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Blockchain enables digital provenance because everything can be tracked back to its origin via blockchain.
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Because a normal data base can be changed once something is added to the database and with blockchain this is not possible.
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Because you can remove trust and fully really on the blockchain.
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#1 offers real-time record, that is immutable and thus offering real time auditing.
#2 they can be corrupted, ie deleted or modified
#3 can be used in financial tracking, manufacturing tracing, supply and stock tracking, ingredient origin tracking and much. All of it being trustless.
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Reply to Homework on Provenance
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The blockchain is a database on which data can be added but not removed. It consists of many public ledgers and every ledgers contains a copy of the database. Therefore the provenance can be tracked and traced at all times.
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First and foremost a normal database normally isn’t public, so not everybody can track and trace transactions. Furthermore do normal databases show all kind of status’ but not movements.
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Digital provenance permits Real-Time Auditing. The traditional auditing, which includes piles of invoices, receipts, contracts, is not necessary anymore. All steps of the transactions are written on the blockchain.
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1.Blockchain is a decentralized public ledger that permanently records transactions. Everything on the blockchain is verifiable, no transactions can be removed or manipulated.
2. They are centralized institutions that can potentially control the data/transactions that is recorded. They work on trust.
3. Transactions audited in real time. Everything is verifiable.
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Blockchain provides an immutable open source ecosystem to verify instead of trust.
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In tradition databases data can be manipulated by the owners of the centralised server. but this is not possible in the blockchain space.
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it handles the issue of trust, letting business think more about efficient services
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- How does blockchain enable digital provenance?
This was very enlightening, as someone with a degree in finances and accounting this is blowing my mind pretty much. So, back to the question, this is enabled by a network of independent nodes in a public database
- Why doesn’t a normal database bring the same provenance?
As a student of Databases, this is due to two reasons:
- In a Database there is an admin role with all permissions and able to maninupulate the data inside it - A regular database could have GRANT and REVOKE over commands such as UPDATE and DELETE, hence modifying the records
- Why is digital provenance such a great benefit to many businesses?
This is awesome because as an auditor you can check and automatize and make a lot of processes more transparent
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- The Blockchain is public and visible for everyone, also there is no way to change something
retrospectively. - In a normal data base you can edit every data all the time, because its no chain. Also for databases
you have different perspective and layer that the administrator has to assign for the user. So not
everyone can see all of the data - There is no need for an administrator that handles the database and the views for it, the blockchain
itself is transparent and no third party needed for the transaction handling.
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Blockchain enables digital provenance through its existence as a public ledger, a database made available to the Public where data can be stored and not erased, can be traced back and tracked.
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A normal database doesn’t bring the same provenance because it data can be imputed and extracted but in the blockchain it’s not so; data can only be imputed and that’s permanent, no extraction or alteration therefore immutable.
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Digital provenance is very much of great benefit to many businesses as it shows helps businesses data to be transparent and easily traced or tracked, every data history, every financial transaction, so the business data or transactions can be easily audited with no manual difficulty or labour.
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1. How does blockchain enable digital provenance?
All transactions are verified and visible on the blockchain, which is public and immutable. This makes it possible to trace the history and therefore track the provenance.
2. Why doesn’t a normal database bring the same provenance?
Normal databases can be tampered with (modified, deleted, partly deleted, only some information included, some omitted on purpose or not…). You need to trust the provider of that database and rely solely on them.
3. Why is digital provenance such a great benefit to many businesses?
It allows real time auditing and traceability (for example for financial transactions, or for supply chain in the food industry).
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- How does blockchain enable digital provenance?
By keeping on inerasable record of all the transactions. - Why doesn’t a normal database bring the same provenance?
Because is based on trust (3rd party), so there is an authority that keeps record of transactions, etc. - Why is digital provenance such a great benefit to many businesses?
Because the customer / end user can trace back, the ingredients / components of the product, guaranteeing the origin is actually the one the business claims it is.
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1.- Blockchain enable digital provenance as every transaction made is inmutable and recorded in the distributed ledger that blockchain is.
2.- A normal database is centralized, so it can be modified by a bad actor, human error, software or hardware failure and other reasons. You can never be 100% sure about information, and need to trust in the entity than runs the database.
3.- Digital provenance is a great benefit for so many businesses because it allows them fast access to reliable information, so they dont need to trust, can just verify. This is also appliable to customers.
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Homework on Provenance - Questions
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How does blockchain enable digital provenance?
Blockchain enables digital provenance by providing a public ledger tthat can be audited by anyone with access to the internet. -
Why doesn’t a normal database bring the same provenance?
A normal database is controlled by a centralised entity and closed off to the public, so there’s the possibility of manipulation of the database.
Blockchain is not controlled by a centralised entity and is public for everyone to see so a manipulation is highly unlikely as computers (nodes) are incentivised to keep the blockchain honest, unless one entity controls 51% of the computers on the network and can manipulate the blockchain. But this is very unlikely. -
Why is digital provenance such a great benefit to many businesses?
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Efficiency and Lower costs: Businesses would not need to keep all invoices/receipts for tax purposes and could have it all automatically stored on the blockchain. The blockchain could be utilised to create transactions that hold all the necessary information for accounting so that accountants and auditors could work more efficiently and lower the cost of their service for the business
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Transparency: Businesses could audit materials, ingredients etc. to find the origin of the paid item, to ensure quality, trust of the seller etc.
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Blockchain technology provides an unchangeable ledger of ownership and origin. Once info is stored on a blockchain, it wont be undone.
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Because of the lack of trustlessness. You cannot trust that normal databases provide the same integrity…they can too easily be compromised.
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Because the benefits of digital provenance go beyond the space and use of cryptocurrency, providing real-time auditing and data tracking.
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Blockchain allows for real time auditing/accounting for digital transactions.
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Because a normal database can be altered. Information can not be removed from the blockchain once “written”.
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Provenance establishes trustless transactions, which removes middle-men from the process, thereby saving money.
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How does blockchain enable digital provenance?
by providing a public ledger that can be audited by anyone - all you need is internet access, transactions are immutable -
Why doesn’t a normal database bring the same provenance?
normal database does not fulfll ideal of trustlessness, and centralized, therefore an information asymmetry is prevalent -
Why is digital provenance such a great benefit to many businesses?
it can assure quality and the consumer is protected from scams as well
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Q1: How does blockchain enable digital provenance?
A1: By creating a record of everything that has happened, from which items can not be removed.
Q2: Why doesn’t a normal database bring the same provenance?
A2: Because a normal database can be tampered with.
Q3: Why is digital provenance such a great benefit to many businesses?
A3: Because it does away with the need for auditing. All info is there, in that record/database.
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Blockchain is an open source network which bring about transparency on financial transaction and other use case. All transaction which occur on blockchain are recorded permanently and cannot be removed. Transactions are public and brings about trustlessness by giving real time auditing on accounting and transactions.
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Because their transaction are not public and can easily be manipulated.
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It brings about transparency and trustlessness.
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- It is an open source and hence all transactions can be traced
2.normal Database are centralized and also private
3.because of it’s trust and no middle man
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How does blockchain enable digital provenance?
Blockchain is public and distributed making it easy to trace all the steps something has gone through during its life (ex: all the stages an apple went through from the farm to our tables)
Why doesn’t a normal database bring the same provenance?
Regular DBs are based on CRUD whereas Blockchain is CR, therefore it is not possible to update or delete a transaction on Blockchain. Another important point, regular DBs are typically isolated in private servers.
Why is digital provenance such a great benefit to many businesses?
Enables auditing and knowing exactly the origin of something. Another aspect, it eliminates the necessity of 3rd parties middlemen.
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- By making it trustless and everyone can see the traction in real time
- Because in blockchain people can only add things can not remove things and in normal database people can add and remove things
- Digital provenance is a great benefit for busnisses because they able to see and track their transaction
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