Steemit Crypto Academy Season 4 Beginners' course - Homework Task 4: Decentralized System by @silencewan
Hello sir, professor @yousafharookhan for giving this great lecture, and I will like to gives thanks and praises to the almighty God for adding me another day.
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: is a system in which the activities of an organization, in which decisions making are delegated away from any authority but the majority of the decisions making are in the hands of the users and it's own and controlled by the users and it’s not in the hands of the authorities.
In Decentralization or in a decentralized system every user has the chance to make the decision he or she wants whether is good and bad, there is no senior there but in a centralized system is own and controlled by the authority, and decision making is made by the authority.
In a decentralized system, the users have the freedom to do whatever he or she like and has the right to make anything and no authority can stop he or she for what the user is doing and in decentralization, those at the top and those at the down are all equal they all make their decisions together and when it comes to decision making they all have to come together to make the decision and the decentralization system is free for everyone.
An example of decentralization in the market because the majority of the decisions are made by those who are selling foodstuffs in the market and each person in the market is busy controlled his or her business affairs and they make decisions by come together and comes out with something good that will help them to grow their business and it’s fully controlled by those market women and no authority can tell them to do want they want.
Another example of decentralization is a hotel inside hotel they are plenty of rooms inside and one person alone can’t manage the affair of the hotel and on less, they are plenty and decisions making will be harder for one person alone to make decisions on less they are plenty in the hotel to always manage and the affairs of the hotel rooms is a good example of decentralization.
- Decentralization system is mostly used in large organizations to make sure everyone work accordingly to bring competition among individual,
ADVANTAGE OF DECENTRALIZED SYSTEM
Decision-making is easy: in a decentralized system to make a decision, all the users have to come together to make decisions and every user will bring their opinion in the decision making so at the end of that they will come out with good decisions which will help all of them.
It doesn’t cost a higher fee: in a decentralized system to make a transaction like send your steem into your binance wallet it’s free you won’t pay any but in a centralized system if you want to make a transaction you have to see a third party before you at making a transaction and the transaction fee is always higher as compare to decentralized systems.
freedom of declaration: in a decentralized system, you have the right to do whatever you want to and no one can tell you wants to do it because every user has equal right to express his or her point of view without any authority telling him or her to stop doing it.
It brings competition among the users: in a decentralized system it’s own and controlled by the users and every user it's to control his or her affair and no one will tell you to work harder because if you do a mistake your own will collapse, so you will false to work harder for your self because every user is edger to make it.
DISADVANTAGE OF DECENTRALIZED SYSTEM
It takes time to come out with decisions: in a decentralized to come out with good decisions every user have to gather together themself and to make the decision and the users have to give their opinions to come with the decision and every user has to say something in the decision making, so it aways saves time in decisions making.
Lack of skill personnel: in a decentralized system because every user can start working so far as he or she has the funds and the users may not have the idea about it or may not have tome to manger their affair, so at the end, it will mislead them to make mistakes.
Waste of resources
In a decentralized system to startup you need a larger amount of funds to start up and everything in the decentralized system is always expensive to buy and because of this some users will do all this and they won’t have time for it and at the end of that their resources will be gone wasted.
In what areas of life can a decentralized blockchain be helpful? (write-in own words)
Decentralized blockchain is always useful in all part of the world and it has made everything looks so simple and the following are some of the areas is much need which is need
- Heath sector
The Heath sector is one of the areas of life decentralized blockchain could be helpful because the decentralized system has made the Heath sector nowadays look so simple for doctors to know the kind of sickness a patient is suffering from and could be able to tell he or her and follows the right channel to be able to treat he or her. After all, most of the data have been store in the blockchain and so when a patient comes to the hospital is just easy for all the doctors around the world to be able to tell everything about human being because they have been stored in the blockchain and decentralized system is always need in the Heath sector and it’s always useful in there.
- POLITICS
Politics during election time the political parties are into fightings because one might party might think the other party is going to steal and so the other parties may want to course confusion which may result into fighting and in other to do away with fighting decentralized system has made it looks so simple that every political party can see how the election is going on and so that when it’s time for declaration there won’t be problems and there will free and fair elections with the help of decentralized system
- The banking sector
The bank is meant for keeping people assets like money etc and when you can come to save money without them giving your account, you can’t make any deposit it’s their due to do that and the decentralized system has to Make it look so simple in the bank that when you come to deposit money in the bank they will first make you create an account number and after you are done creating your account they will give your account number and password and the password it’s your PIN Does what you are going to be keeping when you are going to make a transaction or make anything in the bank so that it makes everything look so simple with the help of decentralized system and with that, it will be difficult for anyone to attack your money in the bank when you have your PIN.
CONCLUSION
Decentralization or decentralized system has made everything look so simple and I think it high time countries start to practice decentralized stem because is a good thing because no one will control you, you are fully controlled of you own thing and you will be having peace of Mind without getting into trouble with anyone and I will like to thanks professor @yousafharookhan for making this lectures so simple.
Thank !!!