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The decentralized public ledger makes it difficult to “cook the books.” Each bitcoin can be traced and verified so they can’t be fudged.
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Normal databases don’t have the combination of a decentralized record of transactions and can be more easily tampered with. Or to say it another way, it is more difficult to verify the authenticity of a regular database.
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It is a guard against accounting fraud and makes “real-time” auditing possible.
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With blockchain being a public ledger, provenance adds value in terms of efficiency and trustlessness as there’s no auditors needed (3rd party). The accounting and transactions happen in the public ledger and are digitally verifiable and traceable.
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The normal database cannot enable accounting and transactions therefore a third party is needed. With no real time auditing, trust becomes an issue. Don’t Trust - Verify.
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Businesses will benefit as they will be able to track all the ingredients, where they originated. and even their real time location. With every transaction on the public ledger, provenance creates trustlessness between the parties involved. For example, 30% of manufacturers don’t know where the ingredients originate from or how they are made. Digital provenance will solve this.
How does blockchain enable digital provenance?
It provides a decentralized database for tracking and auditing where data cannot be altered.
Why doesn’t a normal database bring the same provenance?
A normal database is centralized and subject to manipulation by administrators.
Why is digital provenance such a great benefit to many businesses?
Because it removes the honor system and replaces it with something that is verifiable.
A business can know for certain what has transpired in the journey of their product.
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How does blockchain enable digital provenance?
Due to the extreme trackability of every transaction coming from the distribuited - non centralized - ledger -
Why doesn’t a normal database bring the same provenance?
Because the provenance of data must be verified by audit from a third party, centralized databases are not public so everything is based on trust -
Why is digital provenance such a great benefit to many businesses?
Because smashes the need of trust in actual market: with every kind of data open to the world, everyone could verify that data to have the assurance of a transaction or of a supply chain specific.
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Due to the fact that one is openly able to trace financial transactions in real time and the fact that once the information has been entered into the Blockchain it cannot be fudged (tampered with)
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Most normal databases can be edited with information being changed. also most database are closed within a particular orgainisation therefore ease of independently tracing information contained in it in real time is rarely if at all possible.
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It is extremely beneficial as business can at any point in time a) combine both the accounting as well as transaction information into a single bundle/unit of information on the block chain. this was not previously possible e.g. invoicing information could be stored o computers internally and transmitted between participants i a transaction however the actual transaction between them had to be routed through a middle man e.g. a financial institution (e.g. bank) which does not share all the information between the parties. B) Business no longer need to trust the word or reputation of others they are doing business e.g. suppliers to food manufacturers. The food manufacturers can independently track the source, qualitative quantities of ingredients and timings of those items at the different points in the supply chain
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It is public and doesn’t allow info to be deleted.
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It is most likely private and the owner or authority can manipulate data on it.
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Business can track inventory and payment almost instantly.
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How does blockchain enable digital provenance?
- Logs the chronology of ownership of a digital asset.
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Why doesn’t a normal database bring the same provenance?
- Normal DB is centralized trusting some person(s) controlling access and content.
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Why is digital provenance such a great benefit to many businesses?
- It serves as a trust-less auditing mechanism allowing instant verification
- How does blockchain enable digital provenance?
Answer: The blockchain provides an authentic decentralized record of transactions which cannot be removed or altered. - Why doesn’t a normal database bring the same provenance?
Answer: A normal database is centralized thus controlled by an individual or a company which have the ability to alter or manipulate the data.
3.Why is digital provenance such a great benefit to many businesses?
Answer: Allows business to verify authenticity, track and audit trustlessly.
How does blockchain enable digital provenance? By auditing and verifying transactions in real time by using a network of computers .
- I’m don’t know the exact mechanics/programming behind it, but in theory, it’s because data is stored throughout a decentralized network among independent users enabling the data to be tracked/reviewed.
- Databases are generally controlled by limited parties and is not public or generally accessible to all users on the network.
- It allows for tracking, auditing, of data/information in any industry i.e. finance, gov’t spending, supply chains etc.
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Blockchain being a Transparent public ledger; making it possible for all transactions to be traced, monitored and tracked, in real time.
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A normal database is Centralized which means that it can be altered, hacked and even wiped.
This database is also based on TRUST, making it an opaque database… -
The Transparency in businesses is key and Provenance stands for that also enabling a client/ customer monitor activities like Transactions, quality of goods and Food products all in real time hence brings about Trust and Verification in the business.
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- How does blockchain enable digital provenance?
Once posted to a block the transaction cannot be changed as the nodes compare block data with each other. - Why doesn’t a normal database bring the same provenance?
Data can be lost or deleted or the underlying formula for a cell result can be altered. - Why is digital provenance such a great benefit to many businesses?
It can be used to verify ingredients, track manufacture location and reduce auditing costs among many others.
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Blockchain is immutable so there is no chance to change an information in it, only add some. Therefore one can track unedited data.
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Information in normal database is changeable and usually not public.
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It helps tracking any business-related process real time thus increasing efficiency.
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How does blockchain enable digital provenance? By verifying transactions .
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Why doesn’t a normal database bring the same provenance? They don’t have the capability .
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Why is digital provenance such a great benefit to many businesses? Businesses don’t have to trust suppliers but verify them .
- Blockchain is a public ledger were recorded transactions cannot be altered. You can trace any transaction to its origin.
- Normal database is centralized and anyone who has editing capabilities can change the records. Transactions don’t require multiple verifications to be accepted as it would in the blockchain. And once they are verified in blockchain they can’t be altered.
- Provenance allows real time audit. Provenance removes layers of trust that many industries have to rely on. You can trace the origins of ingredients for example and verify the whole supply chain.
- How does blockchain enable digital provenance?
It lets all transaction information able to be seen across multiple ledgers and It cannot be falsified or removed so it proves A trustless system where there are guarantees instead of trust without knowing the honest truth. - Why doesn’t a normal database bring the same provenance?
A normal database is just data put in by someone that has gathered info that has no honest verified sources and this information can be modified as they wish therefore consumer or user never knows if the information provided is honest or valid - Why is digital provenance such a great benefit to many businesses?
I can show the true integrity of a business which if they are doing the right things will only increase the value of their company or services
Just completed this module. Very motivating. So many potential applications and benefits. 
How does blockchain enable digital provenance?
Blockchain enables digital provenance by allowing secure, transparent, tracing of physical items and associated operations processes in a trust-less system that is reporting in real time and verifiable.
Why doesn’t a normal database bring the same provenance?
A non-blockchain database does not bring the same level of provenance as a digital one because it is typically much less secure without great cost; uses different technology that can’t track certain types or sizes of individual items from point of origin to consumer/end user; can’t typically trace many items through the process in real or near real time; and does not have embedded trust-less features.
Why is digital provenance such a great benefit to many businesses?
Digital provenance can provide businesses with many great benefits such as reduced operating costs, detailed data to foster better decision making, increased supply chain resilience, less loss from theft or counterfeiting, and demonstrable/verifiable commitment to long-term sustainability, ethical business practices, and evidence of positively impacting communities where operations are located.
Bit dated but interesting article.
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You cannot remove data from the blockchain so all records are permanent and publicly accessible.
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Normal databases are neither permanent nor public.
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Businesses would be able to track components or goods through supply chains without trusting any other party.
1, it is a system that allows information and not out, there for making it hard to duplicate
- By tracing financial transactions
- Because blockchain can track and audit transactions in real-time, and provide an accounting layer with the transaction layer
- Digital provenance removes the trust and verifies instead, Don’t trust - Verify instead!
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