Crypto Academy Season 3 Beginners' course - Task 2: Block chain, Decentralization, Block explorer: HOMEWORK for professor @yousafharoonkhan by @dilchamo
Homework Task-2
(1) Write the definition of blockchain. And how our data on Blockchain is protected from hackers. ? And write details about Data, Hash and Previous Hash tag and explain through screenshot.
OR
(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)
OR
(3) What is a block explorer? And what is its purpose and use? Search for different cryptocurrency block explorers and list them below. At least five different crypyo currencies. Also explore the transaction of a crypto coin on block explorer and explain with the help of screenshot.
This is my second post which is regarding the Beginner's course. from this post I will answer the homework for Task 2. I have selected the second question to answer.
(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.
A block chain works under a decentralized system. The power is not gathered around a single authority. In a decentralized system users are free to express ideas and actions unlike in a centralized system. Decentralized system has no center or central authority. Decentralized system is autonomous. The power is breakdown to lower levels a decentralized system. The opinions are centralized to the users in decentralized system where the users are free in decision making. Decentralized systems are applicable to all fields of the society including all business fields. There is no any central authority to control and decision making in a decentralized system.
Describe the advantages and disadvantages of a decentralized system.
If you do a business under a centralized system you won’t be able to take free decisions. In social media platforms which have a centralized system there is a single authority that controls the whole system. Facebook, twitter etc. are centralized social media while steemit is the only decentralized social media where users can express ideas freely. Users feel free and relaxed in decentralized social media. That is why many users have a desire to use steemit rather than face book or twitter. Users are free to write articles according to their wish and free to express opinions on decentralized social media like steemit.
In a centralized system all personal data should be provided to the server of the centralized network but in decentralized system the user does not share the personal data with the server. The user’s data is under his/her control. So decentralized system is a secured system. Monetary transactions are easier in decentralized system.
A disadvantage of this system is users with less education about the decentralized system tend to misuse its users. As the decision taking is free for users many users may take wrong timely decisions.
In what areas of life can a decentralized block chain be helpful?
Health Sector
In the health block chain system if the system is decentralized then the patients full data base is stored in the block chain so that different doctors from different countries or cities can be channeled and get treatments. All doctors in the block chain can view patient’s data.
Land Revenue
In a block chain of land and revenue data about lands can be stored in the decentralized system. There are incidents that fake documentations are made and lands are sold without knowing the real owner. This can be stopped by the block chain technology.
Politics and Elections
Politics and elections are held for the administrative purpose of the country to protect the democracy of people. In every country fraud and allegations are happening when elections are processing. But if the system is decentralized and transparent then votes are impossible to transfer to anyone else once the votes are casted. In the election block chain the voters and electors are also satisfied.
This is end of my homework post. Thank you professor @yousafharoonkhan for the valuable lecture on block chain, decentralization and block explorer.
Hello @dilchamo,
Thank you for taking interest in the 2nd Task of the Beginners’ class. Your grades are as follows:
Feedback and Suggestions
You simply tried to complete the task. You should have done your own research instead of paraphrasing the lesson.
Try to understand the topic before writing. Understanding the topic will let you know better what to research on.
Use the Bold markdown to distinguish between sections and the
***markdown to create a line between them. This will make your work appealing to the reader.Thanks again as we anticipate your participation in the next class.
Thank you so much professor @awesononso I will follow the guidelines in my next task posts.