DECENTRALIZATION

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This is a type of system in which all the authority power is not vested in one center or source, but every user in that system has the control over his/her activities in such a system. This means that the authority is rather distributed to all the the people in that system including every single user.
In the cryptocurrency world, a Decentralized system Means that the users will have a say in the decisions made concerning such platform or system. The users will also be in control of all their transactions without any interference from the government or a any other third-party like the exchange itself.
Any cryptocurrency platform that is Decentralized will not be able to impose on transaction fees on the users because their transactions will always be on a peer-to-peer nature.

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ADVANTAGES OF A DECENTRALIZED SYSTEM

Reduction in Corruption: When a system is Decentralized, one person at the top will not be the one to control all the power of that system. This means that he will need others to agree to his proposed actions before he can proceed to do it. This will not allow such person to do some criminal activities because the rest of the people will always be aware of it.

No Government Interference: In a Decentralized system, we do not witness government or any third-party interference, every user has absolute control over his assets that are in such system. An example is a cryptocurrency wallet that is Decentralized, not government authority can impose Charges on the transactions you do from that wallet, but it can be done to your bank account because such financial system is not Decentralized.

Transaction Speed: In a Decentralized speed, transactions are completed with a very good speed in just a matter of seconds. It does not take long like a system that is not Decentralized.

Operation time: Any system that is Decentralized, be it a cryptocurrency platform or not will always allow the users to carry out their activities anytime any day. An example is a Decentralized cryptocurrency wallet, you can transfer your tokens or do transactions with your tokens anytime you like, wether it is in the weekend or a public holiday. This is not so with a Centralized system which could be unavailable in the night or weekends.

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DISADVANTAGES OF A DECENTRALIZED SYSTEM

Fraudulent transactions: Since the Decentralized system uses a peer-to-peer manner of transaction which means that no other party can monitor it, then some criminals can use it to do transactions that are suspicious and then they get away with it because no third-party can interfere.

Skills are required: Despite the fact that a greater percentage of people on this planet can access and navigate the internet, many people in the rural areas of the developing countries are still deficient in information communication technology (ICT), so those people will find it difficult to make use of the Decentralized systems like the cryptocurrency, meaning that they will only stick to the local banks in hich are still Centralized.

AREAS OF LIFE THAT A DECENTRALIZED BLOCKCHAIN WILL BE HELPFUL;

FINANCIAL SECTOR: The Decentralization brought about by the introduction of cryptocurrency have been a very big Financial development already, and if our local banks can adopt the Decentralized blockchain technology in such a way that people will be in control of the money in their banks accounts from their phones without queuing in those banks for hours, then it will be a welcome development.
To the best of my knowledge, many banks do not operate at night and people cannot do transactions during the night hours, but if it was a Decentralized system, the users would have been able to carry out transactions any time any day.

VOTING: If the Decentralized blockchain technology is used in a voting process, election violence in such places will reduce to the minimum level because people would not need to be physically present at the voting locations on that day.
In will also bring about a lot of transparency in such election because the figures recorded in the blockchain cannot be changed by a person and it will also eliminate the errors that would have possibly occurred in manual-counting.

INTERNALLY GENERATED REVENUE: Many revenue generating agencies tend to divert some of the funds they generated to a private pocket because proper records of such funds were not kept. If the Decentralized blockchain system is used, it will not be easy for one person to just divert money from such agencies to his personal account because he will need almost every body in the system to agree and verify it before he can do it successfully.