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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)

Hello steemians and Newbies. It's a great pleasure for me being here and studying in the cryptoacademy.
I want to specially thank the professor for this lectures,it was detailed and well understood.

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DEFINITION OF DECENTRALIZATION
Decentralization can be define as the sharing of power to every unit of an organ. The distribution of controlling rights to every one organ it citizen of a country, or organization.

Decentralization in blockchain.

The creation of the blockchain technology in 2008 by an anonymous person or group if persons in the name of Satoshi Nakamoto saw the world experience a new version of decentralization. Tired with the centralized system of banking with all it's administrative bottle necks, the creation of the blockchain technology.
Blockchain is a good example of decentralization where decision making and supervision is being taken from a centralized association like an individual, organization, or group of people) and shared to the users of the network. In blockchain,members do not need to bother about trust because no one place store information.

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DESCRIBE THE ADVANTAGES AND DISADVANTAGES OF A DECENTRALIZED SYSTEM

There are many advantage and disadvantage of Decentralization. We will look at the advantages of decentralization first.

Advantages of decentralization.

Facilitates a trust

As I did earlier mentioned, in a decentralized system, trustinb other people is not necessary. Why? This is simply because every person in the network stores a duplicate of information that is being stored online and if a member tampers with his or her information, it will be noticed by all the other members of the network.

Better control and supervision

Control and supervision is ensured in a decentralized system as members at the lowest stage will have equal opportunity and authority to make decisions. As such, they become professions in their domains and improve output

Ease Data recovery

information trading has become a viral part of our corporate world. Trading of information between companies is the order of the business world now. As such, using the centralized system, there is highly likelihood that each time information is traded, there is a high chance for loss or the wrong information being entered. By decentralizing the store of this information, each company will have timely and good information.

Freedom of expression and transaction.

In a decentralized system, there us freedom of expression of all the units and also freedom of transaction since there is no central authority.

Less cost of transaction.

The decentralized system has less cost of running transaction. In Decentralization, the middle man is eliminated and this reduces the cost of transaction.

Transparency.

Decentralization is one of the most useful system when it comes to good governance and Transparency. Because information is not centralized, every body has the same piece of information. This breeds Transparency and trust in the system.

Disadvantage of Decentralization

Financial misdemeanor.

Decentralization provides a good forum for the occurence of financial misdemeanor and crimes. It promotes money laundering since control is minimal or absent.

Lack of control

There is no control in a decentralized system, any body can do what ever he or she likes, this promotes crime and hate speech against one another.

High cost.

Running a decentralized system means everyone is supposed to know exactly what to do at any given time. This mean trainings of members which is costly.

Lack of uniform decision making.

Because the system gives everyone the right to decision, it makes it difficullt for a uniform decision to be made as some people are slow in decision and might take wrong decisions.

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IN WHAT AREAS OF LIFE CAN A DECENTRALIZED BLOCKCHAIN BE HELPFUL. (write in own words)

Elections and Politics.

The most important sector of life that the Decentralization can be very helpful is the election sector of a country. In a blockchain system, once information is inputted it cannot be reversed, and everyone has access to the information at the same time. So in an effort to promote free and fair elections, the decentralized system is needed.

Health sector

Decentralized blockchain can also be very helpful in the Health sector. This is because in a scenario where a patient is in need of continuous treatment, when he or she changes town it should be easy for a different doctor to have access to the financial documents.

Finance sector.

One of the main sector can the blockchain Decentralization is the finance sector. Transparency is very much needed in this sector. The degree of fraudulent activity that happens in this sector requires the use of a decentralized blockchain which is safe. It doesn't only reduce fraud in the industry but reduces the cost of transaction.

Education sector.

Decentralized blockchain can be very helpful in the education sector. In a time where our education system is evolving at an alarming rate, decentralization will see to it that every student in every part of a country or the world have access to the same information and educational resources both in remote and local areas.

Conclusion

In conclusion, it can be seen that Decentralization blockchain is a very good system. Since it creation it has given so many people a way of life and livelihood, the advantage of Decentralization outweighs the disadvantage.
The adoption of Decentralization by people will be an icebreaker in the world as it has aspect like transparency and good governance which are key aspect to development of any nation.

I want to thank professor for his time and explicit explanation to help beginers like myself to better understand Blockchain system. You are the best
CC.
@yousafharoonkhan.