Puts together the accounting layer with the digital layer.
You have one place where all the information is available
Great benefit because it keeps everyone honest
1.Provenance enables businesses to easily collate their data, along with open data, and also verify key information (e.g. is this product organic?) on an immutable data ledger called a blockchain. The blockchain holds the most important information and allows anyone to check its validity
2. A normal database does not have provenance because the entries are not immutable and could be changed by the owner of the database . It is also not as reliable because the database access may be interrupted if it is a centralized database or distributed database
3. Digital provenance is a great benefit to many businesses because they do not have to rely on third parties to audit or access records or transactions - all the data is available openly in the blockchain. This historical transparency can also fight corruption & tax evasion and improve supply chain operations.
1 by decentralizing a public code that can only be added to not erased. Then anyone can trace the origin, step by step.
2. Because a normal database is normally stored in one place and that makes it fragile and unsafe.
3, The digital provenance is an instant verifier compered to the tec they use today. Its important to easy be able to trace the origin on anything.
1.) Blockchain enables digital provenance by storing every transaction in history made using its currencies through a network of computers. These computers are constantly verifying transactions attempted and recording transactions that are made, which is the basis of blockchain being a public ledger.
2.) A normal database doesn’t bring the same provenance because transactions on its platform can be duplicated and aren’t always backed by a public record. Data can also be taken away from normal databases, and transactions are carried out and kept by one putting trust in a centralized bank.
3.) Digital provenance is a great benefit to many businesses because it provides constant real-time auditing. There is no need for a business to have an accountant when utilizing blockchain because it already provides a connection of the accounting and transactional layers through its database.
1- by being immutable and traceable therefore verifiable by every consumer.
2- because it’s not immutable and it can be changed , and requires trust.
3- because its transparent and verifiable by everyone.
Ans.:
publicly accessible, only attachable and unmodifiable, free of governance
normal database is controlled by certain entity, thus information is opaque and requires the auditing service
it can provide the trustless verification, and its manner of attaching transactions is coherent with the businesses that contain a chain of sequential operations to be tracked
How does BlockChain enable digital provenance?
Provenance is the notion of tracking. A blockchain is a digital database where each piece of data is linked to each other, forming a chain. Since it provides a way of storing data in a way it can’t be altered. We can follow the data up and down the chain with the certainty that the data is accurate & everything put on the blockchain remains there forever.
Why doesn’t a normal database bring the same provenance?
Normal database isn’t immutable (in that data could potentially be copied/falsified/stolen for dishonest purposes.
Immutable means NOT susceptible to change. Unable to be changed without exception.
Why is digital provenance such a great benefit to many businesses?
In simple terms there’s a broad range of uses where there’s a need to authenticate/validate a process or transaction. For example allocation of resources-real time monitoring in supply chains. Or most likely Financial transactions/commerce where TRUST is relied upon.
1 - Blockchain is an immutable ledger. It is effectively write only, data cannot be removed or altered.
2 - A normal database is centralised, there is a level of trust which is required. This means that the sanctity of data is reliant on person - who is able to change it without the requirement of verification by confrimation.
3 - It allows for the transparency of data (which is accessible to anyone) from the origin of that data. It provides a means of true, real audit.
Homework on provenance :
01 : How does blockchain enable digital provenance?
By being a a public distributed ledger, whereby many individually keep track of every data exchange.
“Only data can be added to the blockchain but not removed”. By checking the ledger in a decentralised way.
The majority will always be truthful because of incentives. And therefore one cannot add false data to the blockchain. This data / transaction would be rejected by the majority of other nodes.
02 : Why doesn’t a normal database bring the same provenance?
Because a normal database is controlled by a central party. And that party can add and redact data from its database at will. Therefore you need to trust the administrator of said database.
With Blockchain on the other hand you do not need to trust a single central party. Instead the collective decides the truth.
03 : Why is digital provenance such a great benefit to many businesses?
Because being able to trace each addition to the ledger provides for a very good transparency. Being open and public, everyone can check what is happening.
Real time auditing can be a very useful application in various industry’s.
The blockchain enables digital provenance by using a public ledger to trace each transaction in real time and you can only add and not subtract or remove any data.
Other databases don’t have the same provenance because the data can be removed and altered.
Blockchain Provenance is great for businesses because it removes the trust needed in supply chains and it’s transparent to all.
How does blockchain enable digital provenance?
Because every transaction is stored, data analysis can be done to trace the origin of an item
Why doesn’t a normal database bring the same provenance?
A normal database stores where items are currently located and do not keep the history of transactions
Why is digital provenance such a great benefit to many businesses?
Using digital provenance a business would not have to trust their suppliers (who are also trusting their suppliers) about the origin of an item and it’s history through the supply chain. They could verify this information easily
Since every transaction is done through blockchain we are able to track the history. Every transaction goes to database which can be viewed and verify through public ledger.
A normal database can be owned by a specific people/companies and they will have the right to not let the public see their database, unlike, blockchain where everyone can verify every transactions.
It saves time and energy. We no longer need to contact other people/professionals to give us the transaction and we can finally verify things easily. “Don’t trust, VERIFY.”
Because blockchain is a public ledger every transaction is added and can never be removed.
A normal database is not as safe because it can be edited afterwards. It’s not as public as a blockchain so there need to be a lot of trust in these databases, and things cannot always be verified.
It’s good because since every transaction and auditing can be tracked, it’s easier for companies to really see where their suppliers get their things from, ingredients, who is making the clothes etc. The experience becomes transparent for both the business-owners and their customers.