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)

DECENTRALIZATION

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Decentralization is a system in which the total control of an organization is not in the hands of the third party but it’s in the hand of the users and in decentralization the user has hundred percent control of the assets and the user can save or make transactions with his asset without the help of the third party.

In a decentralized system decision making is made among the users but the authority doesn’t make decisions for the user so they do want ever they want with their asset without having any problem with the third party as compared to the centralized system where decision making are be made by the third party and be controlled by the third party but the user is the owner of the account.

So decentralized system has make the work of organizations and institutions to look so simple because the most of the work of those big institutions and organizations has being save in the decentralized blockchain so it make everything look so simple example is in the Heath sector.

Example of decentralized system is those who are involved into trading crypto online , they aren’t not being control by the third party , they control their own assets and the buy and sell crypto any time they want with having problems with the central authority since is a decentralized system.

Describe the advantages and disadvantages of a decentralized system.

ADVANTAGE OF DECENTRALIZED SYSTEM

DECISION MAKING IS PERFECT

• in a decentralized system when they are going to make a decision every user will come up with his own ideas and at the end of the decisions making they will come out with something perfectly.

THE COST OF MAKING TRANSACTIONS IS CHEAPER

• In a decentralized system the cost of making transactions is cheaper as compared to centralized system where making transactions is high and is be controlled by a third party

THE USER ENJOYED FREEDOM

• In a decentralized system since decision making are in the hand of the user so he enjoyed freedom and make action in the growth of his asset and he can do want what he like with his asset without the central authority.

IT IS DIFFICULT TO PENETRATE THROUGH IT

• In a decentralized system it’s impossible to hackers to break through decentralized system with not having a user password and without having the user password the only you can get through the user account is he or she give you his or her account password and they make the password to the extent that you can’t memorized the password into your head so the with it will be difficult to break through.

DISADVANTAGE OF DECENTRALIZED SYSTEM

LACK OF QUALIFIED USERS

• in decentralized system it involves higher skill and knowledge to be able to make transactions when you don’t have the required you can’t control your asset so it will become difficult for the user

TAKES TIME IN DECISION MAKING

• in a decentralized system in other to make a decision all the user have to bring their own point to able to come out with good decisions so in the process of that everyone brings their point of view will takes time to come out with decisions making

DIFFICULT TO GET YOUR ASSET BACK IF YOU SEND IT TO WRONG ADDRESS

• in a decentralized system if you going to make transactions or you are going to send cryptocurrency to another user and you mistakenly enter wrong address and you send to that wrong address you can’t get your cryptocurrency again so if you going to make a transaction you have to make sure that you send it to the right address.

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

decentralized blockchain have make everything looks easy and there is a lot sector where decentralized blockchain can be useful.

POLITICS DURING ELECTION

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During election time political parties don't have belief for each other and when they don't belief each other it may result to fighting and decentralized system have make it look easy that both parties to have a clearly view of the ongoing election and when this is done there is no going to be fight between politics and this will result to free and fair election and it make the announcement of the result to look so simple and no party will believe that the other parties cheated on him to win the election.

HEALTH SECTOR

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During the Century it was very difficult to tell a patient what he or she was suffering from but as time keeps on going on they have save those what course those sickness into the blockchain and because decentralized blockchain has make it look easy that when a patient is sick and he or she goes to the hospital and once the doctor test him and he get the result of what he is suffering from , the doctor will be able to tell the type of sickness the patient is suffering and what courses the sickness and the doctor will be able to tell the patient the drugs the patient is going to take which will hail the patient sickness because the information of those sickness has be saved in the blockchain so it makes everything looks so simple

Banking sector

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The bank is dedicated for keeping asset like money etc and decentralized system has make it look so simple to help people to able saved their asset And which is faster as well because when you comes to the bank to save money, they will first let you create an account and when you done creating your account they will give you account number and a pin and the pin is your password and the account number is your user names once you are having your account number and your pin you will be able to saved your asset safely and do transactions on your own in the bank.

Conclusion

Decentralization is a system in which everything in his account are in the hands of the user and it’s been control by the user and there is no third party and decentralized system has make it look so simple because when the decisions is be control by the user he or she will be able to take care of his asset and it good the whole world start to practice decentralized system
I wanna give thanks to professor @yousafharookhan for such a wonderful lecture.