Homework on Provenance - Questions

Blockchain and Bitcoin 101
#1216

1- With blockchain, the public ledger allows anyone to see and track the process of an item/transaction.
2- A normal database can be edited to suit any narrative, trust needs to be given to the ones in control of the information that goes into the database.
3- It makes business more efficient by saving time and cutting out unnecessary steps/processes like removing auditing and traceability which require trust and instead using a blockchain that provides a system that doesn’t require trust.

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#1217
  1. Digital provenance makes and bring equal participation of all networks of computer in a trust less way showing your work, data, historical records, financial transactions, etc. in the form of public ledger through its property of add only, that is technically impossible to fake, alter or duplicate transactions.
  2. The normal database is based much on trust. Trust to authority, central authority or government but these level of trust can be eroded if some bad actors in central authority manipulate that database.
  3. Digital provenance has great impact and brings many benefits on businesses because any physical product for sales/transactions, supply chain, and finance would be able to see the immutable records of transactions, tract and trace records in the public ledger giving a very high level of trust to the consuming public.
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#1218

  1. blockchain achieves digital provenance thru verification of every transaction that is immutable, meaning it cannot be deleted or altered in some way. It is decentralized, meaning everyone can see and also audit all the way back to the original source in an efficient manner.

  2. A normal database cannot achieve this because it is centralized, meaning the data is kept under control by an individual or company and thus susceptible to being altered or deleted in some way to make it look better than it actually is.

  3. It is great for companies because it adds desired value to businesses that can verify claims of authenticity, purity and quality in real-time. The purchaser can investigate faster and get a sense of greater confidence in making that decision.

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#1219

  1. Blockchain enables digital provevance because of the ledger. The ledger let’s you see the account layer with transaction side by side.

  2. The normal database doesn’t interact the same way. old school way of doing things is hiring doing it yourself, writing it down or hiring an accountant to check your paperwork. Humans make mistakes when making calculations. tracking inventory and provenance solves that.

  3. Well the great benefits i have stated above. Furthermore its a trust less system that enables business to track everything from food ingredients, tracking where its been and makes a business runs smooth all & all

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#1220
  1. It makes transactions traceable.
  2. Because transactions can be removed in a normal database.
  3. The ability to trace food ingredients like beef or dairy to their origin is more of a benefit to customers. Having provenance in financial transactions helps businesses be more efficient by allowing them to bundle the accounting layer together with the transactional layer. They can achieve real-time auditing rather than going through the time consuming process of rounding up the receipts and entering them separately into a database.
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#1221

Homework on Provenance - Questions

  1. How does blockchain enable digital provenance?
    Blockchain is a public database that tacks in real time all transactions and cannot be changed.

  2. Why doesn’t a normal database bring the same provenance?
    Normal databases are able to be corrupted, changed and hidden.

  3. Why is digital provenance such a great benefit to many businesses?
    Because processes can be verified and quality controlled from start to finish. There is no guesswork.

#1222

  1. You can see what is going in an out, it’s verifiable

  2. you have to work on a trust system which is innately flawed because of things like human error and lying

  3. It provides real time auditing. Don’t trust verify, but doing math

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#1223
  1. Digital provenance comes from the fact that the entire history of transactions is available, traceable and of course immutable. This removes the possibilities for bad actors to intervene
  2. A normal database is compiled of data that is entered, altered, deleted etc… whomever has the rights to the database also has the rights to alter the data. In case of a large public blockchain, the data is public, can be consulted, but cannot be altered.
  3. Today a large part of running a business is a cost which does not add to productivity. This is what is called “overhead” . They are costs associated with running the business and this can be accounting, HR, etc etc. With all this information on blockchain, a large number of these functions could disappear or reduced significantly. It also increases the focus on core activity and therefore theoretically results in a more efficient organisation
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#1224

  1. the blockchain enabled the digital provenance through traking and verifying every transaction.

  2. Fiat currency is regulated through athourities which can manipulate and duplicate currency. Most data bases are build on trust. Also nothing can be removed from the blockchain

  3. Because now accounting is fully automatic within the transaction. Nobody needs to verify a transaction because it already was verified by itself. Also no third party need to check you accountings

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#1225

  1. How does blockchain enable digital provenance?
    Because of it’s immutability, blockchain can verify information regarding the history of a product; whether it be what it’s made of, where it’s been, etc. Thereby, enabling digital provenance.

  2. Why doesn’t a normal database bring the same provenance?
    A normal database requires additional trust, layers and/or departments to verify the history & integrity of the product in question - effectively adding risk, concern, and cost to manufacturer and the customer.

  3. Why is digital provenance such a great benefit to many businesses?
    Digital provenance and a blockchain solution could reduce costs to the manufacturer by having a system that essentially audits itself instead of having to pay additional teams to do so with an additional margin for error. By reducing the need for trust with an instantly verifiable & immutable system, a business could gain confidence from consumers and keep them.

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#1226
  1. Blockchain can provide real-time auditing by hashing database (auditing) in real-time as opposed to a regular database that can have data added and removed.
  2. A normal database can have data added and removed and is mostly for record-keeping but it’s fatal flaw is the ability to manipulate data.
  3. Digital Provenance eliminates “trust” with verification " Don’t Trust Verify". It provides for quick and verified data in order to complete transactions.
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#1227

  1. The bitcoin blockchain brings together the accounting layer and transactional layer because all transactions ever made are fully transparent, recorded on the blockchain which is decentralized in such a way that the data cannot be manipulated by a central party or generally, due to immutability (except in the event of a successful 51% attack).

  2. A normal data base is centralized, not transparent, not immutable, and not public.

  3. It cuts out middlemen between such businesses and their customers and clients; and removes one or more layers of trustlessness resulting in at least a higher quality product, and possibly more so even a defensive mechanism to fraud, and MORE!

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#1228

  1. By way of an open public blockchain digital provenance can be achieved… a network of computers that are decentralized allowing for trustless verifactions.

  2. Because private blockchains are centrally controlled and don’t provide censorship resistance like public blockchains.

  3. In a decentralized civil society prosumers will not need to depend on trust between parties, but rather use trustless verifications to determine a good or services worth.

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#1229

  1. How does blockchain enable digital provenance?
    Because you can only write to but not delete, and everything can be verified by the math.

  2. Why doesn’t a normal database bring the same provenance?
    Because you can remove/delete entries and entries can be changed.

  3. Why is digital provenance such a great benefit to many businesses?
    Because business decisions can be made on verifiable data rather than just blind trust in the data.

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#1230

  1. Blockchain helps digital provenance by making every transaction transparent and trustless recorded like on a stone. So is not open to manipulation.

  2. A normal database is centralised and runs the risk of being manipulated by that individual or individuals.

  3. It is beneficial as everything is traceable and verifiable plus also cutting costs which is done by accounting firms.

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#1231

1. How does blockchain enable digital provenance? Blockchain is super encrypted so any data that you put in will be stored and unchangeable.The number of ideas stemming from this technology will result and hundreds if not thousands of various types of business and functions.

2. Why doesn’t a normal database bring the same provenance? A traditional database cannot be scaled globally and have a wide use case because the data can be tampered with. Even if the traditional database is shared via cloud, not everyone is going to have that cloud service. Traditional databases have a lot of limitations as we head towards this new decade.

3. Why is digital provenance such a great benefit for many businesses? Since the data information & value amounts are input into the cryptocurrency of choice, you can create a historical library that anyone can view and access globally from the beginning with confidence. The world is changing. People and businesses will find new ways to conduct globally and blockchain is that vehicle

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#1232

1 Blockchain allows digital provenance keeping the system decentralized without the need of “trust”. Nobody can “poison” or alter the blockcahin data.

2 Because usually a normal database is managed by a single person or a single company that could easily manipulate and alter its content.

3 Because of trackability and transparency.

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#1233
  1. Blokchain is a public ledger, containing all transactions that were validated. It is possible to track origin of any transactions just looking into the ledger.
  2. Because it allows to remove stuff from it. You cannot erease transaction from blokchain.
  3. Because it removes the need for trust in the business.
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#1234

thanks guys some good points
jk1

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#1235

answer. by verifying and validating transactions in real time.

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