Steemit Crypto Academy Contest / S1W3 - Blockchain through the concept by @chairulrizalx

chairulrizalx (64)Beginner[1,2,3,4,5,6,7,8,10]in SteemitCryptoAcademy • 2 years ago (edited)

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Hello Everyone

I'm @chairulrizalx, and this is my second post following the Steemit Crypto Academy in Season 1 Week 3, last week I managed to enter the contest and get enough scores, in this week I try to be more optimal than the previous week, and I hope to get better grades from the Professor.

This week the discussion is about the concepts that exist in the Blockchain and participants can discuss all the concepts in the Blockchain and understand the features that are in it.

The Concept of Blockchain

The presence of cryptocurrencies is a new beginning for the economic sector where Bitcoin using Blockchain technology gives freshness to many people who previously felt uncomfortable with the concept applied by the central economy from certain governments and authorities.

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Blockchain is a technology that provides features for digitally storing data that are interconnected with one device to another, in recent years, Blockchain technology has increasingly familiar to society because many large technology companies have used it, besides that this technology is considered a technology that will bring humanity towards a future where the security data will be safe because of the open-source, transparancy, and decentralization built by Blockchain.

Blockchain aims to create a Peer-to-peer network by carrying out the concept of decentralization where every transaction made on the Blockchain is open and visible to all users because all code or projects built using the blockchain network will be safer from hacking.

Tell us about your favorite concept of term related to Blockchain

One of the concepts of Blockchain that I discussed in this contest is Decentralized which pioneered the technology that is now commonly used in cryptocurrencies and other digital assets.

^source Decentralized is a concept that cannot be separated from Blockchain even though many cryptocurrency exchange platforms use the centralized concept, Decentralized remains the identity of technology that prioritizes transparency and openness for everyone involved in it. One of the reasons why cryptocurrency users have become more and more crowded since the presence of Bitcoin and other Altcoins is because the system in it uses the concept of Decentralization, which is very different when compared to fiat currencies regulated by central banks.

After all, these cryptocurrencies and other digital assets that embrace the concept of Decentralization have become increasingly popular in the last 10 years. The concept of decentralization applied by Blockchain elevates a system that is not regulated by a centralized authority, even though there are no rules from the authority still making Decentralization the best choice because every party involved can make decisions and have equal and fair rights.

Decentralized has also become a concept that has been compatible with Blockchain technology since its inception through Bitcoin and has succeeded in making the Peer-to-Peer concept something that is actually needed by many people who want to make transactions without the need to involve authorities or third parties but can still work very efficiently.

Since I know cryptocurrency and the technology used is Blockchain, I have rarely used the services of a central bank to make transactions because there are already exchange platforms and crypto-wallets that can store our assets in the form of cryptocurrency or digital assets that we can fully use and control without the need for the central bank to take care of it.

Conclusion

I think Decentralized is an important concept for Blockchain technology because every decision taken will involve all participants in the system as well as the results of decisions made based on the majority agreement, and no single authority can change or regulate the system.

Another thing that makes Decentralized concept is important for Blockchain is the suitability of user data which is often misused by the centralized concept, with Decentralized allows each user to have their data stored that is synchronized in real-time and shared with the network, and makes data recovery easier.

Decentralized is considered by many to be very promising in the future because it can be used widely as a tool to answer questions regarding data security, digital identity, ownership of digital assets, and all transparency initiated that are not influenced by any authorities.