Crypto Academy Season 3 Beginners' course - Homework Post for Task 2 : [Blockchain, Decentralization, Block explorer] by @captain36

Hello fellow stemians, hope all of you are doing good.

The hugely anticipated season 3 of crypto academy is back and I’m very happy to be part of this for the first time ever. This is my first assignment post for professor @yousafharoonkhan.

source | lincense details

We discussed blockchain, Data, Hash and Previous Block Hash Code in this lecture. We also talked about decentralization and discussed it in detail in this lecture.

So in this assignment, I decided to answer question 2 which is stated below.

(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.

With regards to the decentralized blockchain network, both the user and the information of the user are safe. You don’t have to rely on any source or trust any source to keep your information safe. You are also not in danger of being blocked by anybody because nobody is in total control of the overall proceedings in the blockchain network. Every user has a copy of your work in the form of a distributed ledger and if any is corrupted majority of the users will detect that and reject it.

I will like to highlight some of the differences between Decentralized and Centralized systems below:

Advantages and Disadvantages of decentralized system.

ADVANTAGES :

(a) Transparency: Issues of corruption and fraud are very scarce in the decentralized system because it’s very transparent and everybody sees what’s going on in the system.

(b) Improvement of motivation: the decentralized system is distributed from top to bottom so development is made by each user’s ability and potential. This therefore motivates users to work very hard in order to develop faster.

(c) Ease of expansion: They decentralized systems are easily expanded as there are no strict requirements for many users to join.

(d) No burden on top executives: in a decentralized system, the top authorities don’t play any role but the power is distributed in the whole system.

Disadvantages:

Despite the numerous advantages of the decentralized system, it also has it’s own flaws just like any other system.

(a) Increases cost: The system requires very high expertise to be able operate. A lot of money is transferred from one user to another and this is irreversible so it needs critical knowledge about crypto to be able to do that.

(b) Difficult to control: This system is difficult to control because there is no a particular authority that brings people to order.

In what areas of life can Decentralized blockchain system be helpful?

There are some aspects of life that the decentralized blockchain system can be very helpful. Some of these include:

(a) Health sector:

There can be a lot of transparency in the health sector if decentralized system is applied there. A doctor treating a patient that has been visiting hospitals in different cities or countries will have the access to the data of the patient and the also have access to the medicine that has been given to the patient already through the decentralized system. This will save the time of the doctor as well as the patients.

(b) voting:

Election rigging will totally be eradicated if a decentralized system is employed. The votes that are cast can be seen by everybody therefore votes cannot be transferred to a different person that is not voted for. This will result to free and fair elections.

(c) Land revenue:

Because lands are looked on by powerful people and mostly people in authority, they usually print fake documents for the less privileged people and cheat on them for the rich ones. The decentralized blockchain system will make every transactions involved in land to be transparent to everybody thereby eliminating this fraud.

Thanks professor @yousafharoonkhan for this wonderful and educative lecture. I hope my colleague steemians will enjoy it as much as I did and learn more about blockchain.