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"Assalamu Alaikum" Welcome to Steemit Crypto Academy, I would like to thank professor @yousafharoonkhan for informing me about such an instructive subject through you, this post is very important to me, Because I have learned a lot of new things through this post.

(2) 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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First of all, I want to give you some basic ideas about blockchain. As you all know the term blockchain is being used a lot in the cryptocurrency market. Blockchain is a combination of two words, block, and chain. A block is a place or box where all kinds of information are stored and chains are meant to be connected to each other through an organized chain. You all know that blockchain is a decentralized system and it does not have a middle man's party. It works under the P2P system. Blockchain is defined as an online distribution system through which we can store any type of information here and that information can be viewed through thousands of nodes around the world and can also be verified. And because it is controlled by these nodes, blockchain technology is a safe and secure one. Since blockchain operates under a decentralized system, all blogs in blockchain are organized in a decentralized manner through which any kind of change is impossible. The blockchain consists of three blocks through which we can verify the information of any block - data, hash, and the previous block hash code.

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Decentralization:

Decentralization refers to a system in which every user is empowered and they are always in control of decision making. There is no center for this decentralization system. Each of the users attached to them is independent and has the ability to run his work and business in every way. In this decentralized system, everyone can express their freedom of expression so decentralized is a system in which every person who works is empowered in his work, and everyone from the highest level to the lowest level is free in their decision. What I want to make clear here is that centralization is governed by a specific network that can control all its user's and this centralized network can stop any user at any time if they want. And you can't manage it independently if you want to and you can't express your free will if you want to. It is also safe but not independent. But from that point of view, decentralization is a system that is controlled by thousands of computers and that is why you can express your complete independent opinion here if you want. And you can earn independently through a decentralization system completely safe.

Advantages of decentralized systems:

• Freedom of expression: You can write and share your favorite content on this decentralized platform. The reason is that using this decentralized platform, every user here can easily express what they want.

• Transaction accuracy: Here every transaction is done by thousands of computers in a decentralized network verified and approved which hereby ensures that no human initiatives can be involved in this verification process accurate information is available.

• Invest your own money: You can invest completely free to trade with your money as well as completely independent. This is because you can see who you are sending money to and who you are investing with, and where your funds go.

• Completely Secure: The decentralized blockchain secures the data of each transaction because thousands of computers on this network verify the authenticity of that transaction and this completely confirms before the database is added. Once added to the database it is impossible to change.

• Transparency: This decentralized system is a complete system where you can easily see all the transactions performed in the blockchain and its management. And it's so transparent that you can easily see what's going on with where your funds go.

• Cost reduction: Since this decentralized system has no third party, it helps to reduce transactions here.

• Maintenance: Here all the users of the decentralized system work on the growth and maintenance of the material system and they contribute to it. Witnesses are empowered to act as they are to keep the system afloat and running, and the community makes its own decisions and empowers witnesses to do their work. So there is no need to rely on any third-party decision. However, everyone here has unanimously decided that those who are witnesses support the growth and maintenance of this block.

• Privacy: Since this decentralization system gives you complete freedom of personal transaction and no organization or third party will control or monitor you there, So there is no issue of privacy here.

• Data storage: All user data in a decentralized system is encrypted in a block that is impossible for anyone to modify, protect an object system, and one way to protect users from hackers who are always trying to steal vulnerable information from users.

Disadvantages of decentralized systems:

The decentralized system has many advantages as well as some disadvantages. I have presented some of the disadvantages below.

• Account Fraud: Ordinary accounts are organized using a decentralized system by fraudsters as their accounts have full authority to operate independently, So they try to commit fraud here for example money criminals, the reason is that those who think of committing this fraud know that they can afford to send money from here at will.

• Sending money to the wrong account: In a decentralized system, if you accidentally transfer money to another account, there is no way to recover the money, it is completely lost in the blockchain. This means that the account to which it is going is not recently known through the system and does not have a name.

• High energy consumption: The high energy consumption involved in maintaining a decentralized system requires a lot of energy for the miners making each blog in the blockchain. And as a result, miners have to use much more expensive mining equipment that they can't afford.

• Currency price fluctuations: In a decentralized system, the price of money and assets fluctuates and decreases very randomly, so fluctuations and price increases of such currencies are a loss for the users.

• Decentralization can lead to interference: In this decentralization, the people in control cannot take the time to listen to their instructions from anyone else because they are in control. The reason why decentralized systems require a lot of skilled people is that once the transaction transfer goes wrong, the amount cannot be recovered.

In what areas of life can a decentralized blockchain be helpful?

Below we present to you a decentralized blockchain system that can be helpful in many areas of our lives in general. The first thing I will present to you is the banking sector.

• Since the banking sector of our country is governed in a centralized system, I think this banking brings more speed and transparency to the transactions of our banking sector. The blockchain can be completely moved. By doing so, the time spent on transactions in our banking sector will be saved and people's confidence in the banking sector will be restored.

• The second issue that I will present to you is the health sector. The reason why the health sector of our country is very shy is that the doctors in the health sector here think for their higher profit and that is why they do not give us the real treatment. We have to go abroad for the treatment of many big diseases in our health sector and spend a lot of money in consultation with many doctors so I think we have this health sector. This decentralized system can further improve and accelerate our health sector. The reason is that if the complete data of a disease remains in this blockchain, then we can easily do this from this data we can easily get services from doctors in foreign countries through this healthy blockchain system.

• The third issue I will present to you is the record of purchase and sale of land in our country. In our country, especially in Bangladesh, there is a lot of fraud and corruption in the sale and purchase of land, such as one person occupying another's land and cheating people by forging documents. So if the issues of land purchase and sale and records can be stored in this decentralized system through public data entry, then corruption and fraud in this sector can be completely eradicated.

• The fourth issue that I will present to you is politics. What else can we say about the politics of Bangladesh, the situation is very bad at present, and in other words, it is necessary to say, 'Whoever has the power, this situation exists now. Politics For the promotion of democracy in every country, I take part in the elections of different people of each country, but the results of those elections in our country are not acceptable to the opposition and the common people. I think if all these elections are held in our country by storing data through a decentralized system, then we can give a good leader to the society from our politics.

• Finally, what I want to say is that we now need to accelerate the development of the p2p crypto trade by adding a much-needed decentralized exchange network and that's how I think our Bangladeshi government can improve a lot of areas of life through the system, the things that are driving licenses, At the national level, issuing identity cards and collecting taxes can benefit many more by using blockchain.

Above all, I think that this decentralized system is a wonderful invention of our technology through which we have gained our independent sovereignty. Where we lived in a world that was always controlled by a kind of administration that controlled us but is this decentralized system completely independent and secure. I would say that by knowing this system well we will be able to earn a much better one by investing our earned money in freely expressing our views.

Thanks for reading my homework post.