Crypto Academy Season 3 Beginners' course - Task 2: Blockchain, Decentralization, Block explorer by professor @yousafharoonkhan

Homework Task-2

(1) Write the definition of blockchain. And how our data on Blockchain is protected from hackers. ? And write details about Data, Hash and Previous Hash tag and explain through screenshot.

OR

(2) Define decentralization. Describe the advantages and disadvantages of a decentralized system. In what areas of life can a decentralized blockchain be helpful? (write in own words)

OR

(3) What is a block explorer? And what is its purpose and use? Search for different cryptocurrency block explorers and list them below. At least five different crypyo currencies. Also explore the transaction of a crypto coin on block explorer and explain with the help of screenshot.

Hello steemians,how are we doing today. I'm delighted to be participating in the second tasks of the fixed courses.

I want to use this opportunity to say a big thank you to prof. @yousafharoonkhan for the lecture,the lecture is very simplified like a father telling a child about Blockchain,decentralization and blockexporer. God bless your effort and give you more increase where needed sir.

Define decentralization.Describe the advantages and disadvantages of a decentralized system. In what areas of life can a decentralized blockchain be helpful? (write in own words)

Define decentralization

^source

decentralization is simply the process whereby power for execution of plans and decision making of an organization or platform is not centralized but delegated to a large group of people to manage the affairs,in that way one person don't have the upper hand in running the system.

^source

During the time MMM was prevailing,I registered and registered almost all the members of my family but because it was not a decentralized platform, but was controlled by the creater or owner of of platform who has all our information and upper hand in the system (centralized), when the system crashed,all our money in the systems crashed with it.

With a decentralized system the above would have been controlled and prevented from happening.

Describe the advantages and disadvantages of a decentralized system.

There are many advantages of decentralized system

1. The information in a decentralized system cannot be hacked by any body. it means that every data stored in the system is stored and cannot be hacked by any body.

2. All the information is open and transparent for everyone to see.
   Anybody body with the code can view the information sent to the Blockchain.

3. Because decision is not left for a single individual but for group of people,problems are easily solved.

4. In this system, all the data and information stored can be accounted for.

5. In this system, every member of the platform is entitled to his/her privacy in terms of contributing ideas to the system.

6. Because it a decentralized system,here the centre authority has no role but everyone works independently.

Disadvantage

Just as they say, anything that is so blessed with advantages has disadvantages as well

1. since individuals choice or opinion may not help the system to grow and since these opinion cannot be controlled, people can tend to misuse the system by dropping opinions that goes against the ethics of the community.

2. For this system to strive,their has to be a collective input in tutoring skilled people about the system which will be time and money consuming.

3. in this system every party has the right to take his or her money when ever and how ever they choose to without the interference of the authority.
   They can also steal from others if they get hold of another's keys for login.

In what areas of life can a decentralized blockchain be helpful? (write in own words)

There are many areas of life decentralized blockchain can be helpful like

The medical sector

in Nigeria now, the government medical hospitals are on strikes and this has lead to the deaths of many Nigerians this period including people that are close to me.

If the Nigeria medical sector is a decentralized system, the test and results of all the sick will be available and transparent for all to see in the decentralized medical blockchain and then the private hospitals that can carry out the treatment and recovery process of the patient will easily treat and heal that person without any death being recorded.

The power holding company of Nigeria (PHCN)sector.

This is another sector where the masses of Nigeria populace are crying every day because even after paying the bills,you don't get want you are paying for. sometimes the light comes towards the end of the month because they are coming the next month for more bills.

If there is a decentralized system here, the country will not be crying for light because they will receive what they are paying for and also be happy while paying for it.

Independent National Electoral Commission (INEC)sector

The voting system in Nigeria is the beginning of the problems of Nigeria.
During the last election of our incumbent president, a lot of things were said children voting, animals voting and election rigging.

With decentralized system,the above cannot be named at all, because the age to be voted will be keyed into the system and robot verification is also there.
there will be no rigging,no hacking and no forgery.

Nigerian Economic sector

Under economy sector,i'll discuss this core sub sectors as one body because their problem and solution is one and the same to my understanding.

• Agriculture
• Oil
• Energy
• Mining

Base on my understanding,I know that Nigeria can finance the four sub sectors above, inorder to improve the life of every member of country but these money are used for different purpose and embezzled by the people the money was handed to.
If Nigeria Economy sector become decentralized, this sectors will be developed and enhanced thereby enhancing the livelihood of Nigeria,creating jobs and providing food for the masses as the same time eradicating hunger, poverty and curtailing the level of criminals in the street.

Thanks for reading my post.