Steemit Crypto Academy Season 4 Beginners' course - Task 4:Blockchain, Decentralization, Block explorer
Good day, Steemians!!
I am hoping that you will all be healthy as we continue to learn and explore more in the Steeemit Crypto Academy.
I'd also like to use this opportunity to discuss the assigned task, Decentralization.
(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)
Define decentralization.
Decentralization can be termed as the transfer of functions and powers. Thus, a form of organizational structure where top management delegates decision making responsiblities to the middle and lower level subordinates.
In the development of technology solutions, centralized, distributed, and decentralized systems are the basic network architectures that are to be considered. No one has to trust anyone in the decentralized system since each member has a copy of certain data in the form of a distributed ledger.
Steemit is a blockchain running under a decentralized system. Users make their own decisions and control their day-to-day activities through various accounts. So therefore, they decide the content to publish as far as it is not stolen or plagiarized.
Describe the advantages and disadvantages of a decentralized system.
Advantages of a Decentralized System
Below are some of the advantages of decentralized systems;
1. Control and Supervision
Decentralization gives a chance to subordinates to control and supervise at the lower level and also make their own decisions. With this, they will have control of every assignment that is under their noses and can also take corrective actions.
2. Executive Development
Under the decentralized system, executives get the opportunity to develop their talents by taking initiatives that will make them ready for managerial positions, as the growth of a company depends mostly on its talented executives.
3. Relief to Top Executives
Unlike the centralization system where authority puts the whole responsibility on an executive and the immediate group, decentralization relieves top executives from the burden of performing various functions.
4. Growth and Diversification
Under decentralization, every division is independent in taking out their roles, which makes the top-level management create competition amongst different divisions.
5. Lower Risk of System Failure
Decentralization has given rise to cryptocurrencies as it has the ability to gain user confidence.
Disadvantages of a Decentralized System
Below are some disadvantages of a decentralized system.
1. Requires Qualified Personnel
Under decentralization, the system has no use when there are no competent and qualified personnel.
2. Cost
Decentralization requires the duplication of staff effort. Each division is expected to have a large number of staff specialists, which will result in higher costs.
3. Lack of Uniformity
There is a lack of uniformity in the decentralization system as each manager makes his or her own policies based on his or her insight and capabilities.
4. Ineffeciency in Government
Decentralization could lead to inefficiency in government in such a way that experienced and qualified administrators would want to work at the top or national level, leaving the inexperienced at the grassroots.
5. Lack of Clarity
In a situation where more than one manager or even staff member has the authority to take decisions, workers may not know who to follow. Thus, different managers could provide different answers to the same question, which may create confusion and potential conflict.
In what areas of life can a decentralized blockchain be helpful? (write in own words)
The decentralized blockchain system has turned out to be an excellent system to implement in our day-to-day activities as it is a fraud-free system.
The following are some areas of life where the deentralized blockchain system is helpful;
Online Music
Many startups on how musicians can get paid directly by their fans are now showing up without them giving large percentages of sales to record companies or platforms. Smart contracts now solve licensing issues and also provide a better catalog of songs with their respective creators.
Voting
Blockchain technology could be used for voter registration and identity verification, and also for electronic counting of votes, to ensure that votes to be counted are legitimate, votes not changed or removed.
The creation of an immutable and public-viewable ledger to record votes could gear towards more free and fair elections.
Insurance
The blockchain applications in the insurance industry are currently focusing on the improvement of operational efficiency. Companies are now taking measures to see how blockchain can drive down costs, provide better customer experiences, and also increase the speed to market.
CONCLUSION
Decentralization provide or gives subordinates the chance to control and supervise at the lower leveland also the chance to make independent decisions.
Because Steemit is a decentralized blockchain, users have control over their various accounts, making them post what they like, as long as it is free from spam and plagiarized without any authorization from anywhere.
Much thanks to prof. @yousafharoonkhan for his hard work in providing the notes. I am always eager to learn and discover new things from the Steemit Crypto Academy community.
Thank you for reading!!!