Hello friends, how do you feel about new 3 tier system of cryproacadmey. I am happy to see this well structured system. As mentioned in steemitblog post, those who have already participated can also participate as a sort of warm up for upcoming levels, keeping same in view, i have decided to write about task 2 today . Here we go

Decentralization refers to a system where there is no central authority as seen in centralised system. In centralised system, there is absolute central authority to have control over the system . It is just like the system of government that we have in democracy. We are having state governments and a central government. Central government represents absolute authority to have control over whole country irrespective of the separate state governments. The orders pased on by the central government are absolute and cannot be challenged by State Governments. Same holds true for centralised system.

In centralised system a central authority controls all the system, on the contrary there is no Central authority in decentralized system. Every individual or unit of the system is autonomous or free to act . No individual or worker of the decentralised system is bound to abide by the the rules of any central authority, as there is no absolute authority to pass on the orders. So in decentralized system, there is freedom of speech or freedom to act as per individual's own will. Every individual or worker of the system has absolute power of his own. He has no boss to pass orders.

Blockchain is classic example of decentralized system. In blockchain you are empowered to perform all the activities individually. You do not have to work under rules and regulations of any central authority.

The decentralized system promotes uniformity or equality among all the units of the system. As there is no disparity on the basis of power , so every unit of the system is autonomous and matters equally for the system.

Decentralised system is a highly transparent system as every transaction , be it financial or non financial , carried on the decentralized system is recorded after proper verification and is accessible to every other user of the decentralized system, so there is nothing to hide from anyone.

As transactions carried on decentralised system are non -editable and globally accessible , so it is a highly auditable and accountable system, that in turn adds to the transparency . On the contrary, in centralised system , there is is a separate auditing authority. So there are higher chances of corrupting the authority and disrupting the system.

Beauty of the decentralized system lies in global nature of decentralized system . As it is accessible anywhere in the world , any sort of transaction be it financial or non financial, can be carried out to any part of the world and in real time. Decentralized system therefore is a classical system to save our time and resources.

Decentralised systems are highly secure systems as there are complex algorithm put in use to carry out any sort of transaction , so there are least chances of getting hacked unlike centralised systems that are highly vulnerable.

The decenralized system is undoubtedly providing good quality of service then centralized systems. Multiple factors are responsible for its superior quality like modern and technologically sound equipments put in use to run the system like computers with very high computational power and the different consensus algorithms in different systems with specific qualities.

In decentralized system, the Identity of the user is kept anonymous. It is anonymous nature of the transactions that leads to misuse of funds because there is no regulatory authority to check who send and to whom were the funds sent. The real life example of abuse potential can be understood by the "Silk market scam" in which BTCs were used by some miscreants for illegal purposes like drug and child trafficking, arms and ammunition trade etc.

As mentioned above, the decentralised system makes use of technically advanced tools like computers with very high computational power, ASICs etc and they consume very huge amount of of electricity etc . The infrastructure in itself costs very high and then the maintenance of the system in use. All these costs when put together amout to huge sum. On the contrary centralised system os cost effective.

The Cryptocirremcy has been in news for some time is past for negative reasons highlighted by certain environmentalists who claimed that the heavy machinery put in use release lot of corbon particles and heat , therefore polluting indoor environment in short-run and outdoor environment in long run.

I think there can be no better substitute of decentralized system as of now, as for record keeping is concerned.

• It is because the records maintained on the system cannot be edited or deleted.

• Secondly, the records can be accessed anywhere throughout the globe.

• Third , records are available at a single click of a button .

• Fourth, less manpower as well as brainpower is required to maintain records.

Banking sector