Crypto Academy Season 4 Beginners' course - Task 4:Blockchain, Decentralization, Block explorer | by @hamzaali01
Hello everyone. How Are you all? I warmly welcome you to my first fixed introductory course in this community. So without any delay. let's begin. This course is for professor @yousafharoonkhan .
In this lecture by Professor @yousafharoonkhan , we learned the basics of Blockchain, Decentralization, merits and demerits of decentralization, Block explorer, and the list of some famous Block explorers.
DECENTRALIZATION
Decentralization is defined as the transfer of authority or administration from a single local authority or organization to multiple government municipalities or organizations. The primary goal of decentralization is to achieve transparency or liberty. Everyone is in charge of their own destiny, and no one is reliant on the other.
If you work with someone who is in a centralized system, for instance, you don't own anything. They have access to all of your personal data, so they will utilize you until they no longer need you and then toss you off. Social media, for example ( Twitter, Youtube, Facebook, Instagram). If you upload something that they find objectionable, they may suspend or restrict you from the site indefinitely.
If you run your firm in a decentralised structure, on the other side, you are the leader of your own company and have complete control over your operations. Steemit is indeed the best example of a decentralised network. It grants you complete control over your property. You have complete control over your money and can transfer it from one person to another or withdrawal it whenever you want.
ADVANTAGES AND DISADVANTAGES OF A DECENTRALIZED SYSTEM
Everything, as we all know, has pros and cons. As I previously stated, a decentralized system provides openness and independence, which are both advantageous, but it also has certain drawbacks.
Transparency: Because of its transparency, there is extremely little or no potential for fraud in bitcoin transactions. Decentralized Cryptocurrency Technology makes use of blockchain, which keeps track of all transactions made on the platform and ensures that they are not forgotten.
Freedom: Every day, the users benefit from the decentralized system. Every participant in this platform has the freedom to share their ideas without fear of being judged. As a result, a sustainable community emerges.
Secured: Data in a decentralized system is safe and much secured from hackers because it is stored on a decentralized blockchain that no one can modify.
Rapid Growth: Because everyone has control, everyone works incredibly hard and gives their all. Because everyone is working, the society or community benefits and produces excellent results.
Expensive: For newbies, the process is either mildly difficult or extremely difficult, necessitating the use of skilled individuals. Establishing this system necessitates a large sum of money, and because the errors in this system are irrevocable, it necessitates the use of qualified personnel.
Slightly Inability: The transactions are permanent since the bitcoin system is decentralized. So, if someone sends money to the wrong account by accident, so there is no way to reverse it.
InCompetency: Because all operations are irreversible, not everybody has the competence to make decisions at the appropriate time, and because all actions are irreversible, it can occasionally result in a significant loss. This, in my perspective, is the most serious flaw.
Money Laundering: Because everyone is self-sufficient and has complete control over their riches, they can move their earnings to anyone they want, which frequently leads to financial mismanagement and criminal activity.
AREAS OF LIFE WHERE DECENTRALIZED BLOCKCHAIN SYSTEM MAY BE HELPFUL
Marketing: Dealers can trade at their leisure and transact their funds anytime they choose in a decentralized system. Because all data is recorded on blockchains and is transparent, fraud is extremely rare or practically impossible thanks to the decentralized system. A marketer can deal without being concerned about being a victim.
Polling: It is, in my perspective, the most crucial area in which a decentralized organization should be implemented, because it is via this that a leader is chosen, on whom the entire country is dependent. In our country, Pakistan, voting is usually done through a polling box, where people's votes are gathered and then counted. There is a lot of corruption going on here, both in terms of gathering and accounting. As a result, a decentralized system will eliminate this problem since it will provide transparency, which will discourage people from accepting bribes.
Improving Education: All world-class education records must be handled in a decentralized public blockchain such that we can discover out which parts of the country are progressing and which are not, as well as the reasons for these discrepancies, and then discover appropriate ways to solve these issues. This will show the finest path for future generations of children who are trying to attain their goals.
Improving Health: Of certainly, a decentralized approach may help the healthcare industry. Thus but all of a patient's collected data and all the records can be stored in a decentralized blockchain network, and any doctor could show an accurate answer to his problems no matter where he goes. Since the fundamental issue is the interaction between a doctor and a patient so the patient has become annoyed by repeating his problems to numerous doctors over and over again. As a result, a decentralized system will mostly alleviate this problem.
CONCLUSION
In this lecture, we learned about what is decentralization how it can benefit us, and the benefits it gives, as well as some of its drawbacks and also some sectors where Decentralization can be helpful. Overall, it is beneficial.
So this lecture comes to an end. As this lecture draws to a close, I'd like to express my gratitude to Professor @yousafharoonkhan
I'm hoping that this presentation will be beneficial to the novices.
I hope that, despite my best efforts, I was able to meet all of the task's objectives. So that's the end of my project. I hope you got the gist of what I said in class.
Thank you
ps: all the pictures have been sourced accordingly. The grammar was checked from grammarly.com while the markdowns have been done according to the Markdown Styling Guide.
cc;
Kindly requesting Professor @shemul21 for his review of my assignment.
regards,
@hamzaali01
