Importance of Decentralization in Blockchain
Security:
In today's digital era, nothing is more important than security. We see different types of cyber attacks, and online thefts from different directions. This is a major problem in centralized systems as the security measures are also limited to a specific segment if any vulnerability is found in their site or system. The security system is easily broken. Decentralization is very important in blockchain technology. Security is ensured by spreading the blockchain's nodes across different locations, closely related to decentralization and security. Decentralization enhances the security of blockchain networks. In a centralized system, a single point of failure can lead to catastrophic consequences. If a central authority is compromised, it could result in the manipulation or unauthorized access to the entire system. In contrast, blockchain's decentralized nature makes it highly resilient to attacks. Hacking one node has minimal impact, as the majority of the network must be compromised to alter the blockchain's integrity.
Transparency:
A point of difference between the third world and the developed world is the lack of transparency. And because of this, those who are educated in many underdeveloped and developing countries are rushing toward developed countries more and more. Not only livelihood and income is one of the main reasons here but also the habit of living in a transparent and corruption-free system. Those who want to live well and dislike injustice to anyone, want to live in a little safe system. Transparency is therefore essential in any system that is ensured through blockchain. The transparency feature is very important behind the decentralization of this blockchain technology. Blockchain's transparent nature is amplified by decentralization. Every participant in the network has access to the entire transaction history. It is nearly impossible to conceal or manipulate information. This transparency ensures trust among users. They can independently verify the validity of transactions and the integrity of the overall system.
~ Regards,
VEIGO (Community Mod)
security is certainly important. I believe that decentralisation is the key in blockchain because this is why people move to this space else if we talk about the centralised entity is then web two is already doing good however web three is leader because it is built on the concept of decentralisation.
Really very nicely explained about Importance of Decentralization in Blockchain. Wish you all the best. Keep posting like this.