- How does blockchain enable digital provenance?-Blockchain helps in tracing and tracking
- Why doesn’t a normal database bring the same provenance? Normal database can be duplicated. Through blockchain we can do real time tracking.
- Why is digital provenance such a great benefit to many businesses? It brings transparency. Business can improve the speed of audits of their transactions and make decisions based on those transactions. They can use the blockchain to avoid people who are trying to cheat the system.
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1.) By creating an uneditable trustless ledger
2.) Because a normal database can be manipulated or edited due to its centralized nature .
3.) Because it can perform real time audting , remove the need for trust .
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The Blockchain keeps a record of when every bitcoin was minted, and how it has changed hands over time, so we an always look back and verify that a bitcoin is real.
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A normal database does not bring the same level of security because if there is a single ledger that is the basis of truth then the network can be easily manipulated and untrustworthy…
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Provenance is important in business, in order to verify the quality and authenticity of the products you purchase.
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It keeps a track of all “activities, transactions” of certain entity that is using Blockchain technology. The transactions are being verified and approved by “the machines” inside the Blockchain netwrok.
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The same database doesn’t bring the same provenance, because the database can be created by a single entity, it can have unreliable information and it is not checked and approved by other by other parties of the network.
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Digital provenance is a great benefit to business because it can track down from the beginning all the inputs that are being used in developing a certain product or service. Therefore the element of “Verify” can be checked instantly making the product/service transparent for the consumer and developer.
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- How does blockchain enable digital provenance?
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There is a network of computers that all have copy of the blockchain database and in order to make a transaction, all the other computers make a verification, to secure you’re having the ability to make the transaction. It’s the network that enables the transaction by the process of verification. (PUBLIC LEDGER)
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Also every transaction that comes on the blockchain cannot be modified. (IMMUTABLE)
- Why doesn’t a normal database bring the same provenance?
Because the accounting layer and the transaction layer have always been separate. In the case of the blockchain, they both come together.
Secondly also because other databases depend on the interference of a central authority, that has the power to manipulate information.
- Why is digital provenance such a great benefit to many businesses?
“Don’t trust, verify” -
Digital provenance enables Businesses to act trust-less and rely on math to verify the provenance.
For example for: the provenance of clothings, or food, everything is encrypted in the blockchain and it’s immutable.
This can bring more transparency and customer satisfaction.
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- By verifying each transaction that has been made in the network. Every transaction is visible on the public ledger and it immutable meaning it can’t be removed nor modified
- Because a normal database depends on an authority than has the power to alter it
- So they do not need to rely on trust with their clients / suppliers. Only a mathematical verification enables them to conduct business without putting any effort on trying to know if wether or not it is worth working with each other.
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Homework on Provenance - Questions
- How does blockchain enable digital provenance?
When a transaction is verified and written in the blockchain, anyone can see it and you can always track it back. For example, with the ingredients of a product, you will be able to track back each of them till the first producer (ex. bread…track back to the farmed who sold his maize to the mill who then made the flour. - Why doesn’t a normal database bring the same provenance?
Because it is not a structured like a LEDGER as blockchain is. Blockchain database is able to stratify different level of subsequential transaction. They also have a problem with TRUSTLESSNESS as they do not have a system that automatically verify the transaction as the same as Blockchain network does. - Why is digital provenance such a great benefit to many businesses?
It will make things easier, there will be less intermediates. Ex: in an organic product, the organic ingredients are already a proof that the new product is organic. This will decrease the costs.
Trustness and transparency, plus immediate verification of the requirements, will make easier to work worldwide with less risk and quicken the decision making process.
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1. How does blockchain enable digital provenance?
Every transaction of provenance, ie an ownership, is saved in an decentralized database. Transactions in this database can not be altered, since only new transactions are possible. In that way all history is transparent and traceable. Any new transaction must be approved by all participants in the blockchain, which certifies that every transaction is correct.
2. Why doesn’t a normal database bring the same provenance?
A normal database is centralized information. As such a single entity, person or organization “owns” the possibilities to hide, alter or erase information. That decision is made in one place. In a blockchain the same information is decentralized on all computers in the network through a local copy on all computers.
3. Why is digital provenance such a great benefit to many businesses?
Because today many systems are based on trust between people or organisations, and there is no simple way to view all significant transaction or documentation in a effective and reliable way. The blockchain is trustless – the trust is built into the blockchain. One example is a pair of high brand shoes. The blockchain can be a potent system to fight counterfeit merchandise,and prevent financial loss, and harm to the brand.
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Like a stone age tablet - a blockchain can be added to but is immutable. Nothing can be removed or changed. Being decentralised, a (public) blockchain is trustless. Every transaction on the blockchain is logged for eternity for all to see freely.
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A regular database has been created by one entity that can make changes at will. There is TRUST involved.
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Digital provenance allows detailed real time supply chain monitoring from primary source.
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Tracking all transactions and data entered without the ability to change or remove.
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Because data can be tampered or removed
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Real TRUST can be achieved from suppliers to customers
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- public ledger, decentralized, only add transactions, it is a digital stone
- central authority can control or manipulate
- trustless, the math,technologie will verify the transactions in real time
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Blockchain is a decentralized ledger able to track all transactions (or the provenance of all transactions in a trustless manner). Transactions cannot be removed.
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In a normal database a transaction can be remove, erased, or “crash”. It is not decentralized and may be much more difficult to trace.
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Because it provides “trustlessness” (i.e. real time auditing, accurate traceability, etc.)
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- As blockchain is an open ledger all information can be tracked on the database. Nobody can
change the information, the digital provenance is immutable and comprehensible. - A normal database can be changed, the data in it can be rewritten or even deleted, it is
centralized and therefore one cannot trust in it. - In todays society more and more people are critical and wishing to know as how and where
products are manufactured, how taxes are spent and in the end who benefits. Digital provenance
makes it transparent and those businesses who are most transparent will have the most fortune.
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- How does blockchain enable digital provenance?
A public ledger allows tracking anything from where they were originated and all steps it took to get to the final financial transaction and/or product - Why doesn’t a normal database bring the same provenance?
Normal databases are not trustless records, because they can be easily manipulated by centralized entities. This is not the same case with blockchain records because blockchain is a trustless immutable database. - Why is digital provenance such a great benefit to many businesses?
Digital provenance is a great benfit because it enables very quick record keeping and calculation of financial transactions and will also allow supply chain tracking of ingredients in products or foods. Digital provenance will greatly reduce the amount of counterfeiting in the world.
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- It takes out the fact of trusting another party and changing it to verifying.
- Because you are trusting a third party of its word. Where Blockchain relies on a network of computers.
- You can verify with accuracy where a certain product has traveled from whether it is clothing, food or money.
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Hi Geydominic, I just started also and already enjoying this study. Thanks for the shout out in Boston area. You will grow because knowledge is power. Enjoy
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Blockchain allows digital provenance through some of its fundamental properties, such as decentralization and be open to everyone to verify their data entries. Since all data entries on the blockchain are immutable, this testifies the veracity of that information.
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Normal databases are usually centralized and anyone can change data entries if they have the right privileges to do so. In addition, we need to trust in third parties.
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Digital provenance provides a more hider view of the origin of all products and how services have been provided at each stage of the business value chain. Blockchain offers an easy and auditable way to verify and validate the assumptions of any business in real-time.
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It enables provenance by storing all the data and past transactions in a decentralised ledger, where it’s impossible to remove data.
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Because a normal / central database is managed by a single entity that we have to trust. It is susceptible to attacks, theft, etc…
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It is such a good benefit because it reduces the trust needed, so the fear of loosing something. It also allows for real time auditing, without physical intervention. It’s faster, easier, cheaper.
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Answer 1. The Blockchain allows us to track each transaction and follow it back to it’s source. This is possible because the data base is decentralized and cannot be changed. Once a transaction is made it cannot be changed. All transactions are open source.
Answer 2. In theory a normal data base can be tampered with as it is centralized, it has an individual or company in charge (closed source) and therefore it can be subject to manipulation and corruption.
Answer 3. Digital Provenance is of extreme value to businesses as it can verify claims of origin, authenticity and production. Consequently, it can help individuals with their purchasing choices.
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How does blockchain enable digital provenance?
Answer: By offering transparency and integrity to a chain of custody. -
Why doesn’t a normal database bring the same provenance?
Answer: A normal database is centralized, opaque and modifiable. -
Why is digital provenance such a great benefit to many businesses?
Answer: By creating certainty over specific data regarding some object, tangible or intangible, the need for trusted third parties is eliminated.
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