- Being decentralized, blockchain secures encrypted info on public ledger that can be audited in real time where each and every transaction’s origin can be traced back as recorded in blockchain and immutable and, thus, efficiently traceable and verifiable from beginning till the last added block of data, i.e. all the way through entire supply chain of a product.
- Unlike blockchain that is decentralized, a normal database is stored in a central location with a central authority controlling it. Transaction entries are not immutable and could be manipulated, added, tampered or removed by database owner and, thus, unreliable. It is also not secure since the database access may be interrupted at any time, or data can be lost in a crash, making it difficult to trace back a whole chain of transactions. Provenance here is based purely on trust. Not having a distributed network supporting public ledger disables automatic real-time audits that can track, trace, or verify a transaction as there are no available copies to test validity of entries.
- With digital provenance, there’s no need to rely on third parties to audit or access records since all transactional data are openly available in the blockchain. It allows businesses, to cite supply chain operations, to cut costs by increasing transparency and efficiency with real-time audits / business processes and accurate traceability digitally done, without requiring trust. It encourages more ethical practices due to frequency and ease with executing audits. Companies dealing with physical products are able to track the origin, location, status, and quality of their products, as well as verify contractors and suppliers at any given time, bringing more transparency, assurance, and satisfaction to customers who are then made more aware whether materials/ingredients they buy are of high or bad quality, and verify if same are ethically-sourced resources.
-
With Blockchain, you actually have all of the information of any given transaction in one place (financial or otherwise). Therefore, you are able to trace every step of a transaction all the way back to its origin.
-
In a normal database, data can be removed. With Blockchain, the data is permanent. Also, in a normal database, accounting and transactional layers are separated. Not having all of the information in one place makes it very difficult to trace and properly verify a transaction.
-
First, provenance creates far greater efficiency for businesses by having all transactional information in one place. Also, the Public Ledger allows a company to zero in on not just any part of a process (financial, supply chain, etc.), but also trace a problem all the way back to its origin. Finally, digital provenance creates a trustless environment. It makes the entire process transparent by eliminating the need to rely on people at every step.
How does blockchain enable digital provenance?
Blockchain allows for real-time auditing and complete transparency. Every transaction can be traced back to its origin, making financial (and other) processes more efficient and completely reliable.
Why doesn’t a normal database bring the same provenance?
A normal database allows for entries to be deleted. It is centralized, and very unlikely to be publicly accessible, which makes it opaque and not as trustworthy as a blockchain.
Why is digital provenance such a great benefit to many businesses?
Digital provenance allows for complete tracking of items through the supply chain. This improves efficiency, makes full traceability possible, and allows for trustlessness & verification. (“Don’t trust - verify!”)
1 Like
To the extent that any object that exists, or action taken in tthe real world can be linked with a digital transaction, the blockchain provides a transparent record of the history of those objects or actions (in the language of physics - particularly relativity - a blockchain might be considered a “causality” chain)
only answered question 1 in my first post
-
A normal database exists in one location and might be altered by the owner without knowledge of other viewers users.
-
Financal information that may be required by audits can be associated with the transcations in the public blockchain ledger
-
How does blockchain enable digital provenance?
As a multi-ledger, distributed database where the information cannot be retroactively changed it is both immutable and incredibly difficult to hack, modify or lose information. Therefore, each transaction is historically traceable. -
Why doesn’t a normal database bring the same provenance?
Normal databases do not work on the principal of distributed ledger or decentralized consensus -
Why is digital provenance such a great benefit to many businesses
It allows for a mathematical equation of trust through verification therefore cutting out the need for middlemen to create trustful transactions. This can create speed, prove authenticity, illuminate transparency and potentially lower cost and provide a gateway for yet unimagined innovation.
1 Like
-
blockchain details the origin of each transaction and allows for real time audits.
-
no way to real time audit a normal database.
-
Don’t trust… VERIFY! Efficiency is increased in business when trust is taken out of the equation.
1 It does by alloying a public and permanent digital record.
2 A normal database can be altered at anytime by the providers, so you have to trust their good will, while blockchain records can´t be changed once done.
3 It allows then to track the origin and supply chain of any good.
Provenance is enabled through one way (entry) of data. Which is only allowed through approval (consensus of blockchain miners), unanimous, I assume. No deletions allowed.
- Blockchain enables digital Provenance in that it is a database that only add data and not remove, this enables digital provenance to supply a verifiable/accurate real time auditing.
- Because A normal database has an accounting separated from transanctions (not based together) allowing for errors in tracking.
- Many businesses are assured timeous and verifiable financial transanctions with less cost
Homework on Provenance.
-
Because the Blockchain is like a database (Digital Stone) all information in the blockchain can only be add too and not removed or changed. There is no need to trust anyone for information or verify any transactions on the blockchain. You can access the Blockchain on a public ledger in real time.
-
There is no central party that can control or manipulate the information on the blockchain. Where normal database from a central party means you have to trust the information is correct. Central party can also be subjects to hacks and information being lost.
-
It can disrupt the financial auditing and many other Real time tracking or verifying of goods and supply chain. Allowing for a trust less network that is all verified on the blockchain.
Because it is public so anyone can track its content.
Because databases are not public to everyone, because unlike blockchain you can change the content of database but you can’t do that with blockchain, because transactions are irreversible.
Because you can use it to track the content of the product that you will use
ex: food or clothes,…etc
By being both public and immutable
Allows deletion and is not public.
lowers costs for traditional auditors and verifiers, while allowing to use source info as a product feature on which to compete/differentiate.
-
How does blockchain enable digital provenance?
Through open transparency of transactions that in accounting and transactions are real time auditable -
Why doesn’t a normal database bring the same provenance?
because database information can be altered, with blockhain you can only add and not remove, there has to be consensus about the information. -
Why is digital provenance such a great benefit to many businesses?
Ensures trust-less interaction between companies
-
Since blockchain can only be added to and can never be edited past its submission it stands as proof of provenance for all previous transactions.
-
A normal database is able to be edited and cannot be verified in real time by anyone outside of that database
-
Digital provenance on the blockchain would eliminate the need for auditing and allows for real time verification at any time. It provides a complete history of a product for the consumer to verify at consumption.
- How does blockchain enable digital provenance?
Answer: Blockchain enables provenance by the creation of “real time record keeping.” An “immutable ledger” of actions and transactions is possible through blockchain. - Why doesn’t a normal database bring the same provenance?
Answer: A normal database enters information after the fact. It is susceptible to numerous interruptions, failure to enter and human error. It does not have real-time, immutable data. - Why is digital provenance such a great benefit to many businesses?
Answer: Both for consumer and entrepreneur block chain and digital provenance decrease our need for “trust” increasing a trust-less system where facts, figures and claims are verifiable.
How does blockchain enable digital provenance?
by becoming unalterable and with the ledger replicated in multiple locations the users don’t need to trust but instead can just verify using math
Why doesn’t a normal database bring the same provenance?
The data may be erased or altered by the central authority. It also prevents node failures.
Why is digital provenance such a great benefit to many businesses?
It allows the transaction and the ledger become one and allow instant audits
1
Blockchain allows to track the provenance of a transaction. Every transaction is written on the blockchain and cannot be removed
Blockchain is an open ledger where every transaction can be traced back.
2
Because in a normal database, a transaction can be removed or erased. If the database crashes, data can be lost.
And it is probably much more difficult to trace back a transaction, it doesn’t have the same simplicity as with blockchain.
3
Because it provides the possibility of real-time auditing and accurate tracability, among other benefits.
1 Like
- Because it’s public for anyone who want to track transactions, and once added to the database it can’t be removed.
- A normal database is centralized, and the central authority can change, delete add transactions without needing a network of computers to verify transactions.
- Because it’s a trustless system. Providing full transparency knowing that what you see is correct and cannot be tempered by a anyone.
1 Like
-
Blockchain provides the transparency to view all the transactions on a ledger. Nothing can be removed from the ledger only added (immutability). Therefore we can see the history of every transaction and this enables the digital provenance.
-
A normal database can be altered and you have to trust the entity in control of the database. Therefore not providing the same level of provenance as a blockchain which verifies every entry.
-
Digital provenance brings such a great benefit to many businesses because it offers digital proof or a verified identity that can’t be altered. Furthermore transactions or products on the ledger can be audited in real time and saving valuable time.