Crypto Academy Contest / S1W3 – Reviewing Blockchain through the concepts. by @abidshikh

Reference

Tell us about your favorite concept or term related to blockchain, try to be explanatory and make sure to give your opinion. (For example: Decentralized, Genesis Block, Hard Fork, Proof of Stake.)
Why do you think it is important in the blockchain?
Do you think that the existence of the blockchain would be possible without this concept? Is there an alternative or similar term?
Do you think it is possible to improve this term in some way? Explain us how

Tell us about your favorite concept or term related to blockchain, try to be explanatory and make sure to give your opinion. (For example: Decentralized, Genesis Block, Hard Fork, Proof of Stake.)

Decentralization

The Rather than a single local office or authority, control of an activity or organisation is delegated to several. Decentralization is not a novel notion. When building a technology solution, there are three network configurations that are frequently explored.

While decentralised networks are widely employed in blockchain technology, a blockchain application cannot simply be classed as such. Rather, decentralisation should be introduced in stages to all aspects of a blockchain programme.

Decentralizing resource management and access in an application can result in better and more equitable service. Although decentralisation has some disadvantages, such as lower transaction throughput, the advantages of improved stability and service levels exceed the disadvantages.

Benefits of Decentralization

There are many benefits some are as below.

• In a decentralization blockchain network, no one needs to know or trust anybody else.Each member of the network holds a copy of the exact same data in the form of a distributed ledger. The majority of network members will reject a member's ledger if it has been tampered with or corrupted in any way.

• Every organisation shares information with its partners on a regular basis. This information is then updated and stored in each party's data silos, only to resurface when it's time to send it downstream. The risk of data loss or erroneous data entering the workstream grows with each transformation. A decentralised data store provides each entity with a real-time, shared view of the data.

• It can aid in the mitigation of flaws in systems that rely too heavily on a single person. These faults could lead to systemic failures, such as the inability to deliver promised services or inefficient service due to resource fatigue, frequent outages, bottlenecks, a lack of suitable incentives for successful delivery, or corruption.

• It can also help with resource allocation optimization, ensuring that promised services are delivered with better performance and consistency, as well as a lesser risk of catastrophic failure.

Do you think that the existence of the blockchain would be possible without this concept? Is there an alternative or similar term?

Because blockchain networks can be created to be either centralised or decentralised, they can very well exist without decentralisation. However, many people confuse decentralised with distributed. It's important to remember that blockchain is inherently distributed, not centralised. Because the ledger is naturally distributed, many parties have a copy.

Decentralized refers to what occurs on the ledger, and what occurs on the ledger is determined by the system's design. Only parties whose identities are known are qualified to transact on the Ledger in a centralised blockchain network, but everyone can transact on the Ledger in a decentralised blockchain network.

As a result, Centralization is a phrase or notion that is related to Decentralization but not the same as it. It is Decentralization's sole alternative.

Why do you think it is important in the blockchain

Because of the numerous benefits that come with decentralisation, it is extremely crucial in the blockchain network. For example, if you keep your money in a centralised bank and something happens to the bank, you will undoubtedly lose all of your assets in that bank.

However, because there is no single point of access in the decentralised system, even if one point is compromised, the entire system remains safe. You can't harm the system if one of the nodes is affected because all of the information in that node is in the other nodes.

It create the blockchain network extremely inclusive; anyone, regardless of age, class, background, or country, can join. People from all over the world are serious about Cryptocurrency Exchange without even meeting or knowing each other.

Do you think it is possible to improve this term in some way? Explain us how

This centre would simply be responsible for system maintenance and ensuring that the proper procedures are followed. If we take the internet as an example, you might find a website designed for a specific purpose simply because everyone in that group has unlimited access to it. Someone might then post something completely unrelated to what that network is known for. Managers should be developed with clearly defined responsibilities so that they do not overstep their bounds and perform something unrelated to their job. The problems of a decentralised system outnumber the pros.

The benefit of centralization for this system is that it would reduce the losses suffered by its numerous users. There was a time when I attempted to transfer Steem from one account to another, but due to a small error I made by failing to use the memo key, I lost my steem, and because no one at the centre is responsible for assisting users who find themselves in this kind of helpless situation, users have no choice but to cry in their bedrooms and wipe their tears with their blanket without recovering what they have lost.

I invite to my friend @aliahmad to participate in this context.

Have a good day.

Regard by

@abidsheikh