Homework on Provenance - Questions

Blockchain and Bitcoin 101
#1862
  1. How does blockchain enable digital provenance?

Blockchain is a database in which data can only be added but not deleted. The public ledger - network of several participants - ensures that the data added is correct. Thus, thanks to blockchain you can trace the data, and you dont have to trust, because you can be sure that the different participants of the network have verified it and agreed upon that it is true.

  1. Why doesn’t a normal database bring the same provenance?

In case of a normal database, only a few people can add data to the database and even more importantly can delete or modify the data. There is no public ledger that ensures the data is correct. So at the end you need to trust these people.

  1. Why is digital provenance such a great benefit to many businesses?

Nowadays a company needs auditors or has to use by law them. They control and audit if all the transactions are correct. With digital provenance there is no need of them anymore, because the blockchain technology can do it even more accurate and reliable, and also at lower cost.

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#1863

  1. Each computer in the system has copy of ledger, where you can see all transactions in the past. It is no way to delete information in blockchain, but only add.

  2. Normal database is centralized and can be easily manipulated. It is not possible to track money transactions.

  3. I was eating happens in block chain in real time. It can be easily verified and each user can track all transactions in the past.

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#1864

1.- As the blockchain is an uneditable ledger, you can have a track of all the transactions and movements that an asset has had since its origin.

2.- Normal databases are editable, there is no consensus.

3.- It can save tons of time and money to businesses, it can be used for quality control, for real time auditing, if there are any losses, you could have a track and a real reason why there are losses in the company almost immediately.

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#1865
  1. Blockchain is a database, wich is immutable and public.
  2. Entries of a centralized Database can be changed by the owner or it can be hacked by a hacker
  3. Provides trustles verifiable access to data. It can be faster and costly more efficient then normal verification Procedures.
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#1866

  1. Blockchain enables digital provenance by ensuring a verifiable account of all records of a supply chain independent of a centralized party which could alter data in some way.

  2. Normal databases can’t bring the same provenance because they rely on individual parties, therefore it is based on someone’s “word”.

  3. Don’t Trust - Verify. Ultimate transparency is achieved with digital provenance on the blockchain.

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#1867

Yes. And no one can alter the transactions, which ensures us provenance. :slight_smile:

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#1868

Looks good to me. Keep up the great work. :ok_hand:

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#1869

What stops someone from editing the public ledger?

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#1870

True. But since all the transactions are audited when they get accepted, we would only need an application that would gather the information needed. It will be much more automated in my opinion. We are still a long way from this. Adoption takes time. :smiley:

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#1871

Provenance
1 Digital provenance is provided by the blockchain where all transactions are recorded in real time and cannot be edited as the information is verified by the decentralized network of computers on the blockchain. All transactions are traceable in the public network.

2 Normal databases are centralized, they can be edited, the information can be altered or deleted by one or more persons. There is no real time checking and verification by an extensive self-verifying network.

3 Digital provenance allows tracing and auditing of financial transactions in real tme. Combines accounting and transaction layers, removes the need for separate auditing, thus saving time and money.

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#1872

Great answer. I really liked this part: “Each block is “etched deeper into stone” with each passing block that is verified after it.” :smiley:

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#1873

1.everything goes in but nothing can be taken out.
2. because a normal database can be erased.
3. up to the minute transaction history.

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#1874

  1. Digital provenance is achieved by distributing the ledger so that there is no single point of failure and no single entity can control the data in the distributed ledger.

  2. A normal database usually has one or few entities controlling it. Therefore it can be changed in their self interests and that removes the trust-less benefits of a distributed public ledger.

  3. Because it can show where the products came from. What ingredients/ materials were used. The transactions can be settled quickly and accounted for in real time making the need for the traditional accounting system antiquated. And it can make the customers not have to instill so much trust in that one company because of the blockchain trust-less nature.

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#1875

How does blockchain enable digital provenance?

The use of blockchain creates a trustless system which removes the need independently verify the validity of information separately.

Why doesn’t a normal database bring the same provenance?

A database will likely contain some of the specific information of interest but it cannot be reliable upon as it could be doctored, the data on the blockchain is essentially immutable which is what creates the inherent trust.

Why is digital provenance such a great benefit to many businesses?

The trust and customer confidence a system that whose data can no relied upon as accurate is almost immeasurable. Buying a car/house/piece of art – if its ownership has been Tokenised then you can trust what you are being sold is genuine and not a forgery theft etc. as this this information is held within the blockchain.

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#1876

Thank for the help.

emphasized text

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#1877

Blockquote
What stops someone from editing the public ledger?

Properties like immutability, and the cryptographic hashing make it nearly impossible.

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#1878

  1. By writing the transaction data in an immutable block that is propagated to a decentralized ledger which must make a consensus verifying the transaction.

  2. A normal database is centralized and therefore control and proof lies in one location. Hack that location and the only record can be changed. Since no other sources exist the record could be counterfeit unbeknownst to anybody.

  3. With not only 3rd party verification, but an entirely open community of verifiers, proof of a transaction is available any moment. This can allow a business to transact in real time from continent to continent 24/7

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#1879

Homework on Provenance - Questions

  1. How does blockchain enable digital provenance?
    Blockchain enables digital provenance by maintaining an immutable (verified across multiple nodes) running record of all changes to a key data from its inception to its final state.
  2. Why doesn’t a normal database bring the same provenance?
    A normal database doesn’t bring the same provenance because the value of a particular field in the database can be changed without a record of when it was changed or what its previous value was.
  3. Why is digital provenance such a great benefit to many businesses?
    A digital provenance is a great benefit to many businesses because every event starting with the first raw material through the various stages of production (new materials added or existing materials altered) to the final product, the exact path of transport from point of origin to final destination is recorded as a transaction in a secure, verified, and inherently traceable public ledger called a blockchain. This eliminates fraud and provides proof of quality as well as proof of origin of materials/ingredients. It also allows for easy labeling, pricing, as well as communication of corrections or recalls should there be a problem at any point along the path of production or transport.
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#1880
  1. Blockchain provides an un-changeable record of the origin of a transaction.
  2. Normal databases are centralized and editable. Therefore, they not accessible to the public, not publicly verifiable and not as reliable as blockchains to protect source data.
  3. Provenance enables businesses to verify the source of ingredients, parts or products that they purchase and provides reliable, verifiable source information about products purchased by their customers.
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#1881

  1. Blockchain enables digital provenance with the network that is formed, each system containing a public ledger. With the inability to alter the data in the blockchain, trust is no long a necessity. Everything can now be verified.

  2. A normal database doesn’t bring the same provenance because a normal database can be altered (so I assume). Since things can be altered, there is a necessity for trust.

  3. Digital provenance is beneficial to many businesses because businesses can track all transactions to date that they are involved in. It ensures the quality of product that said business is receiving. It again, takes away the need for trust. Everything is transparent.

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