CRYPTO ACADEMY SEASON 3 BEGINNERS COURSE - HOMEWORK POST FOR TASK 2: [BLOCKCHAIN, DECENTRALIZATION, BLOCK EXPLORER] BY @eloksjoseph
INTRODUCTION
Hi guys welcome to my second task of the season 3 beginners fixed course in crypto academy. Today I'll be doing task 2 based on Blockchain, Decentralization, Block explorer given by professor @yousafharoonkhan . I'll be attempting question 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)
DECENTRALIZATION
Decentralization as the name implies involves removing power from just one entity and sharing it across all existing users. It involves the sharing of power or authority to a wide range of users instead of one person.
Decentralization is the opposite of centralization. In a decentralized system, the user controls his account without fear of being restricted. Decentralization in blockchain is really good as each user is independent of another and have their own information. It works in such a way that every user makes his own decision and when a new user joins, the system is adjusted to accommodate that new user.
ADVANTAGES OF A DECENTRALIZED SYSTEM
I've explained what a decentralized system is all about earlier,so we can now proceed to talking some of its advantages. These are a few of them;
1. INCREASED INPUT:
Being that a decentralized system allows every user to make his own decisions, there'll be a lot of ideas coming from a wide range of people and networks paving way for innovation and diversification.
2. BETTER CONTROL:
A decentralized system allows better control over workload as every user makes independent decisions.
3. REDUCED WORKLOAD:
In a centralized system all decisions are made by a central entity making the workload on one person exceedingly high. In a decentralized system, that doesn't happen since decision making is done by a wide range of users thereby Minh the work load shared amongst a lot users.
4. INCREASED PERSONAL GROWTH:
As each user is independent of the other, a single user would always want to turn in their best work every time making them work harder and this facilitates the growth of each user.
DISADVANTAGES OF A DECENTRALIZED SYSTEM
1. LACK OF COORDINATION:
There's no symbol of authority to be followed or to be listened to as everyone makes their own decision leading to a lack of coordination.
2. INCREASED PRESSURE:
Every participant suffers an increased pressure to make profit . Everyone does their work and no one would want to make a loss so the pressure to make profit is heightened.
3. NO RULES:
Ina decentralized system, everyone makes their own rules and when this happens,some participants tend to misbehave.
AREAS OF LIFE A DECENTRALIZED BLOCKCHAIN CAN BE HELPFUL
1. VOTING:
Decentralized blockchain can be used in elections. Instead of the regular ballot box, voting can be done on blockchain. Using block chain technology, the election costs would be significantly reduced. The voter turn out would increase and there'll be voter privacy and reduced fraud. A real life example of where blockchain technology has been adopted in voting is the "Followmyvote" initiative by the United Nations.
2. STORING PUBLIC DATA:
Public data can also be stored on a decentralized blockchain network making it easy to access public networks. A real life example is the government of Estonia's Guardtime joining hands with ERICSSON in creating a database storage for public data.
3. HEALTHCARE:
Decentralized blockchain can be used in the database management in the healthcare sector. A patients medical record can me made more transparent with blockchain technology. It can also be used to store resourceful data like the conditions pharmaceutical products should be kept. It can also be utilitized in tracking medical shipments. A real life example of Blockchain technology being used in the healthcare sector is MedRec, MedicalChain,etc.
CONCLUSION:
In the professors lecture,we learnt about blockchain,data, hash, decentralization,etc. Overall it was a very informative lecture and at the end of the lecture ,I decided to partake in the question 2 because I found that I enjoyed the part about decentralization more.
In summary, decentralization deals with the spreading of authority of power among every participant and a decentralized blockchain has each node in the network functioning as a separate authority.
Thank you for the lecture Professor @yousafharoonkhan .
#academy-intro02 #cryptoacademy #nigeria #decentralization #blockchain