Blockchain -The idea of decentralization
By design, the blockchain is a decentralized technology.
Anything that happens on it is a function of the network as a whole. Some important implications stem from this. By creating a new way to verify transactions aspects of traditional commerce could become unnecessary. Stock market trades become almost simultaneous on the blockchain, for instance — or it could make types of record keeping, like a land registry, fully public. And decentralization is already a reality.
A global network of computers uses blockchain technology to jointly manage the database that records Bitcoin transactions. That is, Bitcoin is managed by its network, and not any one central authority. Decentralization means the network operates on a user-to-user (or peer-to-peer) basis. The forms of mass collaboration this makes possible are just beginning to be investigated.
Melanie Swan, author Blockchain: Blueprint for a New Economy (2015)
“I think decentralized networks will be the next huge wave in technology.”
Melanie Swan, author Blockchain: Blueprint for a New Economy (2015)
Hi @akshaybaba94 and Everyone,
Our team, @EOS9CAT came with a very short explanation and hope it would be helpful for everyone here.
Distributed means not all the processing of the transactions are done in the same place. This does not mean that those distributed processors aren't under the control of a single entity. (Think of gas stations, there are Shell stations all over yet all are Shell)
Decentralized means that not one single entity has control over all the processing. By nature, this implies that it is distributed among various parties.
If you need any other questions, please feel free to send us an email at [email protected] or visit our website