||HOME WORK ON DECENTRALIZATION FOR PROF. @yousafharoonkhan||Steemit Crypto Academy Season 4 - Homework Post for Task 4:

in SteemitCryptoAcademy • 3 years ago


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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)
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INTRODUCTION

For us to be able to look into go into talking about Decentralization, it would be best if we first get background knowledge on what is meant by blockchain for these two words are hence very related in the cryptocurrency. For easy understanding, I would first make reference to the computer. We all know that a computer is a set of device in which we can store, retrieve all kinds of information needed. And also you will agree with me that if a computer is been locked/set or password only the owner/operator of that very computer set can have access to opening it and working with it. With the above intro, I would like to say a blockchain is similar to a computer set.


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A blockchain is a system where information are stored in ways that does not allow any possible change, or someone trying to hack or cheat the system.

A blockchain holds a comprehensive record of all the transactions been made in the system. A blockchain is a well encycrepted form of a system that allows it user the free leverage of been unanimous.

Also, a blockchain is a system that is not govern or controlled by any authority or an individual. Hence, it is said to be a DECNTERALIZED SYSTEM.

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Define Decentralization

It would be wise for us to have in mind that there is no one definition/meaning of the term "decentralization". Decentralization in the simplest terms is simply the ability to make individual decisions. As I earlier stated in my introduction, Decentralization do not have one superior authority or organization or group of persons controlling it, everybody has equal access and the right to make own decisions as far as it is beneficial to satisfy your want.


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Hence, Decentralization can simply be defined to mean the transfer/distribution of responsibility, or it is the process of putting someone in authority. This can be seen in another sense as Delegation of SP on the steemit platform. We all know that delegating your SP to someone is simply putting that person in authority or empowering the person with some responsibilities.

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Describe the advantages and disadvantages of a decentralized system.

THE ADVANTAGES OF DECENTRALIZATION

  • There is Freedom to do what ever you feel like doing in a decentralized system. i.e There is freedom of expression and decision making: Here, everybody has the empowerment to do what he/she feels like doing.
  • Decentralization helps to coordinate work and make sure everything is in order.
  • There is a systematic transfer of power from top to bottom to give everyone equal access to the system/network
  • Absent of fraudulent activities due to the transparent nature of the system.
  • All activities are focused on what is needed to be done.
  • It brings about quality decision making
  • There is uniformity in all activities carried out.

THE DISADVANTAGES OF DECENTRALIZATION

Even though the Decentralized system seems perfect, it still got some little disadvantages as listed below.

  • The decentralized system can be hard to comprehend
  • High cost rate
  • Despite the quality in decision making, the decisions made lack specialized knowledge.
  • Inappropriate use of authority
  • Difficulty in control.
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In what areas of life can a decentralized blockchain be helpful? (write in own words)

THE ENVIRONMENTAL SECTOR: LAND, ETC.: The use of a decentralized system can help improve the ways/methods of record keeping of various forms of transaction we carry out in our day to day affairs in land use. With a decentralized system in place, records can be kept for over a long period of time without been tempered with by any external force. With these system put in place, there would be no issue of falsification of land documents, payment records, receipts etc.

With an improved land blockchain system, authorization will be to only those who have the legal access to accessing their files and other documents of importance and this will help reduce the fear for loss of heritage and so on.

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CONCLUSION

In recent times, the decentralized system has gained more attention through the introduction of blockchain technologies, like those been utilized in BTC. The outcome is a verifiable distributed ledger of transactions, erasing the need for a centralized banking authority. A decentralized system is far more better and serves at a very high speed for each system been connect to a server, serves as a server of itself. This helps by increasing the speed of operations or activities done.

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I wish these meets the requirements of these homework task.
BEST REGARDS: @gi-de-on.
THANKS FOR READING.
CC: @yousafharoonkhan

#academys4-intro04 #cryptoacademy #steemexeclusive #decentralization #steem
3 years ago in SteemitCryptoAcademy by
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