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It allows to assess and make sure that the result is what we expect to get whatever happens, Any verifications show the same outcome. There is no doubt.
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The reason is very simple. In order to do so, the use of blockchain and bitcoin should be involved.
3,.This is the matter of trust and a greater way of obtaining the same outpout at the end of any transaction. Businesses will be sure that they will achieve their goals with accuracy.
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All transactions are documented in the ledger. The blockchain is build in a way that manipulation of the transactions is nearly impossible.
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They rely on central parties for governance. Hence the data can be changed by these parties or the database hacked.
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It’s possible to ensure a transparent supply chain, which can not be manipulated. Customer and other parties can review data like the stations in the supply chain or the ingredients.
Homework on Provenance - Questions
- How does blockchain enable digital provenance?
Blockchain is a public, decentralized database (distributed ledger) that is collectively maintained and synchronized by a network of computers that keep a full record of all transactions on that network. Entries can be written to the blockchain but they cannot be changed or removed. Hence, it keeps an end-to-end history of all transactions and allows all transactions to be tracked, traced, verified and audited in real time. Every node in the distributed ledger individually maintains a full copy of the database that keeps a record of all transactions made on the network. The blockchain uses algorithms to record and verify ownership and exchange of information and value (physical, digital and financial assets) such that it does not require trust in a centralised authority or intermediary.
- Why doesn’t a normal database bring the same provenance?
A normal database is usually owned and/or controlled by a central authority. It is therefore subject to abuse; restricted access and lack of transparency; loss or corruption of data; and lack of resilience in the event of an attack or system failure. A normal database also separates transaction data and accounting data, which makes it impossible to have public real-time auditing.
- Why is digital provenance such a great benefit to many businesses?
Digital provenance ensures that businesses can track and trace every item in the supply chain, including its origin, where it is in the supply chain and what state it is in at every point in its journey through the supply chain. This helps prevent fraud and counterfeiting, maintain quality standards and maintain instant traceability, thus providing a self-verifying audit trail that removes the need for trust.
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Hi, Hardeep - compliments on your explanatory style, very thorough and eloquent.
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Hi Brian, that’s very kind of you. I much preferred your answer, especially to question 3. I hadn’t considered the things you mentioned, namely reduced operating costs, better decision making, long-term sustainability, ethical business practices, and corporate social responsibility.
Thanks for including the link to the provenance white paper. I’m looking forward to engaging more with the community here.
Good luck with the course!
- Block-chain enables digital provenances as it is a decentralised ledger (database) which anyone can contribute to, no one can be censor. All data points are recorded and no data can be removed. Every transaction is recorded within the block-chain, allowing all data points to be transparent and validated by the miners.
- A normal database has a central point which allow the narrative to be controlled by some authority/organisation. This means data can be added and deleted, and only selected personal are allowed to contribute to the database.
- For business this allow the customer to verify the facts and doesn’t allow any opportunities to corrupt the truth. This will also stream line many processes removing the middle man out of the equation which will benefit all parties involved in the business. As public block-chains are transparent and traceable any auditing body has direct access to the data which saves time and money for any organisation.
Thank you, Hardeep. You are welcome. I try to link or include any items I run across in my research and learning so more than just myself benefit. It is such an exciting time, space, and potential. Thank you, good luck to you as well. Cheers!
Yes. Decentralization ensures that no one can modify the origin of something. Without it someone could always change something and claim it has been always like that even thought they changed it.
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Everything you said is true but you need to mention how it enables us to have digital provenence. Why can’t the information be deleted or modified? The key point to take away is that in order for a blockchain to have a digital provenance it must be permissionless and decentralized. Does two things alongside with POW in bitcoin enables us to trust the public database we can see.
I am sure you will figure out why this is so important. Anyway good job and welcome to the community. 
A very well written assignment. Keep it up @Hardeep . 
Thank you Mauro, I’m excited about completing this module as the information is all new to me.
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- By allowing data to be entered whhile not allowing it to be removed (immutability).
Every node in the network has a complete copy of all entered data/transactions so anyone can verify all transactions (trustlessness). - Because one computer/entity controls the data in the dtabase so you are at their mercy that it is correct (must trust them) and trust that it was not changed. You can not verify the data by yourself.
- Because when a business has a product people who use it can trace back all data about the product. and verify it genuineness and be confidant that information is correct (trustlessness because the data is immutable).
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- By allowing “history tracking” of all type of transactions, providing instant auditing, and having only one source of (descentralized, set in stone) truth, the blockchain itself.
- Databases are a centralized repository, allows copy/paste/update of records, usually keeps only the current “state” of a record, hard to track history and relations/connections between records.
- Many businesses will benefit because it will enable tracking the origin and history of certain piece of information, either financial transactions, foods or supply chains, all will be easily traceable within a “trustless” system where no third party validation or trust is needed between entities.
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How does blockchain enable digital provenance?
store all transaction in public ledger;
any single transaction in immutable and traceable;
decentralization and can verify transaction real-time -
Why doesn’t a normal database bring the same provenance?
data is central storage, single point store.
can manipulate data/trans or corrupt if any hardware or software issue
verify trans rely 3rd part -
Why is digital provenance such a great benefit to many businesses?
real-time verify and single trust source efficient
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Question 1: Blockchain tech stores each transaction on a public ledger available to everyone.
Question 2: A normal database is controlled by a person(s) and can be manipulated. Blockchain tech cannot be manipulated and is safer than having a central database.
Question 3: It allows for real time auditing which saves time and without the need of having a third party verify info it solves the problem of giving people access to sensitive data.
How does blockchain enable digital provenance?
Digital providence is realized with the use of a peer-to-peer network topology, a shared ledger in append-only mode for transactions, and cryptography to guarantee integrity, non-repudiation, and reliability of the transactions. This makes the blockchain decentralized and trust less. Each peer in the network is a client and server, thus no central authority.
Why doesn’t a normal database bring the same provenance?
A normal database is a server and all other connecting systems are clients, thus the database is the central authority. All clients must trust the content of the central database server. Provenance is not achieved.
Why is digital provenance such a great benefit to many businesses?
Customers can verify the authenticity of what they are purchasing, and sellers are better able to justify their pricing. All middle men in the supply chain cannot deviate from their agreed upon tasks.
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Blockchain enables provenance by having a ledger that has all the transaction ever made by any party. That way you always know from where any entity has come from.
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Normal database is always controlled by a 3rd party (server owner, service provider etc.). That way must always trust this intermediary for displaying accurate data.
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Because data can be stored in one layer that is very transparent and visible. This will cut out a huge amount of paperwork that businesses have in many industries
1 - Blockchain allows the real time tracing and auditing of the financial transactions as well as tracking supply chains with more transparency and efficiency.
2 - A normal database relies on trust and provenance through blockchain allows it to become trustless and for more transparency through verification. Normal databases can be inefficient and labourious with a middle man involved.
3 - Allows real time tracing of financial transactions with efficiency through protocols and can connect the accounting and transactional layers together. Mainly can achieve a verification model than relying on a trust model.
1- blockchain can store data which is either public or private (encrypted) which can be made available to an auditor or audited in real time.
As we know, blockchain data can not be manipulated or erased, only added to. Which is the highest security and quality of information storage. As “Provenance” is proof or record of origin.
2- first, as mentioned it is not susceptible to being manipulated. Second it brings Accounting information together with Financial data, or combine/imbed information within each entry which allows tracking, quality control and accountability for parts or ingredients of a product. Which makes a complete record which can be accessed in one place.
3- The benefits of blockchain are immeasurable. You have:
-efficiency, security and accuracy of permeant records
-you have control of access through encryption, while maintaining ease of access
-Trust-less data. You don’t need to rely on any other entity to verify or confirm information as it’s already verified within the blockchain
-the above not only makes processes more accurate and secure, but also more efficient saving time and money while avoided errors and corrupted data
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How does blockchain enable digital provenance?
Transactions are transparent and can be audited in real time by anyone who cares to look, besides the fact that each transaction is already approved by the network consensus. -
Why doesn’t a normal database bring the same provenance?
Normal databases are not public the way blockchains are designed and the controlling parties of a particular database may alter any transactions without the public knowledge. -
Why is digital provenance such a great benefit to many businesses?
When transactions can be verified, all legitimate businesses can save the overheads of audits and potential legal inconveniences that come from people losing trust in their operations.
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How does blockchain enable digital provenance?
Why doesn’t a normal database bring the same provenance?
Why is digital provenance such a great benefit to many businesses?
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Blockchain enables digital provenance by providing a public record of every event that happens, which is decentralized, auditable and backed by a public ledger so it can’t be manipulated. This makes it so that every event, or transaction, is recorded and can be verified.
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A normal database doesn’t provide provenance because it is not decentralized. So info can be manipulated/deleted/distorted by the central authority of the data, or the data could be hacked or deleted. This causes recipients of that data to TRUST that central authority that their info is correct.
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It can benefit business in a number of ways - From a business perspective, they can improve efficiency by saving time and being able to verify the accuracy of all data in real time. From a consumer perspective, this will increase transparency of businesses which will make a business more desirable to consumers. Essentially it holds businesses to a standard of openness and transparency that will benefit both the businesses themselves and their customers.
Feel free to let me know if I missed anything here or am misunderstanding 