Decentralization Steemit Crypto Academy Season 4 - Homework Post for Task 4
Define decentralization. Describe the advantages and disadvantages of a decentralized system. In what areas of life can a decentralized blockchain be helpfull(Write In Your Own Words)
Decentralization:
The common meaning of Decentralization is dissemination of powers, functions and responsibility, away from the central location. Decentralization in this company this is not run by Single person this company need more people for running this company.
In this system no one trust on others Because if you're working under someone then you have nothing and you don't own nothing they have your All information and they can send your information to anyone and you can't do anything.
Decentralization system is not manage by single person but centralized system is managed by single person like Google and apple where data managed by CEO and in this the company store all data and managed it and you will understand form the picture below.
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Advantages Of Decentralized Blockchain
Their are many advantages of Decentralized system.
1.) It reduces point of weakness.
2.) It can Optimizes resource distribution.
3.) This system provides a trustless environment you can't trust anyone.
4.) This system provides more security to users means no one hack this system.
Disadvantages Of A Decentralized Blockchain/System
1.) In this the Blockchain is not a Distributed Computing System.
2.) This is not completely secure.
3.) High energy consumption means some solution consume more energy.
4.) In this user have thier own private key.
5.) Their is slow process means Blockchain slow when too many users are on the network.
In what areas of life can a decentralized blockchain be helpfull.
Banking Sector
This method is good for banking sector means you store your money in bank and their is no risk of theft and no need to talk with higher position person their and they have your all information and also their is no waste of time.
Educational sector
In this sector this method is so helpful for learning. It can help to collect the data of all the students and can help in store the data of students.
It can store safely all student's files and data, their result grades and all their important data securely and hence decentralised system is best for educational sector.
Election
Decentralised system works very well in Election. As there can be corruption in election while counting votes or polling votes.
But through Decentralised system, It can provide transparency in the election process through which there will be pure elections without any corruption.
Conclusion
Thanks professor @yousafharoonkhan for this lecture. It was very informative as I have learned many topics through your lecture. I am happy to participate in your lecture.