Crypto Academy Season 3 Beginners' course - Homework Post for Task 2: [ Blockchain, Decentralization, Block explorer by @yousafharoonkhan] Participate will homework @aniksikder

aniksikder (60)mutedin SteemitCryptoAcademy • 3 years ago

HOMEWORK BEGINNER'S COURSE TASK 2 (Blockchain, Decentralization, Block explorer)

INSTITUTION: STEEMIT CRYPTO ACADEMY
CRYPTO PROFESSOR: Yousafharoonkhan

Hello respected Prof, I am happy to see this well structured system and today in this post I will share with you my homework Season 3 beginners' course Task 2 - Blockchain, Decentralization, Block explorer. Professor @yousafharoonkhan Season 3 beginners' course Task 2 - Blockchain, Decentralization, Block explorer gave us homework tasks. I arrive with my task number 2 of the beginners course, in which I will focus on answering question number 2. I hope the next one is a comfortable read for you and thanks to teacher @yousafharoonkhan (72) for the class.

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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Question 1- Define decentralization.

A decentralized finance system is the latest decentralized technology environment for managing cryptocurrencies. Some of the decentralized technologies are DPS which is gaining a great foothold in the financial system. All of this is due to the high level of protection, resilience and transparency. Thus decentralization can be defined as the distribution or division of power, control and authority from the central agency to other points. So we can easily say that a decentralized system is a platform where users have complete control over their information accounts posted content and their activities on the network.

Source

It takes hard work and time to create this account and create a fan-base. The decentralized system does not support it and gives a better edge than the centralized system. Unless it is stolen or stolen content, everyone here has the full right to decide about your account as opposed to central accounts like Facebook where no administration can decide to close your account without notice or without your permission. What you can and cannot disclose will always play a decision-making role in your account.

Here is the best e of blockchain decentralization. Blockchain gives you the ability to perform all activities individually. You do not have to follow the rules of any central authority. Here each person or employee of the system has his own abilities. He has no boss to place orders. So you will always depend on his power of decision on your account. Examples of decentralization, good examples of decentralized business are hotels, supermarkets, dress showrooms, etc. Because it is not possible for anyone to focus on more than 100 branches around the world, take the example of a hotel. He specifically focuses on using a decentralized framework to empower local hotel managers and assistants to make spot decisions to handle customers - problems, complaints and requirements.

Question 2- Describe the advantages and disadvantages of a decentralized system.

This decentralized system as above is a system that has complete control over what happens to the user or the user's account. Since we are a decentralized finance system, we notice its advantages and disadvantages. I will talk about a project protocol of Ethereum Blockchain called Combined. Decentralized systems have their advantages and disadvantages. They are listed below: -

Advantages of a decentralized financial system

Blockchain transactions can be monitored transparently
Accessibility is open to all users, why not try to access the Globe
Eliminate human error
The system will continue to run in times of crisis (no rush required)

Disadvantages of a decentralized financial system

The liquidity level of DFI tokens is much lower than that of any centralized financial system.
You take all the responsibility, you make mistakes and lose the fun. It's up to you
Insurance policy is not applied in DFI system.
These projects are coded by humans, so it is risky in smart contracts.

Question 3- In what areas of life can a decentralized blockchain be helpful? (write in own words)

I can say here that there are already a lot of areas that have already included blockchain in various areas of life and they have worked very well for everyone involved. If we choose this region for a decentralized blockchain system, things can be very tidy and systematic. Each product will have its own industrial blockchain system of its own data. So it can be brought transparency through a decentralized blockchain system. Now I will mention a few of them which I think would be a good aspect.

Banking Sector:

The workload of banking is very high so the implementation of decentralization system in the banking sector will help to speed up the work load by increasing the speed of effective transactions. Second, it will help reduce fraud in the banking world.

Health sector:

It can save patients and doctors time together. Blockchain will have data on each patient. Wherever the patient is treating himself, all his records will remain in the blockchain. All medical prescriptions and data from the past will be in the health blockchain system. We know that before a patient's presence, medical records are presented, the decentralized system solves this problem, any doctor can have access to their patient's medical records before anyone arrives. Can be accessed stored in a decentralized system.

Industrial Zone:

The industrial sector has a lot of products and buyers and sellers. Primitive financial systems in this sector can be very busy and time consuming. There will also be the possibility of mistakes in business. It is very easy if we put the data in a blockchain system.

Polling station:

We have a very important sector where a blockchain system will be developed. Blockchain can be a great help in conducting electoral activities where the impartiality of election processes is questioned and transparency is reduced. Decentralized technology will drive the source of information to all, including the transparency and integrity of the guaranteed process. There is no possibility of corruption or fraud. Each person will only be able to vote once which will bring transparency. Everything will be stored and protected in the blockchain.

Government Agency:

If we implement it, we can go a long way in managing the payment system, calculating salaries, managing regulations effectively. Then it will take less time and everything will be easy.

CONCLUSION

Thank you Professor @yousafharoonkhan for this lecture.
I believe that all newcomers like me can achieve a lot by trying this post. It was valuable in terms of time and experience so far and will make things much easier in world. I think this decentralized system is a marvel of technology because we live in a world that has always been controlled by a kind of regime. Decentralized social media, take a look at the amazing things happening there. Although the decentralized system can be costly, I believe the world will be better for all of us and able to move forward when applied to the areas of life described above.

So this decentralized system allows you to have power and authority in your account and only you decide what you are going to do with it, to whom you transfer money, disclose any information and whether you close your account will not depend on you and others. Again thank you so much for reading this post and I put you here in my Achievement 01 so that you can know a lot more about me.

Again thank you for reading my homework. Thank you all very much, specially Professor @yousafharoonkhan.