Crypto Academy Season 3 Beginners' course - Homework Post for Task 2: [Blockchain, Decentralization, Block explorer] by @huzaifanaveed1
Hello everyone how're you all?
So finally the 3rd season has started and this is my first assignment post for professor @yousafharoonkhan
In this lecture we learned about blockchains. Data, hash and previous hash tags. Furthermore we surveyed decentralization in depth as well.
So in this assignment I will be discussing the question number two which is.
(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 basically means when the activities of an association or an organization, especially those in regards to arranging or shifting the dynamics or finalizing decisions are disseminated from one focal person or one focal centre of authority and given to the people.
Even in a Decentralized social media, there is total freedom as compared to a Centralized social media. On a decentralized system you can express your views without getting blocked or banned. The control is completely with the users in a decentralized system.
Below are some differences between centralized and decentralized system.
| Constituents | Centralized | Decentralized |
|---|---|---|
| Authority | authority is completely in the hands of the single party who owns the network | authority is with the users |
| Safety of accounts | NO | YES |
| Interface | friendly and good | complex |
| Chances of hacking | easily hacked | difficult to hack |
| USE | easy to use | complex |
Decentralization in blockchain
In a Decentralized blockchain network, you and your information is safe as you are not dependent on any other user neither you have to know or trust any other user. Every user owns a copy of the data which is same in the form of a distributed ledger if any user's ledger is misused or corrupted, it Will be rejected by the majority of users in the blockchain network.
ADVANTAGES AND DISADVANTAGES OF DECENTRALIZED SYSTEM
Lets discuss advantages and disadvantages of the Decentralized system
ADVANTAGES
a) Growth on Personal level: This system motivates the users to be better every coming day. In Decentralized system every single person has the autonomy to show their creative side, so this creates a healthy competition
b) Quick Outcomes: when there are more users working on something there will be quick and efficient decision makings.
c) Healthy communication: when there is no hierarchical system there will be less communication gaps.
d) Quality control: when there is autonomy in decision making on personal level them there will be disciplinary actions underway which will result in good quality of the work
DISADVANTAGES
a) Costly: When in a system you are doing your best on Personal levels then you expect a good pay as well.
b) Co Ordination Issues: when there is complete autonomy then there are bound to be coordinating issues as well.
c) Incompetency: Sometimes giving power to everyone turns out in a bad way for the company as there are incompetent people amongst us as well
The Decentralized blockchain system could be helpful in many sectors of life.
a) INDUSTRIAL AREA:
In the industry sector there are lots of products and buyers and sellers. Primitive financial system in this sector could be very hectic and time consuming. There will be possibilities of mistakes in trades as well.
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But if we opt for a Decentralized blockchain system is this Area, things could be very systematic. Every product would have its own Industrial blockchain system with all its data in it. Thus a transparency could be brought through a Decentralized blockchain system in it.
b) VOTING:
I think this is the most important sector where a blockchain system would flourish. Giving an example of my own country pakistan which is an under developed country, here voting takes place through the primitive ballot box system. If we introduce a blockchain system in the voting sector, it would be a revolutionary step. Everything would be on the blockchain. There'd be no chances of corruption or fraud. Each person would only be able to vote once which qould bring in transparency. Everything would be stored and protected on the blockain.
c) HEALTH SECTOR:
A p2p system in our health sector would bring a lot of changes. It would save the time of the patients and doctors all together. There will be data of every patient stored in the blockain. No matter where the patient is getting himself treated, all his/her record would be on the blockain. All the past medical prescriptions and data would be on the health blockchain system.
As a doctor myself if we get a Decentralized blockchain system in the health sector, it would ease the doctors alot.
Conclusion
Thank you professor @yousafharoonkhan for this lecture. I believe all the newcomers would find this post very enlightening.
In this lecture we learned all about the blockain, its data, hash and much more.
Furthermore we discussed the Decentralized system and where would it be beneficial for us to inteoduce this system.
In the end we learned about the exploring of the different cryptos and how we can have a complete check on everything.
I decided to go for the 2nd question, hope you will enjoy reading this post as much as I did making it.
Looking forward to all the dynamic courses begining from the next week. :')
Steemon
Regards,
@huzaifanaveed1
Hello @huzaifanaveed1, kindly edit your title from Task 1 to Task 2.
Thank you!