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How does blockchain enable digital provenance?
Blockchains are verifiable, are trust less and immutable. -
Why doesn’t a normal database bring the same provenance?
A normal database can be altered to compromise records after an entry has been made, unlike
blockchains that only record new entries but cannot be edited to manipulate previous records. -
Why is digital provenance such a great benefit to many businesses?
It brings opportunities to streamline business processes that are currently requiring large
number of manual processes, to be handled, for example audits (costly and inefficient, requiring
large workforce) it also enables concepts such as real time verification processes. For
businesses this can enable them to for example track their entire supply chain without being as
reliant on trust as currently.
Provenance:
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How does blockchain enable digital provenance?
By recording transactions in an immutable way into a public ledger visible to anyone (only add transactions). -
Why doesn’t a normal database bring the same provenance?
Because a normal database can be tampered and also access can be restricted.
It is also possible to create views showing different information depending on who is connected. -
Why is digital provenance such a great benefit to many businesses?
This completely avoid to trust any intermediary / provider.
A company / business can quickly verify the transactions by themselves
- Blockchain allows to track the provenance of a transaction. Every transaction is written on the blockchain and cannot be removed (immutability). Blockchain is an open ledger where every transaction can be traced back.
- Because in a normal database, a transaction can be removed or erased. If the database crashes, data can be lost. And it is probably much more difficult to trace back a transaction, it doesn’t have the same simplicity as with blockchain.
- Because it provides the possibility of real-time auditing and accurate traceability, among other benefits.
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How does blockchain enable digital provenance?
By recording all transactions, the blockchain acts as a ledger that is publicly accessible. All records on the blockchain are immutable. Data can only be entered but never manipulated or erased. All transactions on the blockchain are verifiable and can be traced. -
Why doesn’t a normal database bring the same provenance?
A normal database is subject to potential manipulation by the record keeper. -
Why is digital provenance such a great benefit to many businesses?
Due to the transparency of transactions on the blockchain, digital provenance can potentially streamline the accounting and auditing process for businesses. A third party auditor has the ability to view all transactions carried out by a business on the blockchain. It also allows businesses to trace supply chain transactions and verify source of supplies.
- Blockchain enables digital provenance by being trustless and also because the database is append-only and cannot be changed.
- Normal databases can be tampered with - they can be changed, and records can be deleted/changed.
- digital provenance enhances trust in a cost-effective manner.
1.blockchain enables provenance by using immutability, not letting any data be removed after added to the blockchain. Also by using a network of nodes that check everything added to make sure its accurate.
2.A normal data base is controlled by a central force and therefore there is a lot of trust in that force. Blockchain is verifiable and trustless.
- Digital provenance is a great benefit to many businesses because right now there is a great amount of trust required to do business. Removing the need for trust in the way that everyone can know 100% what’s going on by literally seeing how things work rather than by trusting someone for their word would be a huge advantage and better way of doing things.
- It enables digital provenance, because transactions on the Blockchain can’t be changed. Once a transaction goes through the verification process on the Blockchain it’s there forever. The very first bitcoin transaction ever made can be looked at and verified right now. No one can go back and change it. It’s there forever. It provides ultimate truth and no need to trust.
- A normal database doesn’t bring provenance, because normal legacy databases are controlled by a central authority. You have to trust that this central authority isn’t messing with the numbers.
- Digital provenance is a great benefit to businesses, because they it streamlines everything for them. It might limit them in order to be able to “cook the books” , but it helps reduce overhead costs to pay separate auditing/accounting firms to do this for them. It’s automatically done instantly.
- Because of so many computers verifying the information to be true
- One database is to small to completely verify the transaction without the other computers
- It can show a business exactly what they are to receive and where it started also what it should contain.
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Public Ledger --> accessible to everyone
A database where the information is only added, without the possibility of being removed; where you can add only if it is verified by the decentralised network of computers that run the blockchain. -
Privately accessible; Controlled by a governing body with possibility of removing data --> based on trust
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Simplify auditing - making it much cheaper.
1/No human involved only code and data that is added to a block which is verified by other computers.
2/ Ran by code, no interference from authorities
3/Speed of transactions, auditing.
Homework on Provenance - Questions
How does blockchain enable digital provenance?
It is a new and completely transparent system, because of the decentralization it’s there is no more trust needed.
Why doesn’t a normal database bring the same provenance?
Because a normal database can be edited by anyone, thus based on trust. By removing the need for trust in a middle man and creating a solid system that is not editable using the p2p ledger connection you can build something which will be fair and secure for everyone.
Why is digital provenance such a great benefit to many businesses?
Because it connects everything together. From food sources to knowing where your pet came from or which materials and labor are used to make the T-shirt you’re wearing right now. Thus creating transparency for everyone.
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By having a public ledger, thats not central, and cant be changed.
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Because it can be changed once written.
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You can track exactly where your materials come from and invest
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You can only add data on a public blockchain and can’t remove it, thus enabling provenance. The information is available to anyone with a computer and internet connection. Since blockchain is a public ledger, anyone can verify the details of a transaction.
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On a regular database information can be edited and transparency could be compromised.
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It increases transparency which could be beneficial to attracting more customers and thus increasing companies’ income. Also, it cuts out the middleman, like a third-party auditor, thus cutting down business expenses.
1.The blockchain will enable provenance, because it’s a public ledger displaying all transactions. All input can be traced and verified and never altered.
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A normal database will not provide the same provenance because it is governed by a third party. Information therefore will only be provided at the discretion of the intermediary, transparency, verification even access will be on the terms of the organization.
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Digital provenance will be of great benefit to many businesses, because all information can viewed in real time. Companies will be able to view all transactions from beginning to completion as well as trace the entire process. Any information that a company needs to verify, they can do it themselves as opposed to having to track the information and then get permission. The digital process will be very time efficient for all involved.
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How does blockchain enable digital provenance?
=> Digital provenance is enabled by immutable records that can only be appended to the blockchain and are publicly available and verifiable. -
Why doesn’t a normal database bring the same provenance?
=> Because normal databases can have their records edited. This is not possible in Bitcoin as such changes would not be verified by other nodes. -
Why is digital provenance such a great benefit to many businesses?
=> Because it adds transparency and reduces the required level of trust.
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The blockchain adds all data related to transactions. This data can never be removed. This means all transactions whether financial, or checking ingredients can be traced.
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Normal databases require a middleman and transactions can be removed.
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It helps businesses with quality control, building trust amongst its consumers thereby building customer confidence.
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Blockchain enables digital provenance because it functions as a public ledger that stores all data related to transactions; data can be added but never removed; all data can be traced and verified.
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A normal database doesn’t provide the same provenance because input can be removed or edited, and it is controlled by a central authority. The public has to trust the central authority rather than verifying information independently.
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Digital provenance benefits businesses by streamlining accounting and auditing processes. All details involving a transactions can be tracked and verified from start to finish in real time without the need to involve a third party.
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Blockchain allows providence by combining an accounting layer with a transaction layer. It allows for real time auditing of financial transactions and is completely decentralized. It is completely public and traceable in real-time.
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Normal databases are centralized, meaning that the authority can edit them however they like. Because they can be edited and our controlled by an authority, they don’t bring the same provenance that Blockchain brings.
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Digital provenance is a great benefit to many businesses because it greatly enhances efficiency. It leads to transparent supplier information.
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How does blockchain enable digital provenance?
By combining the transaction, and verification process. Users can easily verify transactions as they are on a public ledger that can only add transactions. Businesses can’t lie, and records can easily be audited. You can see the exact time, and identity of both parties in any blockchain transaction. Then blockchain 2.0 allows even more information of transactions to be verified with the use of dapps, and smart contracts. -
Why doesn’t a normal database bring the same provenance?
A normal database is privately stored. It can be mutated, duplicated, falsified, etc. by the owner of the database. It is also easier to attack, and destroy as opposed to blockchain technology. The public ledger is stored across thousands of computers all around the world that all have to verify identical blocks. Information on private databases can be altered very easily, and can also be erased. This is not possible with blockchain technology. -
Why is digital provenance such a great benefit to many businesses?
It allows businesses to conduct financial transactions in the safest, most efficient way possible. Blockchain is built on a “trust the logic/numbers” as opposed to trusting people or entities. All of the data on the blockchain is verified in a trustless manor which makes business headache free. When business receive bitcoin from users it is well assured that thousands of nodes have identically confirmed the user, viewed their bitcoin balance to ensure they have enough BTC for the transaction, and process the transaction for you. This gets rid of the middlemen.
- How does blockchain enable digital provenance?
Blockchain enables digital provenance by being decentralized and immutable which will not allow data to be altered. - Why doesn’t a normal database bring the same provenance?
Normal databases are centralized which requires trust that the data entered is accurate and will not be altered and/or removed. - Why is digital provenance such a great benefit to many businesses?
Digital provenance allows the removal of trust and human error in regards to record keeping, which in turn provides trust within the business as well as for consumers.