Crypto Academy Season 3 Beginners' course - Task 2: Blockchain, Decentralization,

INTRODUCTION

Hello steemians welcome to my second beginners fixed course in crypto academy. And I will be writing on task 2 based on Blockchain, Decentralization, Block explorer given by professor @yousafharoonkhan . I will be attempting question 2 which is decentralization

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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)

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DEFINITION OF DECENTRALIZATION

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Decentralization refers to a system in where users are empowered to take make decision on their own without authority from any source.
Decentralization is a Decentralized system that that runs independently, a decentralized system has no center and every users have freedom of expression and does any transaction without taking permission from any authority, in a decentralized block chain it is impossible to change anything on the block if there's any error so due to this reason we look for experienced and experts to handle the building of the blockchain.
Peer to peer transaction usually occur in a decentralized system and it is secure without any intermediary or third party an example is binance blockchain.
decentralized blockchain uses different digital devices to communicate with each buyers and sellers about the bid/ask prices. In this way, buyers and sellers do not need to be located in same place to transact.

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ADVANTAGES OF DECENTRALIZED SYSTEM

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• A decentralized system is protected from hackers or intruders and data stored in a decentralized blockchain cannot be altered by anyone.

• Decentralized system is very transparent to users,transaction are done plainly without intermediary and all transaction are very secure from scam.

• In decentralized system trader's have full freedom to transact funds the way they like with out anyone queering them.

• In Decentralized system everyone take decision by them self and everyone work independently

• Decentralized system encourage peer to peer transaction between investors and it eliminate frauds.

DISADVANTAGES OF DECENTRALIZED SYSTEM

• Decentralized system lead to misuse of fund since everyone has the freedom to do any transaction and any time.

• Decentralized system is very costly to build and if there's any error in the block it is impossible to correct it, that's why skilled personnel are needed.

• In decentralized system if any wrong transaction is done the fund cannot be retrieved back again.

• In decentralized system some untrained users make wrong decision due to the fact that there's freedom

IN WHAT AREA OF LIFE CAN DECENTRALIZED BLOCKCHAIN BE USEFUL

POLITICS AND ELECTION

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Decentralized blockchain is useful in politics and election in a way that it shows more transparency in election process and counting of vote ,in some advance country of the world Decentralized system is used for elections, in this system no one can cut conners every process of the election is plain and clear to everyone and very the result is out the winner will be clear to everyone and there will be no disagreement or argument over the result since is clarity in the result.

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MEDICAL/HEALTH SECTOR

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Decentralized system is a very helpful in the medical sector,here all the data and medications of a patient is collected and stored for future reference and should in case another medical personnel wants to work on the patient it will be easy to know the patient past medical records and be able to treat accordingly, this will reduce mortality rate in the world at large and will improve the medical system of every country.

LAND REVENUE

Decentralized system is very helpful here too, in such a way that land document are been stored on a decentralized blockchain to avoid fight, argument, or fraud in the nearest future because some people do sell land to more than one person but when all the data are stored on decentralized blockchain it will be very clear to everyone both the buyer and seller.

FOR GOVERNMENT PURPOSE

Government uses decentralized blockchain system to store different data and records of citizen or financial record of the country, this is accessible to everyone and can not be easy hacked. This will being clarity and transparency to such government.

CONCLUSION

Having gone to the lecture on blockchain,decentralization,block explorer by professor @yousafharoonkhan all the three subheadings have great impact on the cryptocurrency world and our secular world today. Thanks for the lecture I have really learnt a lot.