Crypto Academy Season 3 Beginners' course - Homework Post for Task 2: Blockchain, Decentralization, Block explorer by @humblesoul

This refers to the convey of authority or power that centers on a particular group of people or an individual to several users for easy accessing and can easily be connected with other users without a special position or attention needed, this tend to minimize the risk factor of trust to other users.

Steemit block-chain is a decentralized network or website that allows users access or control over their account and other necessary information related to them, Unlike centralization that processes based on reliance of a server that permit other users.

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DESCRIBE THE ADVANTAGES AND DISADVANTAGES OF A DECENTRALIZED SYSTEM

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ADVANTAGES

• Stimulate Subordinates

Subordinates on their owm gains the privilege of decision making which are been governed by one’s maximum capability.

• Communication Link break down

This helps to reduces the commuincation line between the server and the users and crop unnecessary protocols that might result.

• Create a board of diversification

When new things are been explored, it helps to growth such a extents that might not be imagined. When stocked in a particular place or hands, it tend to yield no absolute result.

• Privacy Enhanced

A high degree of a user information is kept on a private level because a particular user or server doesn't possess control over it, which reduces the risk of any information theft or account hacking that might come along.

• Financial Efficiency

It allows transactions to be processed from a user to other without the intersection of other user from a different angle because each user has it own data.

• Fraud Alert

Every transaction done is open and can be kept on track if any act of fraudulent act is discovered.

• Government Meddling

Most times, Government take control over but in this case, the government which might be a group of people has no business with this whenever it decentralized because this their presence everything will jave a disvalue.

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DISADVANTAGES

• Volatility

Decentralized blockchain is known for it volatile because it's seen to be a new cryptocurrencies or blockchain which are yet to be implemented by the public, that's why it has an extreme Volatility that might lack value.

• Policies Declinatiom

Its becomes difficult for users to heed to the standards or policies made, because everyone would like to create it's own format that might lead to disorganisation.

• Increase of financial Expenses

Mucj expenses will be included which can also lead to a waste of resources that wouldn't be necessary in the system.

• Lack of co-ordination

Inconsistencies would be known for in the system, it would be difficult to co-ordinate other users together which might affect the performance within the system.

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IN WHAT AREAS OF LIFE CAN A DECENTRALIZED BLOCKCHAIN BE HELPFUL?

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There are three ways that benfits us, which includes:

• IDENTITY

Everything in the world today has gone digital and to that effect, the use of digital identity to store in data that belongs to a particular user would be of good idea because it's easily tracked and even if such identity is in anyway lost but can still be recovered. This identity that can be stored includes: Birth Certificate and Passports (International/national) and others.

• VOTES CONDUCTION

Last week, digital voting was down in a near by countries and from what took place, it went smoothly without any intervention of any sort. Therefore, this will help in reduce issues that back up during voting.

• HEALTH CARE

If healthcare of an individual is recorded digitally, it would serve as a reference case in situations that might keep the individual unconscious and would need medical attention.

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CONCLUSIVELY

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Decentralization is the best decision to make that would benefit not just on an individual or user but rather an enitre system because it ease the rate of loss of data or information of individuals and reduce the risk of account be high-jack by theft and remove unnecessary protocols when based centrally on a server or group.

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Thank You professor @yousafharoonkhan, i really enjoyed and understand the lectures, That was a well-detailed lecture.