Steemit Crypto Academy Contest / S1W3 – Blockchain through the concepts by @kawsar
Today in this post I will share with you Steemit Crypto Academy Contest Season 1 Week 3 Post. The topic of this week's Steemit Crypto Academy contest is Blockchain through the concepts. In the meantime we have been given a few things, For example: Decentralized, Genesis Block, Hard Fork, Proof of Stake. Of these, I am selecting Decentralized for today.
So without further ado I will discuss blockchain decentralization in my favorite community today. Blockchain technology is becoming more and more popular and acceptable to people. Because this blockchain technology has made a lot of hard work easier for people.
Blockchain technology was introduced in 2008 by one or more people under the pseudonym Satoshi Nakamoto. Satoshi Nakamoto created Bitcoin in 2008 using blockchain technology. Since then, blockchain technology has become very popular and successful. Although blockchain was first introduced in 1991, blockchain technology did not become very popular or successful at that time.
Although blockchain technology starts with cryptocurrency, it is a technology that can be applied in different areas of our lives and it can make many difficult tasks in our human life easier. Also this blockchain technology is so secure that it can be used for other purposes as well. Such as banking sector, health sector, travel sector can also be applied in many more fields and at present this blockchain technology is being used in this banking sector, health sector also more work.
Blockchain technology allows one user to communicate directly with another without any intermediaries. That is why the technology is called peer to peer network. Any type of communication, any type of transaction since there is no third party intervention. So users have made such transactions acceptable. The cost of these transactions is much lower due to the absence of third party interference and because of this decentralization one can safely store one's assets here.
Blockchain technology is called distributed open laser. Any type of transaction or exchange of information through blockchain technology is recorded in this blockchain with great security. Each data is recorded in a block, each block is attached to its previous block in chain form and the current block is attached to its next block in chain form. Due to which it is called blockchain and thousands of computers work for it. Due to which blockchain can never be hacked and all this information is here anywhere in the world, anyone can see it anytime, it is open to everyone. Once any information enters the blockchain, it can never be deleted forever, so people have made it acceptable. Because its transparency is higher.
If this blockchain technology is used in any sector, then I think the appearance of that sector will change completely. Because blockchain technology is very secure, every transaction or information of the user is encrypted by cryptography and it is recorded through blockchain technology. The biggest thing is that it is completely decentralized, there is no central authority. And blockchain technology is open to everyone, so I think we can use blockchain technology in any sector of our human life. Then the quality of our life journey will be much easier, just as much better.
Blockchain is a technology that has a variety of concepts including Decentralized, Hard Fork, Genesis Block, Proof of Stake and many systems of blockchain technology, this technology provides many benefits. Of all the concepts in blockchain technology, my favorite is decentralized. And todayy I'm going to talk in detail about decentralization, as I said at the beginning of this post.
Decentralization
One of the advantages of blockchain technology is decentralization. We know that blockchain technology has no central authority and that no user has control over blockchain technology. Here a user can make any decision he wants and he does not have to answer to anyone. And this blockchain technology has been done in such a way that there is no third party interference. And that is why a user feels comfortable doing any transaction here. Because since there is no central authority and there are no fixed rules. Due to which the user can complete a transaction very quickly.
Due to the absence of this central authority, no user has to face any hassle or difficulty related to transactions here. The great advantage of not having a third party and central authority is that any decision can be made very quickly and the cost for transaction or any work is very low. Because there is no third party, so the third party does not have to pay any kind of cost here.
If we compare with the bank then any bank has a central authority and we have to complete a transaction according to any rules given by them. For example, in our country, banks are closed on Fridays, and if I need a very urgent transaction on Friday, it will not be possible. No matter how important it is to me because the bank is closed on that day. This is the rule of the central authority, and I have to abide by this rule. But blockchain technology is complete decentralization, and there is no need for central authority to conduct any transaction. I can transact any day of the year, anytime I want. There will be no need for anyone to dislike my transaction. As soon as I make a transaction, it will be completed automatically.
Advantage of Decentralization
Fast transaction:
When we want to complete a transaction but the transaction is completed very quickly. The transaction here is very fast because it is a direct transaction from user to user. It's a complete peer-to-peer network. And since decentralization exists in blockchain technology, there is no need for anyone to disregard it. Because here it is complete decentralization
Low cost:
Due to the decentralization of blockchain technology, the transaction costs are much lower here. The reason for decentralization is that there is no central authority and no third party intervention. And because of that they don't have to pay any cost, that's why the transaction cost is very low.
Asset Security:
Due to the decentralization of blockchain technology, we have complete security of our asset here. No one will ever be able to take away our asset as long as we have private key storage. Because there is no central authority that controls our asset. I have all our asset in a decentralized system.
No Third Party Invention:
There is no third party interference in the decentralization system, and users get many benefits because there is no third party interference. Because they don't need to offend anyone. They can make their own decisions here.
There is no central authority:
Blockchain technology in decentralized systems does not have any kind of central authority and without this central authority a user can make any decision he wants at any time, anytime. No one's permission is required to do any transaction or anything
Personal security:
We have complete professional security in decentralized systems. We do not have to submit any KYC in decentralization system and we do not need to give our name, our address, our mobile number, our email address to anyone.
Disadvantage of Decentralization
Use in criminal activities:
As a result of decentralization system many transactions can be done anonymously, but it is not possible to find out who did the transaction. Because no name or anything is required to transact here. And anonymous transactions will greatly increase the likelihood of criminal transactions, and will increase the likelihood of criminal activity.
Cost Increase:
If this happens then the cost will increase a lot. Because for this you have to hire a very high paid director in the company.
Uniformity:
Decentralized work for a company but the uniformity will be greatly reduced, everyone will try to do something like his own
Blockchain technology is decentralized but I think it has reached a unique place for people. Because blockchain technology is decentralized, we can easily transfer any of my assets as I wish. I do not have to wait for a decision from anyone to make any transaction. I can move it anytime, anywhere, without any problems or restrictions, and this has been possible only because of this decentralization.
I think I will send one of my assets outside my country to Nigeria. In that case, but if I want to send through the central banks of our country. Then I think I have to face a lot of problems. It will take a lot of time to complete the processing as I will face one time problem, besides I will need a lot more cost. Because sending me out of the country will take a lot of charge from me and it will waste a lot of my time. Because I have to get out of the house, go to the bank, talk to them and most of all, when all this is done, my transaction will be done.
But with this blockchain decentralization I am able to transfer my assets to Nigeria very quickly with a nominal fee and time. And if the resources I have weren't for the decentralization system, I probably wouldn't believe this technology. Because decentralization is in control of my resources. No one is controlling my resources, if I have my private key I think it is 100% secure only because of decentralization. But if it were not for decentralization, there would be no central authority. But then I couldn't think of my assets as 100% safe. Because I thought we could have any problem if there was centralization.
I think decentralization is very much needed in blockchain technology and people's confidence in blockchain technology has increased so much because blockchain technology has decentralization. Because if there is decentralization, any person's faith in it increases a lot. He has complete control over it. Because he does not have to wait on any central authority. He can make any decision he wants at any time, and no one can force him to do anything. He does not have to follow any rules and there is no possibility that his wealth will be taken away.
Blockchain is a technology that will be the technology of the future. I think in the future as people's confidence in this blockchain technology grows day by day, I think a lot of work will be done through this technology in the future. And a concept decentralization in this technology. So I think that even if there is no decentralization, blockchain technology will move forward and people's confidence in it will continue to grow.
However, if blockchain technology has this decentralization, then a concept of blockchain technology is developed. Because of this people can do its hard work easily. If there is no decentralization, then the problems that can occur are discussed above. Even so, owning one is still beyond the reach of the average person. Because if there is no decentralization then ordinary people here will not be able to take any decision as they wish.
If there is a central authority, the rules and regulations of that central authority must be fully complied with. As we see there are central banks now. We have to complete the transaction by abiding by the rules and regulations given to us by the central banks. Although we have no interference here, we have to follow their rules. If there is no decentralization like that then we will move forward with blockchain technology and blockchain technology will be much more popular.
Blockchain technology has reached a unique place due to being decentralized in the blockchain and being a decentralized system makes the user feel comfortable to do any transaction here. But even then, I think if some more things can be improved on this decentralization, then people's confidence in it will increase a lot more and I think it will be acceptable to all the people of the world. Because as I said before, blockchain technology is a technology that is not only applicable to cryptocurrency, but also blockchain technology can make many difficult tasks of human life easier.
Because of the decentralized system in blockchain technology, anyone can easily create an anonymous account at any time and by doing this anonymous account he can make any transaction. In this case, however, the blockchain has no way of understanding who made the transaction. I think there is no way to catch him. It is understood that only one transaction has been completed, and this will greatly increase the chances of crime. With this technology, no one can be forced to do anything here because it is a decentralized system, so no one can control it. He can do whatever he wants here, so I think a lot of crime can happen. So if such a system can be made, so that the person has to give some identity. So that if there is any suspicion about a transaction, it can be investigated and found out whether it has been used for any criminal purpose. Then the level of crime will be much lower and blockchain technology will not be used in criminal activities.
Being a decentralized system, we can see price volatility. As we see at the present time the price of cryptocurrency is very volatile and due to this volatility but many people cannot fully trust this volatile market. I have recently seen posts by some Facebook groups related to cryptocurrency related people in our country who have said that they will never trade cryptocurrency in the current market. Because the cryptocurrency has dumped the price in this way, although I think the price will go up again from here. But even then, many will not accept the volatile market and many will not believe it. In that case an adjustment can be made where the price remains stable and this blockchain can be restored to a normal and stable state by adjusting with the decentralized system. I think it will increase the trust, confidence and acceptance of many more people. So this issue also needs to be improved
Conclusion
I am very happy to be able to participate in this Steemit Crypto Academy contest today and I am very grateful to Steemit Crypto Academy for working regularly since season one of this Steemit Crypto Academy. I had no idea about blockchain and trading, but by submitting various posts and assignments from this Steemit Crypto Academy, I was able to learn a lot of new things through research. So Steemit Crypto Academy has played the most important role in my being able to know and learn this. I'm really grateful i was released and thank those who worked hard for her release, and we're glad my alive.
I want to invite some of my favorite people for this task and I'm glad I was able to come here, so I invited them. @salmanabir @tanjima @razuahmed
Thank you brother for your good work.
https://twitter.com/KawsarH67898725/status/1525040519113736192
Being able to make transactions without having to ask permission and at the same time do it anywhere in the world, that is the best thing that decentralization gives us, certainly the path that is sought in cryptocurrencies is that, although at this time a Blockchain can also be centralized, since governments and companies can use this technology. But the term decentralization is important, it is getting better and better as you say with the Blockchain and in the future there will be much more authoritative power of the users, something that in history has not been seen before.
Greetings my friend.