Dear @steemitcrypto, I can gladly say that the lecture by this authentic professor @yousafharoonkhan is one of the best lecture I have ever seen here.
Dear professor @yousafharoonkhan, your lecture is self explanatory and what seem to me like elusive in crypto has been understood now by me thankyou.
Below 👇 is your task given to me.

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• Define decentralization and centralization

Decentralization in my own understanding can be defined as the act or process of delegating a certain measure of power, or control of authority in decision making to the members or subordinates of an organization or cooperation rather than one single authority.
In other words, in this process of management, no Central recognition us given to a sole member of the team.
All members of the team shares authority in their area of specialization.
That means that some unique functions of rulership is declined from the control or supervision of central authority.
Centralization can be defined in my own way as the sole ownership of power, authority and supervision of an organization, activity or cooperation to a single concentrated authority.
In this process, every activities are brought down under one spec together in one control.
Example some brand products are brought down under one control of the owner of the brand like techno, Apple.

• Explain the difference between decentralization system and centralization system.

In decentralization system, decision making is delegated to all subjects of the platform even to the lower level or the grass root level of the organization or platform.
Each subordinate is obliged with the right to decide how to operate in the platform while in centralization system, decisions are made by the head, the power unit, the hierarchy and all subjects of the platform must give a strict adherence to the decision plan.

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• Write five advantages and five disadvantages of decentralized and centralized system.

Advantages of decentralized system

• Subordinates and team members are inspired and motivated.
• Because of the decentralized structure, there is rapid growth and diversification in the platform.
• It decreases burden and stress to the top executives.
• Decision making is quick and qualitative due to diversified area of specialization among independent subordinates.
• It reduces burden if communication and chain of communication is minimized.

Disadvantages of decentralized system

• Limited access to top executives and chain of communication minimized.
• No securities guaranteed because hackers can still intrude.
• Misuse of authority among subordinates.
• No enforcement of policy due to loss if supervision.
• Loss of control emerges when there's difficult coordination.

Advantages of centralized system

• A clear chain of command due to standardization and this may lead to strict adherence to the command.
• Decision making is simple and quick.
• Common goal is achieved together.
• The cost of management is reduced.
• Improved quality of work as a result of uniformed action.

Disadvantages of centralized system

• Decision lack specialized knowledge due to sole authority.
• There's delay in work performance due to slow down operations.
• Imbalanced structure of the hierarchy may lead to remote control.
• Over load work to the power unit due to stress.
• Authoritative leadership due to excess use of power.

• Which is better for business and trading and why?

For me, I choose decentralization system as the best structure for managing business and trading crypto.
Why?
This is because in decentralization, it inspires and motivate me as the team member or subordinate of that platform.
Example, In steemit platform I feel more comfortable seeing that I don't need a second party to help me manage my account.
I post when I wish, I have access to my wallet alone.
I don't need a party to help me manage my wallet or withdraw my steem.
I earn as I work... It all depend on me😂😂.
I'm independent in this steemit block chain.
So I have full control over my account.
This guarantees security of the access to one's account unless mistakenly disposed to hackers.
Any user has a sole right and some level of independency, for example, let's take @etainclub in steemit platform as a case study 😃
He's not the top executive of steemit platform, but on his own as a software analyst has the automated right to launch steemit app.
We can see one of his tutors in steem Dapp here
Honestly, I prefer decentralization to centralization system.

* How do I know if a block chain is decentralized or not?

I have a simple logic to ascertain that.
In a block chain, if there are many parties that hold access to a ledger of a block chain, that means it's a distributed block chain and not a decentralized block chain but if a ledger solely belong to the right of the participants or the subordinates of the platform, then it's decentralized.
For example, steemit block chain gives all user their right to access to their own account.
Nobody is a party of another person's account.
Thank you so much @yousafharoonkhan for your lecture.
I could explain all of this on my own because I learned much from you.
Cheers😂😂