Homework on Provenance - Questions
It has a public ledger where all approved transactions are recorded.
2. Why doesn’t a normal database bring the same provenance?
Normal DBs are not immutable, meaning you can add/remove records as you wish.
3. Why is digital provenance such a great benefit to many businesses?
It allows immediate audit and transaction tracking.
Blockchain uses ledger which is verified by peer-network. Each node in the network confirms the transaction making “duplicate” transactions impossible because other nodes would have to approve such transactions.
Normal database is separate from the transaction itself and all transactions are verified in a centralized manner. This makes it necessary for the centralized party to be trusted and base the whole process on “trust” instead of “truth”.
They get for example accounting services much easily when they can just check the transactions from the same place where it is audited (the blockchain). They don´t need to rely on intermediaries when it comes to transactions.
Homework on Provenance - Questions
By providing an immutable ledger that can not be falsified on the blockchain. Meaning, that any item once produced and registered has a concrete audit trail.
A normal database is centralised and there are no independent verifiers. Meaning that a single authority and/or hacker could alter information in the data base.
As this allows the authenticity of an item to be completely verified. In addition, industries such as food manufacturers/distributors require traceability and this type of audit trail is inherent to blockchain. Meaning that time consuming and costly activities such as auditing can be almost completely eliminated.
Behaves as a public ledger so that it can be verified by all in the network.
A normal Data base can be manipulated. Information can be removed and added without verification.
All transactions, food ingredients, clothing materials can be verified through trustlessness.
Blockchain is a kind of a database where every data can be traced.
because they are centralised. Someone or an organisation is controlling it.
Because it solves the problem of “trust” in transaction. you can verify things with blockchain.
Blockchain enables digital provenance by providing an unchangeable ledger of transactions, the origin and history of which you can track and trace from any point.
Normal databases dont provide the same provenance because in a typical centralized database, there is only that one source to verify anything. So you can only trust what that one source says, rather than being able to verify from multiple data inputs on the same transactions.
Digital provenance is such a great benefit to businesses for many reasons. Some of them are:
Answer - It brings transparency at every stage of business lifecycle or transactions, it automates various aspects of business lifecycle, ultimately I personally think it is shall prove cost effective also on longer run
1. How does blockchain enable digital provenance?
Answer: By being transparent and immutable but furthermore the blockchain is based on math instead of trust. I’ll take a math based system over a trust based system anyday, leaving little room for human error.
2. Why doesn’t a normal database bring the same provenance?
Answer: It is more likely to succumb to any form of human error.
3. Why is digital provenance such a great benefit to many businesses?
Answer: Transparancy sells. Being able as a business to provide clarity to its customers about the origin of its products, for example, is a big plus.
blockchain enables digital provenance as a result of having many computers which all have records of transactions performed on it. This allows for transparency and also accountability in any system that blockchain is applied.
Because normal databases all have a degree of autonomy and most times, Clients and users don’t have a choice but to trust the company or organization they are interacting with.
Digital provenance will be of great benefit to the many businesses because it allows for not just accountability but also real-time auditing. This would give an avenue for tracking in every transaction between 2 parties from the beginning to the end
Blockchain is a public, digital ledger that allows one to track or trace the origin of a transaction. It is decentralized, thus making it less prone to being manipulated.
In most cases a normal database is centralized. This means that it is controlled by government or some form of authority, making it difficult to gain access to the ledger in order to trace transactions. Some times these transactions could be manipulated to present a false picture. This is solely based on Trust. One looses the ability to verify transactions on their own.
For example in a food manufacturing business, customers can now be able to trace the process, from when the food was grown to it’s way to the shelve in the shop. Customers literally now trace every ingredient in the production process of the food they are going to eat. Digital Provenance makes it easy to just verify what you are spending money on. In the long run, businesses can also do their own real time auditing without the need for an professional auditor
Blockchain enable digital provenance because of the fact that it’s public and immutable.
Normal databased are centralised, so it’s not public most of the times either can be trusted. Also normal databased work with normal data structures which can have “delete” of “alter” actions.
It can create a trustless environment where everyone the businesses doesn’t have to trust random people or companies. Everything can now be verifiable.
Homework on Provenance - Questions
Blockchain is an open ledger where you can add info and it is completely decentralised. The verification process happens on multiple independent locations.
The traditional database in centralised and fallible.
Digital provenance avoids trust as a part of the process.
By providing a decentralized multi ledger system, which is publicly available. It provides the function of adding, but not to remove or alter data (Digital Stone). The accounting and transaction are one process with real time auditing.
Normal databases are controlled by someone and therefore centralized, which again includes the trust factor. They are generally not publicly available and they can be edited and altered.
Digital provenance will enable businesses to remove the trust factor and a middleman and provide them with clear information about origin and purity of the products. Overall it enhances the autheticity of a product or service and can also operate more time and money efficient.
The blockchain enables digital provenance as records can only be added and never erased. Because it’s a public ledger, it also means anybody is able to view the information, making it trustless.
A normal database fails to bring the same provenance as it is centrally controlled, meaning people can remove data if they wished to do so. In a normal database, trust is required.
Digital provenance means companies will no longer need to rely on trusting other businesses along the supply chain, as the blockchain will verify on their behalf. For the customer, it also means they can verify the quality of goods are as promised, improving the businesses reputation.
How does blockchain enable digital provenance?
The blockchain enables digital provenance by being an open ledger. Every transaction is documented and nothing can be erased, therefore everything is always verifiable.
Why doesn’t a normal database bring the same provenance?
A normal database doesn’t bring the same provenance because normal databases are not an open ledger and data can be erased or changed.
Why is digital provenance such a great benefit to many businesses?
Digital provenance is such a great benefit to many businesses because it eliminates the need for trust when working with 3rd parties. It also allows companies to track all operations in real time, which can be particularly helpful for audits.