Crypto Academy Season 3 Beginners Course- Homework post for Task 2: by @charis20

Hello, good day @yousafharoonkhan. Thank you for this explicit lecture on Decentralization. I have completed my task and here it is.

Define decentralization

This can be referred to as a system whereby everyone in a particular system has a say to what happens in the system. There is no need for class differences because everybody is an authority on his own. I have the right to decide on what happens in the system and it stands. I am entitled to my opinion and it starts. The rich and mighty do not infringe on the poor and low because of their influence. You are influential from your pocket. On like the centralized sustem that power in the middle so those at the top determines what happens to the rest even if it is not favourable, you have no choice than to follow what they say. Decentralization removes that power from the middle and shares to everyone as long as you are part of the system, you have a say.

Describe the advantages and disadvantages of a decentralized system.

The advantages of decentralization are enormous. They include;

• Practically speaking, the rate of theft is reduced drastically because you don't need to keep the physical money in your house.
• The rate of money laundering will be reduced because everyone sees what happens and how it happens
• For instance, in my Country Nigeria, most banks don't work Saturday and Sunday but using this system you can transfer money to any part of the country and world at any time without waiting for workdays or work hours.
• Everyone's data is safe from hackers and the data in this system cannot be changed by anybody in any form.
• Business owners can easily do their trading at any time without any obstructions.

Disadvantages

The demerit of this decentralized system includes;

• It is a highly technical means of the transaction so it needs professionalism
• When you mistakenly transfer in the wrong direction, the transaction cannot be recovered
• When you misplace your master key in the case of the steemit network it cannot be recovered that is why the stress that you save your keys in a safe place where only you can access them.
• In this system funds can be misused by the owners because everyone is entitled to his opinion.
• This system requires timely decisions, so not everyone can make a timely decision which can lead to the loss of funds by does that cannot take quick decision.

In anyway, the merits of the decentralized system is more than the demirets, so it should be embraced.

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

Decentralized blockchain can be used in diverse works of life, this includes;

• Educational Sector: The system can be used in education by proprietors in the sense that the parents make their transactions to the school wallet directly, by this it will increase transparency
• Health Sector: People from my country travel to different countries for medical check-up, with this system, their data can be on the system and the drugs they take, so they can be attended to in their place without needing to travel. It will make it easier.
• Elections: This system can be applied to the electoral process so people will not have to complain of election misconduct.
• Financial Institutions can adopt this means of transaction because it is faster and more reliable.

Thank you so much @yousafharoonkhan for taking out time to explain what the term decentralization is and the ways it can be applied in our day-to-day activities.
Thank you @steemitblog for creating this class for us to understand more about crypto currency.

Best Regards
@charis20