Homework on Provenance - Questions

Blockchain and Bitcoin 101
#671

  1. the public ledger is accessible for everyone and with it, you can verify all transactions and determine where it came from and where it went.

  2. Blockchain combines transactions and accounting. in a normal centralized database there is a lot of trusts involved because only the authorities can verify your accounting and the average joe simply has to trust it has been done truthfully with no way to verify for themselves. but with blockchain individuals can verify transactions using the public ledger.

3 Using digital provenance businesses can verify their suppliers in regards to the honesty of ingredients in whatever it is they supply. with blockchain, you don’t need to trust your suppliers you can verify.

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#672
  1. How does blockchain enable digital provenance?
    A. ‘Provenance’ means ‘to come from/forth’ (wiki). Digital provenance is then to be able to digitally cover from where transactions originated. If all nodes then agreed on a transaction then the provenance is done, it can be looked at but not changed cause all nodes agreed on it. If for example an auditing can be done digitally then the finacial system can be more efficient and I also believe more correct. (But that I know to little about). A company who have a a transaction in the account must also show a receipt for that transaction. Blockchain can store the transaction and receipt, then the audit will be very simple and automatized.
  2. Why doesn’t a normal database bring the same provenance?
    A. In a normal database you can add and remove data.
  3. Why is digital provenance such a great benefit to many businesses?
    A. By being able to track the origin of something will increase trust in for example food industry. But also where clothes are produced, how they are produced and with what. But that is of course if what companies enter into the blockchain is correct. I can enter cow meat when it actually is horse meat, I guess I learn more about that. VeChain have this as their product, tracking clothes products for example.
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#673

  1. Blockchain enables provenance by having an inbuilt database keeping track of all of its history/transactions/address locations etc.

  2. A normal database doesn’t provide the same provenance because it can be altered. Blockchain’s database is immutable, even in the case where a blockchain can be altertered, a record of this change being made is also kept on record in the blockchain.

  3. Digital provenance is a great benefit because it can allow the record keeping and logistics of an item to be inherently attached to the item. An example might include a receipt of authenticity from a manufacturer or even quality assurances attached to a product during its assembly.

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#674
  1. Through the blockchain not being able to be changed.
  2. This is populated by a single person (usually) and can be changed by anyone who has access to the database at anytime
  3. Digital Provenance adds trust to an otherwise ambiguous area of a business, it’s not deletable and is not changeable.
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#675

  1. How does blockchain enable digital provenance?
    We can track the position , state and location of each product at different times.
    Thus, blockchain enables provenance.

  2. Why doesn’t a normal database bring the same provenance?
    Data cannot be deleted or changed in a blockchain whereas it can be done in a database .
    Therefore , a normal database cannot bring the same provenance.

  3. Why is digital provenance such a great benefit to many businesses?
    Digital provenance enables businesses to trust less and it brings more transparency.

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#676

  1. How does blockchain enable digital provenance?
    With the idea of the digital stone, data can only be added. You have a trace of every transaction and/or every addition of data. In Bitcoin, if you attempt a false transaction, you will be ignored or rejected. If a node gets corrupted or compromised and attempts to send out false information, the remaining nodes can correct this and if needs be, remove/ignore the faulty node from the network. This allows you to verify and trust the integrity of data.

  2. Why doesn’t a normal database bring the same provenance?
    A normal database requires trust. You have to trust a corporation, even the one you work for isn’t manipulating data in a way they shouldn’t. Blockchain provides that digital stone. Data can only be added, not taken away.

  3. Why is digital provenance such a great benefit to many businesses?
    It allows the tracking and auditing of data, even financial data in real time.

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#677

  1. Blockchain is immutable, you can only add data/transactions and not remove, so it is completely trustable. Therefore it can be audited in real time. This enables major cost savings and a more reliable product.

  2. Normal databases can be changed (not immutable or secure) and is not checked and verified by nodes as being correct. They are also not accessible to public verification. They have no provenance.

  3. Digital provenance enables companies to eliminate 3rd party costs (e.g. accountants, banks), gain more customer trust since blockchain could make all product information available in a fully trusted manner. It provides reliable real time suppy chain data enabling companies to react to errors/accidents earlier in the process.

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#678
  1. Each transaction is unique and traceable.
  2. You have to trust database which can be changed.
  3. Tractability, businesses are able to verify not trust, when they conduct transactions.
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#679
  1. The blockchain only allows you to add to the ledger and not change or remove what has been added in the past. It can not be changed by anyone and is recorded in chronological order.
  2. Because you are putting trust in said company to be telling the truth of whats in the product. With blockchain you will be able to track from the very start where everything was sourced from. And once said transaction is done, it is set in stone and unable to be rewritten or changed since it is on a blockchain which is hopefully decentralized.
  3. You can insure the quality of said product is up to standard since it is tracked every step of the way and can not be changed. Also gives the customer the ability to also see and truly know where and how it was made.
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#680

1 by having all MOU in one place, therefor all can check or verify

2 Blockchain is a shared database and database are owned

3 the provenance is verifiable back to the source and all that exchange with the block are added to the block

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#681

You can post your homework here in the forum and then you can complete the section and move on to the next lecture. Or you can do more research on this topic online. Depends how deep you want to dig into this rabbit hole.
Fellow students and moderators like me can correct mistakes or start discussing further on this topic.
I’m reading and checking homework in Bitcoin and Ethereum 101. When I notice mistakes, I will try to correct them.

You can always Tag me if you have questions about this course.

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#682
  1. Blockchain is trustless and immutable. It can’t be altered.
  2. Because it is not trustless. The normal database can be altered and this can compromise the end results.
  3. It give them a way to verify all kind of transactions between the parties involved.
#683

  1. Blockchains allow for real time auditing of transactions, thereby recording the history of these financial data objects. In the case of bitcoin, this is accomplished by a mining scheme.

  2. Traditional databases are not distributed and trustless as are permisionless blockchains. Permisionless blockchains synchronize distributed workflow (ie, recording financial txns) across a trustless network. The history of such data is established and maintained via network consesnsus, thereby giving greater provenance than with a centrally updated database.

  3. Digital provenance provides an easily accessible and reliable history of data input and manipulation. This is invaluable in a system that track objects (real-world or digital) over time and throughout systems. In the case of supplychain management, provenance could guarantee the origin, storage history, and processing of physical goods.

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#684
  1. It enables it 2 be audited & immutable anytime while encrypting info.
  2. Because databases r not decentralized & can easily b changed without outside consensus.
  3. It increases efficiency, tractability and is trustless.
#685

  1. Add only capability on a public ledger.

  2. A normal database has remove capability and is often controlled and verified by one authority?

  3. Less headaches when auditing. Opportunity to demonstrate accountability publicly?

#686

[quote=“ivan, post:1, topic:8423”]
1How does blockchain enable digital provenance?
• Nothing can be removed from the blockchain, only added, this means that each and every transactions is tracked and stored in the distributed ledger system. By doing this we enable the accounting layer to be joined with the transactional layer to enable realtime auditing, thereby creating a trustless system.
2 Why doesn’t a normal database bring the same provenance?
• The current system is a mixture of cash transactions, paper receipts and bank transfers so not all transactions are recorded and digital transactions aren’t shared across banks, this relies on trust for auditing.
3 Why is digital provenance such a great benefit to many businesses?
• Many business have to trust what their suppliers are providing them, with little to no transparency on working conditions, ingredients, condition of stock at various stages of the supply chain.

#687
  1. How does blockchain enable digital provenance?
    Transactions are written and cannot be deleted (Digital Stone :wink:)
  2. Why doesn’t a normal database bring the same provenance?
    Normally you can edit data in databases
  3. Why is digital provenance such a great benefit to many businesses?
    Real-time auditing and tracking, transparency
#688

  1. It is achieved by removing the third party controlling things, and achieving trustlessness.

  2. Using a normal database you would need an entity to control it. Moreover, having blockchain handling adds up to the security of no data going missing and achieving trustless money system.

  3. The main point is that since everything is digital and unremovable from the blockchain, you can audit it in the process of making the transactions.

#689

Blockchain enable digital provenance by making transactions verified and trusted.
Regular database can not bring same provenance because it is centralised and therefore data can be changed or removed.
Digital provenance is a great benefit to business because it provides verification and traceability.

#690

Homework on Provenance - Questions

  1. How does blockchain enable digital provenance?
  2. Why doesn’t a normal database bring the same provenance?
  3. Why is digital provenance such a great benefit to many businesses?

Answers:

  1. 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. Data or a transaction can be added, but not removed.

  2. Because in a normal database, a transaction can be removed or erased. If the database fails, or becomes corrupted, data can be lost. All data in the database must be verified.

  3. It provides the possibility of real-time auditing and accurate tracability, among other benefits.