- Blockchain enables digital provenance because it is a public ledger that records all transactions and data and cannot be altered or manipulated.
- A normal database doesn’t because you can delete or manipulate data and it’s centrally controlled.
- It eliminates the need for auditing when it can be done in real-time through the blockchain. No need for businesses to store invoices or receipts when all data is stored on the blockchain and cannot be deleted or altered. This can be a great benefit to a business and make it run more efficiently
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- it allows tracking and thus auditing in real time.
- normal database is very fragmented and to achieve the same requires a lot of different databases and lot more human touch point. Thus, requires a lot of trust in who is entering, auditing, etc with a high possibility of error to occur. Thus it requires a lot of trust.
- everything is in it. thus avoiding the need for trust. It’s also once created, more can be added but not removed. Thus, history of transaction is available for anyone to see.
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Blockchain is a digital (decentralized) database where you can only add things and can’t remove things. You can keep a real life track on all the transactions in the blockchain.
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In a normal (centralized) database it would be possible to remove things or even commit fraud. You’re depentent of other links in the chain.
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Digital provenance is trustless. There is no rust needed, but instead you can just verify. Companies/costumers can now track and trace the whole supply chain. Did we really receive what they promised?
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1. How does blockchain enable digital provenance?
Through a decentralized network of computers maintaining identical copies of the blockchain (database).
2. Why doesn’t a normal database bring the same provenance?
A normal database is centralized. Therefore, there is a risk that the single point can be tampered with, corrupted or lost. Additionally the blockchain can only be added to but not edited or deleted.
3. Why is digital provenance such a great benefit to many businesses?
It allows verification without trust. This has multiple benefits and uses. One key example is in verifying a supply chain.
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- It enables a permanent digital record of all transactions on a public ledger that can be traced back when required per different stakeholders in any project/situation.
- Because a traditional database can be altered or changed by the admins that have access to it, instead blockchain is inmutable.
- It is of great benefit cause it is a tool that can provide transparency and trust over the activities done in any public/private entity.
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How does blockchain enable digital provenance?
Blockchain tracks all transactions on the network and verifies them in real realtime. -
Why doesn’t a normal database bring the same provenance?
Because a normal database can be edited and audited. There are always risks to get wrong information from suppliers. Therefore it is built on trust and there is no transparency
3.Why is digital provenance such a great benefit to many businesses?
It happens on real time besides that we can audit in real time too. So it is efficient and fast to verify all at transactions and information
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How does blockchain enable digital provenance?
Blockchain uses math to verify transactions and remove the need to rely on third parties to check the legitimacy of the counterparts. It provides real time auditing by combining the accounting layer with transaction layer. -
Why doesn’t a normal database bring the same provenance?
Normal database can easily be mutable. Blockchain is like a decentralized public ledger when data cannot be forged. -
Why is digital provenance such a great benefit to many businesses?
It increases transparency and reduce cost that gets eat up by third parties.
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How does blockchain enable digital provenance?
Blockchain allows “data entries” to be entered to the blockchain database, in an immutable way. If we all agree to enter “X” into the database, then we cant techincally go back and change it. Also, all the entries are “linked” to each other, and available to all at the same time. So it becomes the source of truth of “what happened”, “what we agreed on”, allowing provenance. -
Why doesn’t a normal database bring the same provenance?
A normal database is not something that can create consensus. I can remove/edit the database in any way that i want, and you can do so as well. Who is right? We have no way of agreeing over the source of truth. A normal database assumes that the parties can trust each other to do the right thing, when you introduce the human trust factor, provenance doesnt work -
Why is digital provenance such a great benefit to many businesses?
It can automate operations across many parties, it can remove friction of having to trust, it can create interoperability since when you dont need to trust other parties, you are free to build on top of them, it opens up new business models and economies.
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1: Its transparent through a public ledger, everyone has access to the information of the transactions.
Its unchangeable after it’s put through.
2: It’s not transparent and can be changed/deleted.
3: Because 2 parties doing business together are often based on trust, instead of verification. Through digital provenance they can check exactly where the products come from.
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- Being decentralized the blockchain is almost impossible to falsify (like a runestone) since the full ledger is stored in many places and verified by different parties.
- A normal database is centralized, which incorporates that the owner of the database is trustworthy/honest. This isn’t always the case.
- Digital provenance removes the trust of a counterparty and gives you verifiable info.
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- Blockchain is a digital runestone that cannot be changed without it being obvious that a change occurred.
- A normal database may be edited without the change being obvious- this creates a need to confirm the information via audits, event monitors, and other forms of supervision/centralization.
- There are many cost-saving reasons why: real-time audits, potential lower insurance for food manufacturers, enforcement of standards and laws- incentivizes good behavior.
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1.transparency, threw immutable blockchain.
2.because it is centralized and can be altered.
3.because it is a trustless system.
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Homework on Provenance - Questions
- How does blockchain enable digital provenance?
A: Blockchain enables digital provenance by maintaining many decentralized copies of the transaction record with only the ability for users to add to the data, not edit or delete past entries - Why doesn’t a normal database bring the same provenance?
A: There is no centralized organization in charge of maintaining the blockchain; all users have only the ability to add to the existing data and are unable to edit or delete past records - Why is digital provenance such a great benefit to many businesses?
A: Digital provenance removes the need to rely on or trust a central authority to maintain a true record, resulting in a trustless environment where the data is freely accessible, eliminating the need for a third party to audit the transaction record
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1.How does blockchain enable digital provenance?
The blockchain is transparent and all transactions are stored in a public ledger to be viewed and verified by anyone.
2.Why doesn’t a normal database bring the same provenance?
A normal database is not transparent and cannot be viewed by the public it is basically based on trust.
3.Why is digital provenance such a great benefit to many businesses?
This technology will allow businesses to verify and validate all their products even ingredients via the blockchain. Regular audits could also be conducted if adopted.
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- How does blockchain enable digital provenance?
- by storing data on a public ledger in a decentralized manner where information can be tracked by anyone at anytime.
- Why doesn’t a normal database bring the same provenance?
- a normal data base would not be as secured as it can be centralized, ran by a particular individual or company, information can be added as well as removed, bringing up the trust factor.
- Why is digital provenance such a great benefit to many businesses
- digital provenance can be a great benefit for businesses by eliminating the trust factor, data can be verified by anyone on the blockchain including customers (making it great benefit for customers also). This creates a better transparency in businesses.
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- How does blockchain enable digital provenance?
As the blockchain is a public ledger, all transactions can be traced.
- Why doesn’t a normal database bring the same provenance?
A centralized database always depends on trust, you have to trust the people or companies behind it who can manipulate it. With blockchain you don’t need trust, just verification based on mathematical functions.
- Why is digital provenance such a great benefit to many businesses?
Processes become a lot more efficient as you can audit transactions in real time. No third party and no trust is needed to verify transactions, the accounting layer will be combined with the transactional layer.
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Blockchain is an immutable ledger that tracks real time transactions. Data added to the blockchain cannot be manipulated or changed.
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Normal database can be changed or manipulated, further it is expensive to housed and maintain.
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Digital Provenance offers great benefits because it is Trustless, very efficient and publicly accessible.
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Blockchain enables digital providence by recording transactions in “digital stone.” These transactions can be viewed publicly from anywhere, at anytime, and by anyone.
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A normal database can be manipulated or changed at the discretion of a central authority. This information is normally kept out of the public eye as well.
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It enables real-time auditing, traceability, and verification. Achieving the goal of removing trust and its associated inefficiency.
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- How does blockchain enable digital provenance?
- data cannot be manipulated and using math and scientific methods it is able to trace/track data, and verify transactions making it a trustless system
- improved transparency
- decentralized - so no one person/company/entity has control over the data
- Why doesn’t a normal database bring the same provenance?
- no transparency (no way to verify if the data is true or not due to lacking traceability)
- one person/company/entity has control over the data
- Why is digital provenance such a great benefit to many businesses?
- it provides people access to verified and traced data
- trustless system
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How does blockchain enable digital provenance?
Blockchain allows us to use Real Time Audits, it is a decentralised database, it can’t be changed or manipulated and is a trustless ledger. “Don’t Trust, Verify.” -
Why doesn’t a normal database bring the same provenance?
Because the entries can be changed by the owner of the database, it is not decentralised. -
Why is digital provenance such a great benefit to many businesses?
They do not rely on a third party to audit or access records or transactions. Provenance transparency can begin to eliminate corruption.
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