Crypto Academy Season 3 Beginners' course - Homework Post for Task 2: [BLOCKCHAIN DECENTRALIZATION AND BLOCK EXPLORER]

Good day, it is my pleasure to submit this homework task. I appreciate the professor and all the coordinator of this academy, you are all wonderful.

Homework Question
Define decentralization. describe the advantages and disadvantages of a decentralized system. In What areas of life can a decentralized blockchain be helpful? (Write in your own words).

What is Decentralization?

Decentralization can simply be described as a way of organization in which everyone operate independently. Decentralization has no central authority or government. This mean each user or members decide what to do, how to do it and as well responsible for the outcome of their actions or activities.
A decentralized system grant everyone freedom, and individual are looking for a way to move from one stages of life to another without limitations.
Decentralized system shares powers that originally belongs to the central authority to the middle and lower levels. This mean the central authority has little or no power. Each small unit are empowered to make decision that would have been otherwise made by the central authority under the centralized system.

Advantages of a Decentralized system

• Decentralization relieves the top executive (central authority) of the stress of fulfilling verities of functions. All the obligations now falls on the shoulders of an individual.
• It gives rooms for individual to develop or functions base on their ability and potentials
• Decentralization gives room for pure transparency, thus it limit the rate of fraud
• A decentralized blockchain is secured and there is no way hackers can break into the system and manipulate Data.
• Freedom of expression is of the highest order, individual has his/her own decisions to achieve their goals.
• All the transaction under a Decentralized system can be monitor effectively from all ends.

Disadvantage of a Decentralized system

• A Decentralized blockchain is very costly to build, as it requires the skills and knowledge of an expert in the field.
• It can easily lead to lost of funds, any mistake or error in transaction can not be reverse. I lot of people has mistakenly send fund to a wrong address and lose millions of dollars in the process.
• Giving everyone the opportunity to make decision may gives rooms for many mistake or wrong decision that might even have effect on innocent users.
• Since the system is anonymous, bad people can easily hide under a decentralized blockchain to commit fraud.

What areas of life can a Decentralized blockchain be helpful

A decentralized blockchain system can be useful in nearly all aspects of life, but few will be explained for the purpose of this homework.

1. Financial Aspect: a decentralized blockchain system has been found useful in the financial aspect of life, cryptocurrency was built on this blockchain and has been doing well. This system put individual in charge of their money, it enable individual to monitor their profit and lost and also take instant decision without any central authority. The system also speed-up transaction across the world. It takes just 3 seconds for steem to move from one countries to another, which is not possible under a centralized system.
2. Electoral Process: blockchain as been seen as the safest place for data, this mean any data entered into the blockchain cannot be deleted or manipulated, and this are the basic things lacking in our electoral Process all over the world. Blockchain election can not be rig or manipulated, it also gives protection for individual as everyone is seen anonymously. A decentralized blockchain will really do well In our electoral Process and politics.
3. Health Sector: a Decentralized blockchain system can be found useful in the health Sector, it can be used to store patient health information, and such information can be assessed in any country the patient travel to for treatment. Information in the blockchain can also be viewed in any country, atimes patience will not need to travel to India as prescription of medicine can be sent base on the information or data sent through blockchain. Those information and solution will also be store permanently for reference purpose.
4. Governance: A government database contains the most detailed information on each citizen in the country, making it a prime target for hackers. Any government's ability to mitigate these dangers is vital. To prevent a compromise, governments can tighten the network security by deploying blockchain data structures to secure the storage of this type of data. Because of this, the risk of a single point of failure is reduced, resulting in fewer data breaches.

Conclusion
Decentralized blockchain has come to stay, the more we utilize it the more life will be made easier for us. It is right time we make use of it in every single aspect of life.
Thanks to the professor and the cryptoacademy team.