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It allows us to trace transactions in real-time and record various attributes of each transaction
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A normal database relies on trust and is not verifiable as blockchain is by virtue of having it’s ledger held by every user of the blockchain, therefore allowing us to verify the fidelity of every transaction by comparing with the transactions held by all of the other users.
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It lets business track products or transactions at every point in the supply chain or whatever lifecycle they have for their product or service. This allows them to do things like real-time auditing, or determining the origin of a product and it’s various attributes immediately (e.g. track whether a food comes from a contaminated source, or disreputable supplier)
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Blockchain is public so you can see all the transactions made.
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In a normal database data can be erased or removed, it is based more on trust.
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You can track what you are getting in your food or see where it’s coming from.
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Blockchain enables digital provenance by being immutable and it gives the ability for real time tracking.
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A normal database doesn’t bring the same provenance because you need a physical human being to gather all the physical accounting data that could be present in each transaction.
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Digital provenance is an amazing benefit to many businesses because you can create a trustless environment, and know what you’re getting because all the data could be put on the blockchain to and for the data to not be removed.
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Blockchain allows for provenance due to the fact that every node on the network can validate/audit/verify transactions in real-time against its own copy of the blockchain database.
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In a normal database you are allowed to remove information, while on a blockchain you are only capable of adding information.
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Most likely many use cases for blockchain have not been discovered yet, but for many businesses where tracing elements is pertinent to their business, trust becomes an issue. Digital provenance looks to resolve having to trust each and every transaction through maths and decentralization.
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Blockchain uses a network of computers which all contain all the info on the blockchain. The each verify each transaction.
Normal databases can be edited, info removed.
There is no need for auditors to go through your receipts and records. All the records are public, and accurate because info cant be removed from the stone.
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How does blockchain enable digital provenance?
Because data on a blockchain cannot be modified. This is good tracability, as you can verify information easily and automatically.
Why doesn’t a normal database bring the same provenance?
Because in normal databases, single users/entities can modify or delete data afterwards any time.
Why is digital provenance such a great benefit to many businesses?
Because it allows them to proof e.g. the source of material in a way, that any customer (or other business partner) can verify without having to trust the company. This can be done automatic. Providing these digital services is a selling point for any product.
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#1. By being an open ledger, you can´t cheat the system.
#2. Because it´s not trustless.
#3. There´s a lot off reasons, main reason is the trustlessness. Customers can track where is what coming from and from whom is it produced etc.
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Homework on Provenance - Questions
- How does blockchain enable digital provenance?
Blockchain is a special database where we can create digital transactions/information but we can not remove or change any inputted data.
As Blockchain is a Decentralised (no central entity in control), Distributed ledger (database/registry) that allows peer 2 peer transactions secured by a trustless participant of network of computers. Blockchain allows to track and trace any type and origin of transactions, weather it is cryptocurrency, digital certificates, assets and any other data.
- Why doesn’t a normal database bring the same provenance?
The traditional database is run by a central authority or intermediary, which can allow transactions/data to be changed, altered or removed. In addition the traditional database system can crash, data can be lost, data could be stolen etc. In essence the traditional system can be manipulated however we are forced to trust.
- Why is digital provenance such a great benefit to many businesses?
Provenance means the Origin, and or earliest known history, and or record of ownership.
Therefore Digital Provenance mechanism is crucial to the blockchain system, it allows real time auditing, tracking and tracing of all records on blockchain which creates a trustless system.
Digital Provenance will benefit all sectors of industry and consumers alike, as we all require a trusted system with transparency, credibility and integrity.
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The word provenance refers to the beginning of something, its origin.
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By keeping record of all transactions in order of execution, one can see where the transaction originated, and its subsequent followed path. i.e the whereabouts of a Bitcoin or portions of it.
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Anything that is on the blockchain is verifiable since no piece of information can be erased from it. (I believe) normal databases do not have this feature.
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It would allow for quick auditing procedures.
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How does blockchain enable digital provenance?
blockchain is like a digital stone meaning it allows you to input data but you can’t remove any data. As transactions are recorded in real time it opens up the possibility for real time auditing. -
Why doesn’t a normal database bring the same provenance?
normal databases are built on trust not on total transparency -
Why is digital provenance such a great benefit to many businesses?
you can build trust up through transparency as every transaction in recorded and public, saves a lot of time of auditors
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How does block chain enable digital provenance?
Block chain technology enables digital provenance by every by recording every transaction permanently on the instead of on a centralised database were information can be added/ removed.
Why doesn’t a normal data base bring the same provenance? A normal centralised data base dose not bring the same provenance because data can be changed by the central authority therefore relying on trust instead of being trust Instead of being trustless.
Why is digital provenance such a great benefit to many businesses? Digital provenance is a benefit to any business where customers would like to be able to verify a range of information regarding the products or services they are purchasing including but not limited to the origin, authenticity or supply chain.
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- How does blockchain enable digital provenance?
As it is decentralized and not controlled by one single body but many independent and unrelated “bodies”, it guarantees the veracity of each transaction. - Why doesn’t a normal database bring the same provenance? All other databases are controlled or supervised by a central authority, and the user has no choice but to trust its content, being fully aware it could have been modified but unable to prove it
- Why is digital provenance such a great benefit to many businesses? It´s beneficial to businesses that operate in a legitimate manner with good and honest work ethics as it enables the customers to verify the origin , materials / ingredients, manufacturing methods etc of their product, but it´s not so good for those who use questionable sources and/or methods for their products or services. Digital provenance as well benefiting the honest businesses, it forces the others to either change their methods or disappear eventually.
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Blockchain provides a secure, encrypted public ledger capable of storing a record of transactions that cannot be removed or altered.
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Traditional databases are often inaccessible to the public and beholden to a centralized authority, where stored data can be tampered with, altered, or lost entirely.
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Blockchain is a network of highly-distributed independent computers offering a stable, transparent record of transactions, which requires zero trust on the part of the user to utilize the data.
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- Through a trust less public ledger design for Financial Transactions.
- Because is control by an Authority or Goverment and data can be remove from it.
- Because can be audit in real time
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By making it trust less. It is decentralized. Everything can be tracked. Nothing can be hidden.
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Because of manipulation. This system cannot be manipulated.
3.Because auditing is automatic! Trust is removed from the equation.
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- Data can only be added and not removed from the network.
- Can be controlled and manipulated by entities.
- Transparency and security provides confidence for customers as they can easily verify transactions.
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- Data can only be added to the immutable ledger.
- Normal databases allow insert/update/delete of data, therefore, cannot be trusted as a source of truth.
3, Provides full traceability of transactions, financial or logistical.
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- By ensuring that the data is not tempered.
- Because they can be tempered.
- It has a wide application in many walks of life.
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1. How does blockchain enable digital provenance?
Provenance is building a system of data to be traceable and transparent on a public ledger (Blockchain) a network of computers for securely storing information , unchangeable and open.
Blockchain is a distributed ledger that records the ownership or custody of a digital asset.
2. Why doesn’t a normal database bring the same provenance?
A normal database is centralized and not transparent. In opposition to the blockchain, transactions can be canceled or modified at any time. You need to trust the database owner.
3. Why is digital provenance such a great benefit to many businesses?
Trust is being removed between the different entities => Don’t trust, but verify
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- By verifying on the chain
- Because it is Centralized therefore it can be controlled.
- Because it is trustless no third party needed.
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