- Availability of tracking of transactions in real time, audit can be conducted anytime without physical presence within the client’s facility. As it is decentralized it is impossible to change/delete data in blockchain.
- Data in traditional database can be manipulated by authorities/government. The whole system is based on trust, and a lot of opaqueness exists
- Trustlessness. Digital provenance is a benefit for both customers and suppliers as it provides transparency. It will also be easier to increase quality of work based on customer satisfaction reviews.
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- Blockchain enables digital provenace because of its ability to bypass the need for needing to trust one benefactor and allowing individuals to verify the auditory and finantial transactions.
- The reasons other normal data bases dont provide the same level of provenace as a blockchain database is due to the value of trust that much go into purchasing items since one doesn’t know, where their products have been beisides where the send told you.
3.It’s a huge benefot for many businesses because it allows them to cut out the middle man to preform transactions and you can have just yourself and the recipiant as well as the verification of the transactins on hand at all times as well as their locations in real time.
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How does blockchain enable digital provenance?
It stores fully traceable and immutable transactions in a publicly readable ledger. -
Why doesn’t a normal database bring the same provenance?
Normal databases are centralized. Their contents are not publicly readable, typically not fully traceable and not immutable. -
Why is digital provenance such a great benefit to many businesses?
It can make auditing much easier and in general, it removes a lot of need for trust between actors.
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A blockchain holds the entire history of digital entries in a public ledger. All blocks are verifiably linked so anyone can validate the whole history of a digital entry.
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A normal database has no verifiable link or guarantee of authenticity other than the trust in the custodian of the database.
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Digital provenance can be useful if a company wishes to be transparent in the use of their digital assets, enabling customers to do their own validation and increasing trustless-ness.
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1- Blockchain enables digital provenance in the sense that data input can never be tampered with.
2- Since normal database is centralized meaning whoever own it has an access to it therefore, those in control can manipulate data to fit their needs instead of end users’ need.
3- It enables business owners to show their production origin to their customers as the customers have access to the ledger & make sure that information provided by companies is true, thereby, customers’ satisfaction become guaranteed.
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Blockchain enables digital provenance by design as a digital stone, nothing can be erased from the stone, only new etchings can be added.
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A normal database does not allow the same provenance as it separates accounting from transactions creating the need for a third party for audit. Accounting and transactions happen simultaneously and are made permanent on a blockchain removing the need for trust/audit.
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The utilization for business is not only the certainty of being able to track the origin of transactions but also the certainty of the numbers being correct, essentially foregoing the need for an expensive third party audit.
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Blockchain enable digital provenance by allowing data to be recorded that can not be removed or altered in any form. This allows a trustless system based on facts that can be verified.
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Normal database can be altered and trust is needed to carry out most transactions.
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Many businesses benefit from digital provenance because of the trustless system that is provided. Business can verify transactions without a third party, track goods from the source of origin to consumer and identify weak areas in the supply chain.
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- Blockchain creates an immutable ledge combining accounting and transactions that can be easily verified by all.
- Normal databases are subject to human error or conspicuous accounting practices. There’s a lot of trust in people or agencies involved with normal data bases.
- Everyone has the ability in the business to conduct fast and effeicent audits.
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[quote=“ivan, post:1, topic:8423, full:true”]
Homework on Provenance - Questions
- How does blockchain enable digital provenance?
The blockchain creates a string of transactions that track who owns what. This information cannot be changed by anyone, - Why doesn’t a normal database bring the same provenance?
In a normal database data could be changed or adjusted, very untrustworthy. - Why is digital provenance such a great benefit to many businesses?
Trust is no longer a factor.
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- How does blockchain enable digital provenance?
Blockchain is a public ledger open to everyone, and data cant be erased and therefore everything can be tracked.
- Why doesn’t a normal database bring the same provenance?
a Normal Database data can be changed and erased and manipulated in any way
- Why is digital provenance such a great benefit to many businesses?
all data can be tracked and traced and audited in real-time
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- By using a public ledger that records all data.
- In a normal database previous data can be erased.
- By making everything traceable companies doesn’t have to trust anymore, they can verify instead.
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Homework on Provenance Questions!
Answers are:
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Blockchain enables digital provenance because data can only be added and multiple copies are generated across the blockchain at different locations, making virtually impossible to manipulate the data. The data cannot be deleted by anyone
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In a normal database, data can be removed. Because data can be removed there is no guarantee for data integrity
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digital provenance allows for transparency in businesses because transactions are public.
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- Blockchain ennbles digital provenance by enabling data inputs at each point in a particular movement of products and data/financial transactions as they reach certain points in their journey. Eliminating need for independent auditing as blockchain is a public ledger
- Because of the current trust based system, data for provenance is held in a central database, reducing transparency and enabling manipulation of the data by dishonest players.
- Provenance would benefit businesses by enabling unprecedented transparency into business process/product origins, incentivising honestly in a wide range of businesses
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- Blockchain is keeping permanent records and improving transparency.
Blockchain is decentralised and no one can change the information or database,
cause its public anyone can verified. - Can be deleted, changed and its not public to verify.
3.You can eliminate trust.
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-How does blockchain enable digital provenance?
Blockchain enables provenance by being able to track where al things come from also being able to imply real time auditing and trace financial transactions.
-Why doesn’t a normal database bring the same provenance?
A normal database doesn’t doesn’t bring the same provenance mostly because it is all ran through old outdated systems.
-Why is digital provenance such a great benefit to many businesses?
Digital provenance is a great benefit to many businesses that it will allow to create trust with its customers knowing that there is nothing to hide from all materials that are being used with each business products.
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- By keeping all the info in a decentralized public ledger.
- Because normal database is based on trust on the owner of database.
- Digital provenance lets businesses verify the information instead of trusting someone.
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How does blockchain enable digital provenance?
All transactions are recorded on the blockchain. These include the accounting and the transactions. -
Why doesn’t a normal database bring the same provenance?
It doesn’t include Accounting and Transactions
3.Why is digital provenance such a great benefit to many businesses?
It is easily verifiable and doesn’t require trust. Businesses can verify what ingredients are included, where the products came from etc
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- By creating a trustless decentralized ledger that cannot be manipulated or changed.
- A normal database is centrally controlled and therefore subject to manipulation.
- Digital provenance is great for many businesses because it removes the need for trust whereby everything recorded on the blockchain is immutable and verifiable.
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Blockchain is a database that can only be added to. So you can only add on blockchain. You can’t remove or change on it. This feature enable digital provenance.Because once you process information on the blockchain, you cannot change or delete it. Thus, it can be easily tracked by everyone.
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You can delete or change the data in a normal database. But you can only add to the Blockchain, you cannot delete or change the data on it.
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Another example is the supply chain. For example, you can see the ingridient of a food you buy on the blockchain. Whether in the field of finance, supply chain or other areas of use, the blockchain provides trust as it eliminates 3rd party organizations and minimizes the human factor. As you stated “Don’t trust,verify”
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Blockchain brings the idea of provenance, to each transaction. Because transactions are written on the blockchain, they and cannot be removed, thus, are immutability. As a ledger, every transaction is always traceable and written on the blockchain.
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Databases support read and write, therefore, they can be modified, and even the record of modification removed.
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Ability to audit, both financial and accounting, with 100% traceability.
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