Good day everyone. Am glad to be a part of the season three of the Crypto academy. Thank you professor @yousafharoonkhan for the lectures, it was detailed and very simple to understand. This is my submission post for the home work; task 2: question 2.

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TITLE OF HOMEWORK: TASK 2 ; QUESTION 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 YOUR OWN WORDS)

DEFINE DECENTRALIZATION

Decentralization is a system in which the concentration of power is removed from the center or a fixed body and is dispensed across a number of points. It's is to spread and to give everyone who is connected to the system the freedom to act or function independently. In a decentralized system, everyone enjoys the liberty to express themselves. They have the liberty to make decisions and take actions without the interference or involvement of another entity not directly involved in the transaction (third party).
In a decentralized system, everyone has the power and freedom to work and make choices relevant to their businesses. The influence and dictates of the system is not in the hand of a single individual or body as is seen in a centralized system. In a centralized system, all the power and command comes from the center. The individuals involved in a centralized system does not have the freedom to act or function Independently. If one wants to carry out a business in a centralized system, the individual is confined and restricted by the rules and conditions given by the central body. He cannot carry out his business transactions the way he wants, he must follow the laid down rules stated by the central authority. The situation is not so for a decentralized system. You have the freedom to do your business and make the decision you want. Example of a decentralized system is our Steemit social media.

DESCRIBE THE ADVANTAGES AND DISADVANTAGES OF A DECENTRALIZED SYSTEM.

A decentralized system has its advantages and disadvantages. Let's take a look at them.

Advantages of a decentralized system.

. Decentralization makes room for individual ability and capacity building or development. It allows people to be able to develop their potentials to the maximum because they are not bound by conditions and bottle necks which may deter, hinder or slow down the process of capacity building.
. Decentralization takes away the impression or feeling of been deprived
. In a decentralized system, everything is laid bare and is apparent, there's nothing hidden hence it helps to check corruption and fraud.
. Decentralization saves time as financial transactions can be done promptly and quickly without delay all over the world.
. Decentralization makes for easy trading of information across fields and countries
. It can be used in the financial activities of the government of countries and will promote transparency on how and where the funds are spent in the various sectors. Everyone will be able to see how much comes in and goes out and what the funds are used for.
. It helps to prevent the menace of data hacking because any data stored in a decentralized system cannot be altered.
. It helps traders to do their businesses whenever they want.
. A decentralized system enables everyone to work on their own. The central body has no part to play.
. The decentralized system enables the users to express themselves and make their own decisions.

Disadvantages of decentralization

. The freedom gotten from the decentralized system can make people to use funds unlawfully or improperly. Since they are independent, they can abuse the system and use it to commit financial crime.
. It requires alot of money to launch it and run it effectively and also requires people with special abilities or skill. People with special abilities are required because for example, if money is mistakenly transferred to a wrong account, it can not be recovered.
. It's not everyone that has the ability to make good decisions at the proper time, hence this may make some people bear the repercussions of making wrong decisions.
. The freedom of a decentralized system can lead to some people being non-chalant about their businesses and responsibilities.

Every system had its advantages and disadvantages. The advantages of the decentralized system is more therefore it can be worked on for optimum results.

IN WHAT AREAS OF LIFE CAN A DECENTRALIZED BLOCKCHAIN BE HELPFUL

A decentralized system can be helpful in so many areas of our lives which includes but are not limited to;

Health sector

The decentralized system comes in handy in improving the Health sector since the data stored in it can be accessed by all. A patient's data can be easily accessed by different doctors at different places for a patient undergoing continuous treatment, hence the patient is able to receive all the help needed. It can also aid recording and data storage for the medical sector hence bringing transparency.

Land revenue

The land records of the country can be stored in a decentralized system and this will help to remove fraud and corruption because the land sales record is open for all to see. There won't be cases of forged land documents any more or cases of poor people been robbed of their landed properties.

Politics and election

Introducing the decentralized system into politics and the electoral process in nations will eradicate the rigging of election results and stop the political fights that follows election because one party is accusing the other of election fraud. When the election votes are cast on the blockchain, the votes cannot be transferred to someone else hence it will aid free and fair election.

Banking sector

Adopting the use of blockchain in the banking sector will help to save time wasted on banking transactions. People can be able to do their transactions speedily and the transparency it brings will curb fraudulent banking activities.

Government administration

The use of blockchain can be adopted by the government in the collection of taxes from the citizens, insuing of identification cards, drivers license, salary payments etc.

Conclusion

The importance of decentralization and the use of blockchain technology can never be over emphasized. Having considered it's pros and cons and seeing that the cons are more, I'd submit that It will be of a great benefit to our ecosystem if adopted in the different sphere of our society. This lecture on blockchain, decentralization and block explorer was really an eye opener.