- By creating an unchangeable ledger of actions performed that anyone can audit.
- A normal database is usually maintained by a single authority entering paper records into a record, who can manipulate order and importance of records; relies on trust
- It allows businesses to verify that their vendors and/or customers are providing the goods and/or payments they purport instead of trusting that they are providing accurate information.
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By combining accounting level information with transaction level information within the transaction itself, thus making real-time auditing possible. This is true for any transaction, not only crypto-related transactions.
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Because records can be erased, which may be necessary for auditing. Also, accounting level information would never be stored in the same data store as the transaction level information, making auditing very difficult without a person consolidating the information from various sources.
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Audit automation would provide huge cost savings as I see it. Also, due to the real-time nature of this auditing, issues, and fraud can be discovered early on, which would again lead to huge savings in the long run, as well as the ability to avoid damage resulting from mistakes and/or fraud.
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Homework on Provenance - Questions
- How does blockchain enable digital provenance?
Every transaction is verified on the blockchain through an open ledger where all the transactions can be tracked, but they are not removable. - Why doesn’t a normal database bring the same provenance? there is no transparency on a normal database and no way to track all transactions.
- Why is digital provenance such a great benefit to many businesses?
There is no way to hide and fake transactions.
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- Because it is public, so that accesible, and once you enter data, nobody can remove this data.
- They are no public, not accesible.
- To tract everything from its origin and no to work in sylos.
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How does blockchain enable digital provenance?
Blockchain has a decentralized blockchain that allows the data stored on it to be immutable
Why doesn’t a normal database have the same provenance?
Because it is a decentralized database it cannot be modified.
Why is digital provenance such a great benefit to many businesses?
Because of the traceability of data throughout the processing flow, this leads to verifiable trust to data from source to finish.
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There is no way on tricking the system and “printing” money from one Computer. All the transactions are written on the blockchain and cannot be altered as soon as they are submitted. That being said, everyone can track the history of a wallet without having to contact a special firm to Audit their “bank account”.
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A normal database has the “Delete”/“Update” functions as when talking about a blockchain, no one can alter the data. It’s permanently added there and can be 100% trusted.
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Easy to track, no special skills are required or tools and it’s at a click away. Also, it’s completely FREE!
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Homework on provenance - Questions
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How does blockchain enable digital provenance?
By allowing the tracking of each transaction in real time, that is, real-time auditing. -
Why doesn’t a normal database bring the same provenance?
Because the data can be modified, therefore the trail or traceability of a transaction is lost. -
Why is digital provenance such a great benefit to many businesses?
Because in addition to traceability of financial transactions, it can be applied in production processes or in the supply chain, in the verification of origin of raw materials, supplies, contents, as well as statuses at each stage of the production process.
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- Blockchain provides an read-only record of account that is verifiable in real-time.
- A normal database does not bring the same amount of provenance because there can be party(s) that can change potentially manipulate or delete the information in the database. The other thing is some databases record entries may be out of sync or inconsistent with what actually happened in the transaction.
- Digital provenance is a great benefit because it can give multiple business parties and stakeholders including customers to be verify information on the blockchain themselves. They can audit and verify information without having to trust a third party.
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Homework on Provenance - Questions
- How does blockchain enable digital provenance?
A: Through its database records of all past transactions which are immutable and traceable. - Why doesn’t a normal database bring the same provenance?
A: Because it can be duplicated, edited or amended, it cannot be trusted the same way that blockchain data can be trusted. - Why is digital provenance such a great benefit to many businesses?
A: Because it can be trusted and gives truthful data and therefore allows a business not to rely on the human or third-party element which at times can be flawed or untrustworthy.
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- Blockchain enables digital provenance because transactions and transaction detail are able to be verified and authenticated.
- Normal databases usually have a single point of failure, they’re not decentralized and how the same sort of consensus mechanisms as blockchains do.
- There is more value in being able to authenticate and prove a product’s history. No longer do we have to take someone else’s word for something, we can verify with ledger.
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How does blockchain enable digital provenance?
Transactions cannot be removed from the blockchain and can be verified by anyone, anytime. All computers on the network have the original copy, so transactions cannot be changed and all transparent.
Why doesn’t a normal database bring the same provenance?
Because there has to be trust and data can be changed easily. The transaction and account layers are separated.
Why is digital provenance such a great benefit to many businesses?
Blockchain allows to trace financial transactions and they can be check in real time. Being able to track something and removes trust. Blockchain can put the accounting layer and the transaction layer together.
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Blockchain keeps a record of every transaction that goes through (and is validated by) the network. By construction, new validated entries cannot be altered (edited or deleted). Additionally, every transaction on the blockchain can be traced and verified in real time making the process trustless.
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In a normal database, any data can be altered (edited or removed) as it is controlled by a centralized structure.
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Blockchain allows businesses to track and store data that cannot be altered, can be audited without the implication of (or relying on) third party, and can be viewed publicly.
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- no trust needed
- no trust needed
- no trust needed
- By only adding information to the block chain it will allow information to be stored and protect against any tampering. The block chain is open to everyone and anyone who uses the network will be able to look at transactions.
- A normal date base would be operated by a third party and still has possibility for human error. Not having the capability to review the information is a problem. Companies and corporations have the ability to change numbers and not be fully honest with customers. Double spending can also occur with this type of date base.
- Digital provenance is a great benefit to businesses because the customers have the checks and balances we need to trust the product. As customers we can see our money or digital energy buy a product that will be used or consumed by our own families. The current supply chain issues and baby formula shortages could be solved by using this digital provenance. Everyone from the consumer, as well as the producers win in this system.
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- How does blockchain enable digital provenance?
By keeping a read only record of the transactions along with additional information about each transaction. This allows for auditing and creates a trustless model.
- Why doesn’t a normal database bring the same provenance?
A normal database is centralized and not distributed and normally allow for updates and edits.
- Why is digital provenance such a great benefit to many businesses?
It removes the trust involved in the transaction. All actions are mathematically verified.
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[quote=“ivan, post:1, topic:8423, full:true”]
Homework on Provenance - Questions
- How does blockchain enable digital provenance?
Only add, not possible to remove, set in stone, all nodes have a copy of the ledger, trust less, don’t trust just verify, no central authority, possible to trace ingredients in foot, financial transactions, how clothes check child labor, realtime auditing etc. - Why doesn’t a normal database bring the same provenance?
It’s owned by an entity, is not trust less, is not a public ledger but a privat ledger - Why is digital provenance such a great benefit to many businesses?
It’s trust less and you verify if it’s true.
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- Blockchains enables digital provenance through its immutability of storing digital transactions
- Because blockchain has no central/third party authority over the digital transactions unlike normal databases
- Digital provenance benefits many businesses by ensuring whether or not their products are made with what they are saying they are making them with
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How does blockchain enable digital provenance?
Blockchain enables digital provenance through public nature. Every transaction is publicly verified and permanently recorded on a ledger that anyone can view. -
Why doesn’t a normal database bring the same provenance?
A normal database is likely owned by a person or entity. Even if the entity allowed the database to be public, they would still have the ability to edit, remove, or otherwise govern the content on it. -
Why is digital provenance such a great benefit to many businesses?
Digital provenance is beautiful because it completely eliminates the need for trust. By eliminating the need for trust, we are decreasing the potential for foul play and immoral practices in the business field. Instead of simply trusting that businesses are operating ethically, we could verify ourselves exactly where their money is coming from and where it is going because it would be publicly posted on a ledger that anyone could view.
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How does blockchain enable digital provenance?
A blockchain is a public ledger, meaning all transactions on the blockchain can be traced and verified in real time. -
Why doesn’t a normal database bring the same provenance?
Unlike append-only, distributed blockchains, traditional databases allow for modification or deletion of records—often by a single entity—meaning information about those changes can be lost. -
Why is digital provenance such a great benefit to many businesses?
Digital provenance allows for immutability, greater transparency, more security, decentralised control of the ledger, the ability to audit in real time, the ability to track down the origin of products and services, and a trustless environment.
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1). Blockchain is a wonderful technology that truly can enable digital provenance by immutability and a trustless environment that can’t be manipulated by any company, government or institution. This data structure is decentralized which is connected to the network with other computer world wide. This makes transactions in real time and highly more efficient.
2). Because normal databases are highly centralized and run on a central server and can be changed and manipulated to create a desired out come. This type of ledger can break the trust of the client. This can be eliminated with blockchain.
3). Provenance/blockchain will create a higher level of trust for a business to their customers by storing information about the product/service in the blockchain which again can’t be modified. Information can than be traced or tracked, which enables the customer to verify and get what their ordered.
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