Crypto Academy season5 Beginners course-Task 4: Decentralization by @caleb-marvel

in SteemitCryptoAcademy2 months ago (edited)


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Greetings great minds trust you all are doing just fine! Welcome to my page once more. In this post I will complete the assignment on Decentralization below is the question I choose.

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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Define Decentralization

Decentralization is defined as the medium of transferring Power and Responsibilities meant for the public from the government to the lesser government, Private Sector and Organization.

Merits of Decentralization

There are many Merits and Demerits of decentralization but in this article I will listing out some of them.

  1. The advantages of Decentralization that is very common, is the power that is transferred from the head to the bottom. People attached to this system of decentralization, acts according to the potentials and abilities of the system.


  2. With Decentralized system, fraud and many malicious act are been eradicated because, everything in the system is transparent.


  3. In Decentralized system there is no form of deprivation, it vanish completely.


  4. Transactions are carryout throughout the world with just little time and money.


  5. Traders on Decentralized system can trade at ease and anytime they want to.


  6. In this system the government or authorities don't have any role to play and every user works independently on this system.


Demerits of Decentralization

  1. Due to everyone is independent in this system, money is put to to wrong use because, they transfer money to whosoever they want to. Sometimes, most users uses these medium to indulge in money crime.


  2. In this system if money should be transfer into a wrong address or account, it is not irreversible. So the system needs a well trained staff to handle the transfer of money.


  3. This system puts much pressure on divisional heads so as to gain profits at any cost which brings about internal rivals which ma cause fight. Due to the rivalry, problems of control and coordination might arise when small companies exist within an organization.


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In what areas of life can a decentralized blockchain be helpful?

In Government Sector

They government ensures that are safety of public records. For example, the whole record of all individuals in a country are in a government database, making it a perfect target for hackers to pray on. To reduce these rims, it is important for government this why they need the Decentralized Blockchain system to deploy, for secure strategy of data for such case. Thy can also harden and strengthen the network security and avoid any breach.

In Retail Industry

Technology has disrupted Retail Industry at every turn. The digital world has its own setbacks, and also bringing alongside fraud and cheats with it. This is where the Retailers are calling for the decentralized system to secure their operations and making it trust worth to people that are shopping. It also provides transparency in transaction and the complete details from the beginning of the transaction till it is carried out.

In Real Estate

Decentralization in Real Estate, helps to solve land registry problems. It is really acting as the leading figure of the digital transformation for this sector. It's records keeping helps to inculcate a level of trust among the people buying properties from them. With decentralized block-chain system, it it will help conduct due diligence on a property wether it is property or tittle management purchase.

In Banking Sector

With the decentralized system, the Bank sector has faught fraud and track financial transactions and many safety caution has been taking place by the banking sector and also make their users to create smart contracts that is always active whenever 5wo users has come to a mutual agreement that their transaction has been met.

Health Sector

The Decentralized Blockchain system brings the transparency in the health sector. Also it has made available for doctors to able to check his or her patient's profile, records of medicine that has been stored in his database and so many of them.

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Conclusion

Decentralized blockchain technology has made money assessable for everyone alongside with other perspective of our daily lives. Its purpose is to use cryptography and computing power to better the way that our economy works and also making it's users to have control over their information, data and also their lives.

Thanks for visiting my assignment and I appreciate @yousafharoonkhan for this lecture

Much Regards to
@awesononso
@yousafharoonkhan
@lenonmc21
@reminiscence01
@wahyunahrul
@sapwood

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 2 months ago 

Your assignment hasn't been marked because you are using a wrong tag #academy-intro02.
This is what you are supposed to use
(4) Add tag #academyS5-intro04 #cryptoacademy in your post and should be among the first five tags. You can edit an change it.

@emyekanem
Please ma,
I have done it, thanks for your care I really appreciate you ma

 2 months ago 

You are welcome❤️

Smiles 🤗💐

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