Homework on Provenance - Questions

[Kat1]

1 How does blockchain enable digital provenance?

Everyone can track transactions, download the transactions. There is a digital stone where only new data may be added and old one may not be deleted or manipulated.

2 Why doesn’t a normal database bring the same provenance?

Normal database relies on trust and can be manipulated by government and owners of a given company. Blockchain eliminated the trust factor and relies on science and verified calculations.

3 Why is digital provenance such a great benefit to many businesses?

Blackchin provides security and efficiency. There process are faster no third-party is needed for auditing or tracking transactions as blockchain allows access to the ledger.

[Aki]

1. How does blockchain enable digital provenance?
   Public ledger that stores all transactions, not possible to delete/change. Only add.
2. Why doesn’t a normal database bring the same provenance?
   Centralized, can be hacked/changed or even deleted.
3. Why is digital provenance such a great benefit to many businesses?
   Safe, transparent, trustless

[filipeval]

1. By tracking and verifying all data on a open ledger, from the source to the very end.

2. A normal database doesn’t bring the same provenance because they depend on a third party to be trusted and audited, so it is not trustless. The accounting and transactional layers are two separated operations.

3. By having Provenance in financial transactions, these financial processes will be much more efficient, bringing together the accounting layer with the transactional layer, therefore not depending on a third party to be trusted and audited.

[Metrogal005]

Blockchain enables digital provenance by offering real time auditing, transaction verification, and transactions that can not be altered.

A normal database doesn’t offer real time auditing and trust is opaque

Digital providence is a great benefit to many businesses, because it cuts out the middle man and there’s no time delay.
.

[vrielance]

[quote=“ivan, post:1, topic:8423”]

• How does blockchain enable digital provenance?
  A: None of the transactions in a blockchain can be changed and all transactions are publicly verifiable. It is therefore trustless and anyone can verify the provenance of a transaction, product or whatever is on that particular blockchain.

• Why doesn’t a normal database bring the same provenance?
  A: A normal database is not trustless, meaning that is depends on a (central) third party (bank, company, …) to control the transactions. It cannot be verified by the public.

• Why is digital provenance such a great benefit to many businesses?
  A: It does not depend on trust.

[michelaketer]

It is a community, read it through other people’s answers and engage with them. Enjoy it!

[CryptoBerto]

1. The blockchain allows the network to account for and verify all inputs.

2. A normal database may have a single point of failure or subject to manipulation
   that doesnt allow an open network of computing to track and verify.

3. It allows for greater transparency to the consumer and also higher efficiency in
   productivity and cost savings

[cnhaupt]

1. How does blockchain enable digital provenance?
It enables real-time auditing, allowing things to be verified immediately without having to trust a third party.
2. Why doesn’t a normal database bring the same provenance?
Because a normal database is only as trustworthy as the owner who owns it. They can change their database at any time.
3. Why is digital provenance such a great benefit to many businesses? It allows for businesses to verify transactions with their suppliers.

[Jake]

1 - Blockchain holds an immutable public ledger of all transactions on the network. This allows provenance on all transactions on the blockchain.

2 - A normal database doesn’t show a complete account and is generally not transparent in the same way blockchain is. This also means it is unable to be influenced or manipulated in anyway by any organisation or governing body.

3 - Digital provenance is good for business as it allows a business to give verified information on their products and services. This allows for transparency and trust between all parties involved allowing everyone to get exactly what they paid for.

[Samm]

1. Being immutable and complete, nothing has ever happened (with Bitcoin) that is not recorded permanently on the blockchain, from the origin of the bitcoin through each and every wallet address that it has touched.

2. Databases can be modified, lost, or have multiple mismatched copies. Blockchains have only “one truth”.

3. The “one truth” feature makes recordkeeping automatic, permanent, public, and auditable. No need for “onsite auditing”.

[ColdAppleCider]

• How does blockchain enable digital provenance?
  Through a decentralized network of computers that runs a public ledger which can only be added to.This allows one to verify ingredients rather than trust suppliers. Verify, don’t trust.
• Why doesn’t a normal database bring the same provenance?
  Blockchain enables accounting and transactions, which are normally mutually exclusive, to be paired together efficiently. Furthermore, in previous databases, transactions can be removed or erased. With Blockchain, this is not an issue.
• Why is digital provenance such a great benefit to many businesses?
  Eliminates costs in relation to accounting and auditing labour, by allowing for real-time auditing.

[JBrewer]

1. it verifies a transactions themselvesand eliminates trusting a party of the transaction
2. there is no “tracking” of where things come from
3. its real time

[Bob_Smith]

Digital provenance helps to keep all permanent records within the blockchain which cannot be changed and is decentralised making it trustless.

A normal database cannot bring the same provenance because it is centralises and has to be trusted and it can be manipulated.
The benefit of provenance for businesses is that is has built in real time auditing saving time and money on auditors, also trustless gives businesses confidence.

[Steph]

1 Nobody can change data in the chain because of its transparency and the traceability ads accountability
2 Owners can change data and rules to manipulate outcomes…usually to their own bennefit
3 The transparency involved makes easy auditing and happy consumers since nothing is based on trust and the speed of transactions is multiplied

[Wargor]

Hi,
1, Accounting and Transactions are on the same layer. Transactions are immutable. All transactions are public and can be traced. Also if its blockchain that is decentralized- then there is no single point of control.
2, On normal database you can Add and Remove data ( by fault, hack or because they just can), in blockchain you can only Add data- and this data will be verified with other “databases” if it does make sense and saved in all “databases” ( blockchain).
3, It saves time/money, audits can be done automatically and in real time.

[getlearned]

1. Blockchain enables accounting and transactions to be simultaneous and accessible in realtime.

2. In a normal database it can be more difficult to verify information.

3. Digital provenance is a great benefit to many businesses because every transaction can be tracked and audited in realtime.

[sharpest]

1. A Blockchain is trustless, immutable & vefirfiable from the source to destination.

2. Databases can be ammended (either intentionally or not…) by even just a single user and rely on trust.

3. Businesses can be sure that the information provided is accurate and can also be verified in real time. Customers may also be more likely to purchase a product, knowing that the information provided (eg. ingerdients) is legitimate, which may increase sales.

[mr_e]

1. With blockchain, digital provenance is possible because all activity on the blockchain is recorded, allowing for auditability of the activity at each change of state of the transaction. The immutability of blockchain also does not allow for the altering of data after it has been written to the chain.

2. Most databases are centralized, meaning access to the information is not public, and information on the database can be tampered with, since there is little to no means of consensus or verification of the data, and the fact a single entity can be in control of the information contained.

3. Many industries rely on trust as a means of doing business. Digital provenance allows for trust to be eliminated, enabling all information to then be verified.

[Knigge]

1. Blockchain enables digital provenance by building a network of traceable and verifiable data.

2. A normal database does not bring the same provenance, as normal databases are centralized and able to be manipulated. Using blockchain, the mathematical verification of data allows for trustless retracement and trustless confirmation of origin.

3. Trustless confirmation of information allows businesses to verify information in a way never previously possible. Digital provenance allows companies to take more control of and improve the quality of their products and services, and convey to customers/ investors a verifiable story.

[Maikimais]

• Blockchain technology keeps track of every transaction, always knowing the full path or origin of the asset, therefore enabling digital provenance.
• One of the great features of blockchain is immutability, meaning a transaction cannot be removed or erased, whereas in a normal database that usually happens (accidentally or not).
• The benefits for many business (and consumers) is real-time auditing and true traceability, you can ensure the products you receive come from the expected place, therefore ensuring quality of product removing trust from the equation, as Ivan says: “Don’t trust, verify” .