Crypto Academy Season 3 Beginners' course - Task 2: Decentralization by @janemorane

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(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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Q#1. Define decentralization.

 Decentralized as its name indicates it is the opposite of centralized system. Heard about the centralized system and know how it works but when it comes to a decentralized system there is a far more difference then the centralized and decentralized system. decentralized system all the authorities and control of your activities are with you and no one is your boss and you are not working under a specific person or a Central authorities. This is kinda interesting because once you are your own Boss you can do all your work and perform different activities by yourself without the involvement of any third party.

Well decentralization is opposite of centralization and in this all the users or members of a system have equal control on their activities such as trading.
In decentralized system because the data is kept in different servers where no one can access and it is near to impossible to change the data in different thousands of servers which no one can easily find.

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Q#2. Describe the advantages and disadvantages of a decentralized system.

ADVANTAGES OF DECENTRALIZED SYSTEM

• All the users are equally authorized and anyone can do whatever they want without being controlled by a center.
• In this system people from different parts of the world having different experiences come together and work together to make the best decision for the system.
• Ideas of all the newcomers and old one are appreciated and are considered valuable and gives chance to all the new users.
• Decentralized system never goes down and we have never heard that a decentralized blockchain is down it is only because it does not depend upon a single server and it is connected with different thousands servers.
• All the data in a decentralized system is stored in different types of servers which is impossible to hack also once the data is made it can not be changed by anyone in this blockchain.

DISADVANTAGES OF DECENTRALIZED SYSTEM

• Decentralization has a low liquidity rate and I think which might be difficult to accept.
• The big disadvantage or if I say the bad thing in decentralization is the high volatility rate and the fluctuations in the prices of the decentralized system sometimes leads to big losses.
• Decentralized system is very difficult to use and not everyone can access it easily and it runs on a blockchain so it is not that easy at all to get hacked.

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Q#3. In what areas of life can a decentralized blockchain be helpful? (write in own words)

Some areas of life in which I think decentralized blockchain will be helpful;

Voting System

We can use the decentralized system in country voting because most of the time this is the complaint of all the parties that there is some sort of corruption and mismanagement with the political parties and the election commission has been under the influence of some parties if we use and apply a decentralized system that can reduce and almost finish almost end all the problems that occurs with the normal voting system as we all know that blockchain technology is completely decentralized and not one party can influence the blockchain and all the data cannot be edited or hacked by some individuals so every apply this technology on our voting system I think it will be very beneficial to the country voting system.

Education system

We can use a decentralized system in our education system because there has been a lot of mistakes there has been a lot of duplication and many times people try to drive the officials and try to make invalid changes into their mark sheets and many other things so I think if it's based on a decentralized blockchain system all these things can be almost impossible to do so every implement this technology and to our education system I think it will help a lot and not just that it can also help us regulate all the the salaries and also the scholarships and we can maintain all the records under a blockchain system which is nearly hard to edit and hack.

Health care

Additional I system can be very useful when it comes to Healthcare as we all know that there are a lot of problems with the Healthcare system of our countries especially and if he applies a decentralized system it will help us to take the record of patients and it will help us to have It will help us in the supply of medicine to the poor people and to the needy people and I said there has been a lot of complaints about the distribution of medicines and other tools.

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CONCLUSION

In every field of life decentralized can play a vital role and control all the activities which the centralized system failed in and most of all there is no involvement of any third party and decentralized system and that's why it is more secure than the centralized one.

Thanks to professor @yousafharoonkhan for their efforts and make such a useful lectures for all of us.