- It is immutable and decentralised
- The BC is immutable and decentralised.
- It removes the need for expensive auditing services (since all tx are public).
- It’s a public ledger and it’s trusless and no authority or centralized body can control.
- A normal data base is usually centralized and controlled by an entity. Where as blockchain is decentralized and not controlled by anyone.
- It’s such a great benefit to business and government because it eliminates trust. We can see the public ledger and trust where our money goes or verify the aunthencity of an item clothes, accessories, food, etc.
-
Blockchain saves every transaction in it’s ledger and the data is immutable. The ledger is public and is being distributed over a large network of decentralized computers.
-
Normal databases are on centralised networks and are therefore not secure. They can be manipulated by persons with access to the network.
-
Trustlessness is being provided by digital provenance. Since every transaction is saved and is immutable, companies are able to track and trace everything down to detail in real time.
1: Blockchain anables digital Provenance with:
-Immutability as once a record is added to a blockchain, it can not be deleted, ensuring the authenticity and accuracy of data.
- Transparency as Blockchain operates on a decentralize network, allowing all participants to view and verify transactions.
- Security as Blockchain is decentralize and encrypted so its highly secure against fraud
- Tracebility: Blockchain can track the lifecycle of a product or asset, from its origin through its entire journey.
2. Why a normal database doesnt provide the same provenance?
- Centralization Tradition databases are centralize meaning they are controlled by a single entity, leading to manipulation, data breaches and loss of data integrity.
- Alterability: Data can be altered in centralize database, so accuracy is compromised.
- Lack of Transparency:stakeholder canot cerify data as it is restricted to specific users or organizations.
3. Benefits of Digital Provenance to Businesses:
- Trust to customers, partner, regulators, people, Because transparency is provided.
- Improved Supply chain Management: Businesses can track and authenticate the movement of good, reduce counterfeiting, ensure compliance with regulations and manage recalls.
- increase efficiency: Digital provenance can automate and streamline verification processes, reducing the need for intermediaries and lowering the time and cost associated with verifying transactions or product histories.
- Market differentiation: Companies can leverage the transparency and authenticity guaranteed by blockchain to differentiate themselves in the market.
1 Like
- Blockchain enable digital provenance by making transactions verified and trusted.
- Normal database can’t bring the same provenance because it is centralized and data can be removed.
- Digital provenance is a great benefit because doesn’t permit corruption and data manipulation
Homework on Provenance - Questions
-
Blockchain enables verifications of transactions that are 100% authentic. It also gives this power of verification to each user not only to institutions and governments which eliminates the trust people have to give to those institutions and governmental entities.
-
A normal database can be manipulated, records can be altered or deleted this can not happen on a blockchain, additionally not every has access to large corporate or government databases. On the blockchain, everyone can see the records.
-
It allows them to get full transparency of their products and process. It allows for full verification of transactions and provides full transparency to the end users.
-
This accounting cannot be removed from the ledger without breaking the ledger. It is like a monument of stone letters.
-
Normal databases can be easily shut down, deleted, or earased.
-
The accounting layer and the payment layer are combined in the database.
- by being open source, trustless, and immutable
- because it could be change by someone
- Because it brings immutable informations
- How does blockchain enable digital provenance? It enable digital provenance by allowing only addition or information, but not removing any information from it. Therefore, any information added to the blockchain will be permanently stored as a forever record. This allows anyone that have access to the public ledger to verify by themselves what the ingredients or materials used to make a product, minimizing the availability of fake product in the market.
-
How does blockchain enable digital provenance? It enable digital provenance by allowing only addition or information, but not removing any information from it. Therefore, any information added to the blockchain will be permanently stored as a forever record. This allows anyone that have access to the public ledger to verify by themselves what the ingredients or materials used to make a product, minimizing the availability of fake product in the market.
-
Why dosn’t a normal database bring the same provenance? Because information in a normal database can be added and deleted at will.
-
It is a great benefit for many businesses because they can prove the authenticity of their product in a trustless manner and automatically without human intervention.
-
How does blockchain enable digital provenance?
Its realtime available can only add data not delete any data. So can’t be manipulated. -
Why doesn’t a normal database bring the same provenance?
Because not realtime accesible by anyone and can be edited -
Why is digital provenance such a great benefit to many businesses?
Everyone can access it, anytime anywhere (private/Public) and its fast
-
How does blockchain enable digital provenance?
The blockchain ledger enables digital provenance by recording every transaction in an immutable way. Once a transaction is recorded, it cannot be altered, allowing for accurate tracking and auditing of transactions. -
Why doesn’t a normal database bring the same provenance?
A normal database is not immutable and can be altered. In addition, these databases are centralized leading to biases, errors, or unauthorized changes. -
Why is digital provenance such a great benefit to many businesses?
Digital provenance is beneficial because it removes the need to trust an entity, instead providing a system where verification and transparency are the standard. This, in turn, will lead to increased fraud prevention and security, along with reducing costs.
- Digital provenance is enabled in blockchain because each transaction can be audited in real-time.
- A normal database does not bring the same provenance because it can be controlled by a central authority and you have to trust that, compared to blockchain where you trust a whole network of computers.
- Digital provenance is a great benefit for many businesses because it removes the human trust factor out of the equation.
-
How does blockchain enable digital provenance?
-Blockchain enables digital provenance by saving every transaction in the public ledger over a network of computers. The data is immutable, cannot be altered, and will leave a transparent trail enabling traceability back to its origin. No central authority or business has control. -
Why doesn’t a normal database bring the same provenance?
-Data sovereignty lies with a single entity. The normal database is centralized and the records are subject to alteration. This makes it challenging to trace the origin of a transaction or identify fraud. Meanwhile, blockchain is publicly available and offers digital provenance as a built-in characteristic. -
Why is digital provenance such a great benefit to many businesses?
-Digital provenance enables trustless verification that the origins of the product are as stated, enhancing relationship trust. It also enabled real-time auditing and verification which is cost-effective.
- Blockchain enables digital providence by always numerically building on what came before. This ensures a sort of perfect accounting and done so in a transparent manner.
- A normal database could run on any sort of protocol and because they are not usually transparent most people will not be able to verify truth from fiction.
- It allows the businesses and the customers to have faith in the claims of their products/sub contractors etc. It also opens a whole world of data analysis, payment flexibility, and the ability to adapt and grow in an ever changing environment.
- It tracks and logs all transactions on the Blockchain to ensure transparency/trustlessness.
- A normal database can have data deleted from it and data can be withheld from the public and only accessible to authorised people. It is not trustless.
- It is a great benefit because customers/the business can verify and track what are in products that are sold, increasing the company’s validity.
Also removes the need for accountant fees as transactions are logged on the Blockchain.