Happy pleasantry to my fellow members of this wonderful community, how are you all faring,hope all is well.without much deliberation I will like to discuss on the topic decentralization and the Blockchain, firstly I will like to define terms;

       What is decentralization

Decentralization can be defined or referred to as a process by which the activities of an organization, especially those that deals with planning and decision making are distributed or delegated away from a central, authoritative or group and given to a smaller faction within it.it can also be referred to as a system whereby power and control are distributed rather that than concentrated in on single entity .

        What is Blockchain

This can be referred to as a distributed database or ledger which is shared among a computer network's nodes. in other terms a Blockchain can be referred to as a type of decentralized database which makes uses of cryptography secure and verify transactions.

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how does it work

A Blockchain technology is a structure which stores transactions record also known as "blocks" of the public in different database, which is the "chain"in a network connected peer to peer.In it's core ,a Blockchain is a series different blocks that is linked together in a chain like form,each of the blocks containing a record of transactions,along with it timestamp and other relevant information.ifa new transaction should occurs,the network tend to verify or validate it,and the it is added to the chains in a new block like structure.once this is done,it is locked in place and in essence cannot be change.the Blockchain provides a high level of security and immunity for the data stored in it.and not only that each of it's blocks is linked to the previous one,which tends to create a secure and unaltered source

benefits of Blockchain

Transparency
Block chains tends to be open and transparent to everyone,which means that all network participate with full access can see the information at the same time with no restrictions.

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Security
the blocks in the block chains are immutable which makes them secure and reliable,this made possible through creation of records that can’t be altered and is encrypted end-to-end, the blockchain helps prevent fraud and unauthorized activity.
Decentralization
since Blockchain are not subject to single entity or group,they are resilient and in effect can not be manipulated.

   Application of Blockchain

We are going to touch light on the two most promising application of Blockchain which are cryptocurrency and smart contract.

Crypto currency
The use of cryptocurrency in Blockchain is something that is indeed very notable, Bitcoin, Ethereum etc and other wide scale crypto currencies uses block chain technology enable them allow for fast,secure and transparent transaction.The Blockchain technology in essence, makes it possible to ensure transparency and protection of financial information and identity of crypto buyers and sellers.

Smart contract
Smart contract are self exciting contract which are stored on the Blockchain and are used to automate transaction or processes.

Conclusion

The idea of decentralization and Blockchain technology have put us in a better position, because of this two there is a possibility of potential transformation from the way business is done.through the creation of transparent and secure networks can help eliminate the issue of fraud and corruption while also improving speed and efficiency.
Thanks for considering this article