Homework on Provenance - Questions

Blockchain and Bitcoin 101
#1902

But how can a blockchain provide immutable data?

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#1903

Why can’t the transactions be altered in the blockchain?

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#1904

Why can’t the blockchain data be altered?

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#1905

thank you my good sir :smiley:

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#1906

No problem John. I am here to help you learn and master the blockchain and bitcoin 101 course, by either correcting you or giving you compliments to push you further. :smiley:

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#1907

That is great :smiley: I have a question tho… I can make use of all the courses from the project plan right?

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#1908

How does blockchain enable digital provenance?

Blockchain is a public ledger providing real time auditing of business transactions by anyone. Blockchain is decentralised and transactions can only be added but cannot be modified. Transactions stored on blockchain are verified and trust less.

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

Normal databases are centralised and can be easily manipulated.

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

Trust less, verified and immutable transactions on blockchain enables business and end users to confirm quality of the product by tracking full history from source to destination.

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#1909

  1. Provenance is achieved through a public decentralized ledger who’s entries cannot be changed or deleted from the blockchain. Ever.

  2. A normal database is controlled by a single entity and can be altered or deleted at will. It is subject to manipulation and is hard to audit. It is less prone to trust as it can be changed at will by whoever controls it.

  3. Digital provenance will allow accountability and verification by customers, auditors and every level of business and government entities that need access to data.

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#1910

Because it would mean having to hack every single computer running the bitcoin node in the network ?

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#1911
  1. Being able to track all parts of a transaction, including ancestor sources, in an immutable environment.
  2. A normal database is centralized and modifiable, operating in a non-consensus manner – A sole source of mutable truth which has to be explicitly trusted.
  3. Digital provenance removes the need to trust along with the ability to verify.
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#1912
  1. Blockchain allows traceability by adding data indelibly
  2. A regular database is based on trust in an external third party who can modify the information
  3. It eliminates the need for a third party, which saves time and costs
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#1913
  1. The network is decentralized, so you don’t have to trust anyone. You simply rely on the blockchain network to verify the transaction(s). But at anytime on blockchain with provenance you could track where a transaction came from and time, date, amount of transaction of when it was verified.
  2. A normal database, is usually based on a central body that initiates the data input or controls the distribution or manipulates the info. Therefore, you must rely on trust more in normal database and must have other check/balance points of humans (which can be prone to error).
  3. A business can audit the transactions themselves without the use of credit card processors / banks or other third party services. Now the business becomes self sufficient. Also all transactions are traceable.
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#1914

If you are enrolled in all courses, then yes. Each course has a moderator that will assist you in learning. I am a bit confused by what you are exactly asking. :smiley:

#1915

In a way. That answer is good for now. You will learn more as you go. Keep up the great work. :smiley:

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#1916

Nice word and a great answer. I had to google its meaning. :smiley:

2 Likes
#1917

1.Keeps all the data on the ledger.
2.You can see all data for single utilization.And the data are not erasable.
3.Will disrupt big companies like Deloitte,with much easier ways by simple applications.

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#1918

Once data is written to a blockchain stays there forever and it could not be changed, because is a distributed ledger. Transactions are linked together in a chronological manner to form a continuous chain of blocks which makes the record immutable.

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#1919

Theoretically it can but it would take to much hashrate and you would have to change any new blocks created afterwards so technically it is impossible unless you could come up with 51% of all the hash rate on the network. Good luck with that.

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#1920

How does blockchain enable digital provenance?

Provenance is supposed to enable tracing and tracking transactions. Allows for a public/semi-public layer that allows anybody to audit. It makes financial auditing much more efficient. Less need of an auditor firm. One transaction will have all the relevant information within it. Able to trace things, and remove need for blindly trusting.

Don’t trust, verify.

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

A normal database needs humans to interact with it. An error or malicious action can lie unnoticed for a long time or forever, without being fixed in time to prevent harm. Also, a normal database is separable from the transaction itself. Can it be that every coin or token is its own individual self, is this why?

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

Digital provenance IS SUPPOSED TO allow businesses to operate without the need of human oversight, because the blockchain is the oversight. Predictably, I’m still skeptical and am trying to understand how blockchain works exactly, and I wonder, could people not just lie. We always need to check, that’s why auditors are there. Also, we cannot underestimate human ingenuity and deviousness. Despite my skepticism I’m intrigued, and look forward to learning more, and having my mind changed. I’m sure I have a lot to learn.

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#1921

Wow, most thoughtful and thorough response, Ive seen so far. Clears some things up for me, new to the stuff.

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