. All information is on the blockchain and cannot be removed or altered.
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Blockchain ledgers make it easy to store information but extremely difficult to manipulate or remove that information once it is recorded. If a change or update is made to a record/transaction, it will be linked to the provenance along with a source, date and time of when the change/update was made. The information stored is encrypted and spread throughout its network, strengthening the veracity of the provenance.
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A central authority database is susceptible to corruption, manipulation or deletion of data. This data storage structure also limits transparency and with it any trace or evidence that a change was made to a record. Since blockchain uses a distributed ledger, transactions and data are recorded identically in multiple locations. Permitted network participants can view the entire history of a transaction, and access the same information at the same time. This transparency can hinder any opportunity for fraud.
3.Blockchain technology benefits businesses various ways;
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Using blockchain means enhancing security since data is stored on a network of computers rather than a single server. All information is encrypted end-to-end, and cannot be altered which helps prevent fraud.
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increased transparency makes it easy to share data about provenance with the party of the business choice. Since information can be easily traced this may also help identify errors or weaknesses in a transaction.
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All of this can bolster business relationships and thus increase revenue.
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- How does blockchain enable digital provenance - it enables provenance because entries can only be added and not removed or altered, is open source for all to see.
- Why doesn’t normal database bring the same provenance - Normal database can’t bring about the same provenance due to the fact that things can be altered or removed within the database therefore, leaving it open to corruption.
- Why is digital provenance such a great benefit to many businesses - Its a great benefit to business as it helps build Trust through Transparency, Authenticity and Traceability
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- By keeping transactions public and by creating a record that can not be removed
- In normal database it is easy to corrupt data, remove records, edit records, delete the whole database
- Because as of now we rely on third-party services and this is trust. Replacing trust with pure code we achieve reliable and verifiable transactions
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How does blockchain enable digital provenance?
real-time tracking of all transaction, easy auditable. -
Why doesn’t a normal database bring the same provenance?
There’s no 3rd party that can corrupt the data. -
Why is digital provenance such a great benefit to many businesses?
It is a trust less system, private / public access
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