- How does blockchain enable digital provenance?
Tracking of transactions in realtime. Transactions are written in realtime to a public ledger where all can be traced and can’t be removed - Why doesn’t a normal database bring the same provenance?
Normal databases are normally central and can be changed by removing transcations with no transparency. Trust is lost. - Why is digital provenance such a great benefit to many businesses? It offers realtime auditing and is trusted
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Because its an immutable linked list of all the trxs that have ever occurred, which means everything is fully accounted for and traceable
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A normal database can be modified by whoever has permission to modify it.
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It marries financial transactions with records of those transactions all in one
1- Blockchain enables digital provenance because provenance is all about the ability to track something, and blockchain is basically a network of computers responsible for doing just that. It’s a ledger that “memorizes” each transaction, making information easy to track and verify.
2- I believe normal databases can’t do the same thing as information can be REMOVED from them so as to not reflect what has really happened.
3- DP is a great benefit because it removes the “middleman.” If there needs to be an audit for example, a company doesn’t have to trust that all the receipts have been handed over or transactions recorded properly. It can just be verified on the blockchain.
- You can only add record to blockchain therefore eliminate the possibility to alter the record.
- Normal database was controlled by central entity who can manipulate the data easily.
- Having a trustworthy and transparency record reduce friction therefore reduce cost.
1.) Blockchain is a tool that allows for only the truth to be on the ledger and allows for real time tracking of all transactions.
2.) In the regular course of business the receipts and payables are separate from the banking part, hence making auditing a pain for you must bring outside sources into your business to do the auditing.
3.) Digital provenance will streamline all business do the ledger’s ability to track in real time and is a truth machine.
- How does blockchain enable digital provenance?
- All transactions can be traced back to its origin.
- Why doesn’t a normal database bring the same provenance?
- A normal database can be edited so transactions can be deleted or altered. This does not provide reliability in tracing a transaction back to its origin.
- Why is digital provenance such a great benefit to many businesses?
- This will reduce many businesses having to rely on a third party auditor. It can provide real time audit and provide verified trust.
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All transactions are permanently recorded in the blockchain digitally and publicly communicated to the nodes, where it’s verified.
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Transactions are susceptible to manipulation and the database is centralized. It relies on trust in other parties. Less resilient to attacks.
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Because all interested parties can independently verify the information themselves.
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How does blockchain enable digital provenance?
Blockchain is an immutable append only database where once it’s written to, it can’t be altered. This allows trace and audit of transaction history. -
Why doesn’t a normal database bring the same provenance?
It a mutable database where data changes replace the previous record data. It has no traceability nor audit capability. Provenance is not a first class citizen. -
Why is digital provenance such a great benefit to many businesses?
It cuts out the middle man since it’s a trust less system.
- All Transactions can be traced and tracked in real time.
- Cause it can’t put accounting layers and transaction layers together.
3.Great for financial transactions and real time auditing, tracking of ingredients in
products, would help with quality control.
1, Blockchain is able to record origin (place, date), ingredients of materials and products on a public ledger that is immutable and transparent.
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Blockchain database is public and so transparent and works on a network where all computers must confirm all transactions on the blockchain. It is open to scrutiny whereas most databases are of course not. It also combines accounts and transactions in one place and so removes opaqueness.
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Businesses can show that they are being honest, ethical and paying their taxes and so investors and consumers will be more attracted to them.
A1. It creates an immutable entry in the database that cannot be removed or updated.
A2. A centralized or even distributed database can be manipulated by the database owners (or even at worst the developers). Additionally, it can be potentially be attacked from a third party wishing to do harm!
A3. Just like the runestone, it is a piece of recorded history that cannot be manipulated and shows the history of origin that can and should be trusted
A
Blockchain enables digital provenance to occur through decentralized nodes and public ledgers which share information for all eyes to see. The ability to track goods in real-time and communicate that to all interested parties is key to having digital provenance.
B
A normal database is centralized thus information can be withheld by the controlling party and that can lead to great counterparty risk. There is too much trust put into a regular database.
C
Businesses can see and have confirmation that commodities, currencies, products, etc. they are receiving are genuine.
Homework on Provenance - Questions
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How does blockchain enable digital provenance?
Because with blockchain you are able to track and trace everything in the process. Therefore there is the ability to achieve real time auditing and know where you are at any given moment. -
Why doesn’t a normal database bring the same provenance?
Because someone controls a normal database and therefore it is dependent on human data input. It also could be tampered with and changed. It is not universally public. -
Why is digital provenance such a great benefit to many businesses?
Because it allows them to verify the status of a project or anything in the supply chain at any given time without needing to trust someone else or just take their word for it. Much more transparency. You are not at the mercy of the integrity of suppliers. You can have much more understanding!
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Blockchain enables digital provenance by creating a decentralized chain of immutable blocks containing information that once written can not be manipulated or deleted.
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Because a normal database is centralized and there will always be one or more individuals that have acces and permision to remove , add or modify information contained in that database.
3.Digital provenance removes the need of trust in a third party entity for auditing.Businesses can track and verify information trustless and in a very transparent way.
Q1.Data can only be entered and not removed. Transactions are clear and identifiable… If a transaction does not meet the 51% consensus it will be rejected or corrected if using smart contract technology. The public ledger is in real time. Traceability and efficiency is improved. and everbody can see the details of the transaction. .Also it is a structure built on verification through consensus and not on human trust.
Q2. In a database the records are maintained by a central administrator. This can lead to human error
or doctoring . The administrator is being paid by only one company in a transaction. The other party does not have access to this database and cannot see the details of the entry… A public ledger challenges this and provides transparency. Power in one central location leads to inefficiencies and duplication while built on trust. In the public sector blockchain can be tranformational as the systems are built on legacy.
Q3. Business can believe in the system as its built upon consensus and a predefined verification processes. Cost are cut as peer to peer transactions can take place without a middleman like a bank or insurance company… Companies can join the system and see what suppliers are doing through the public ledger. They can add and help each other to cut cost and be more efficient. I see government having major benefits using the blockchain. Fraud can be lessened in welfare systems and child protection can be improved. Their would be joined up thinking in the provision of services and departments that can actually communicate with each other…
task on provenance - Questions
How does blockchain allow digital provenance?
Fraud is practically impossible, blockchain allows real-time verification of transactions, everything is traceable and no stored data can be modified. Provenance is everything from the origin. Digital provenance builds trust.
Why doesn’t a normal database bring the same origin?
Unlike a blockchain database, the normal database can be manipulated from its origin throughout the process, leaving gaps in the information or altering the existing one.
Why is digital provenance a great benefit for many companies?
Let’s take an example in the case of works of art if a blockchain database is used one of the main advantages is the immutability of the data. Thanks to this feature, nodes can trust that the information stored in it is reliable and has not been modified at the convenience of any particular node. The immutability of the chain allows the history of the data to be generated, it is easy to track the evolution of a data . We can be confident that the product is authentic and its origin can be traced, avoiding counterfeits.
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How does blockchain enable digital provenance? Provenance is the chronology or custody. Because the blockchain is immutable and cannot be altered the data can be trusted and verified simulaneously without third party verification.
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Why doesn’t a normal database bring the same provenance? Traditional databases allow for records and schema to be changed at anytime. Values in the database therefore are not immutable and cannot be trusted without audit or verification against another record source or authentication.
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Why is digital provenance such a great benefit to many businesses? Businesses can avoid costly audits, streamline process, and remove risks. New products and Ideas can be created because for the first time in history we can use mathmatics for arbitration not more governing.
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Blockchain is a live timestamp. Blockchain works only adding and cannot remove(unable to edit makes things difficult). Blockchain must be decentralized (adding fake information would be difficult unless its 51% attack). Blockchain must be a public ledger for transparency. Combine all the above it is making it very difficult for malicious activities (high difficulty with little reward discourage malicious activities).
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Normal database depending on which situation. Could be edited making it hard to verify. Could be manipulated since its centralized they can control it. Lack of transparency and validation (only showing the nice parts but hides the not so nice parts).
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Giving records of history to let users know what they are getting. Enables easy auditing and removing malicious activities. Ensures the removal of misunderstanding/ misinterpretation/ mistakes (removal or reduces of human error).
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1: How does Blockchain enable provenance? The technological bases of blockchain is like an engraved stone… the data can not be erased and are always track and traceble.
2: Why doesn’t a normal database bring the same provenance?
Because all data in a normal databes can be copied or erased.
3: Why is digital provenance such a great benefit to many businesses? Trust is not needed , everything can be verified inmideately, no possibility to cheet!
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1.The blockchain records data from the beginning in a provenance digital format
2. A normal data base can be manipulated and there may be some irregularities that can be hidden, changed or erased.
3. A digital provenance is such a great benefit to many businesses as it is in real time, items can be tracked, audits can be done immediately and because for example in a supply chain it can be trustless in the source of products and trace its origins back to source without trusting the suppliers word.
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