Crypto Academy Season 3 Beginners' course - Homework Post for Task 2: [Decentralization] given professor @yousafharoonkhan

INTRODUCTION

Hello Steemians, I welcome you all to my homework task post. I'm indeed very much greatful to our noble professor @yousafharoonkhan ,for his wonderful lesson.

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

Source

Decentralization is define as the type of organization in which the top management decision making, control activities and responsibilities are transfer to the lower level staffs. Blockchain industry is the key player of decentralization because the transfer of decisions making is been done from the central unit to a distributed network, which reduce the rate of trust that is being put in place by users.

Advantages of decentralised system

There are numerous advantages of decentralized system which I have mention and explain few below:

Flexibility

Decentralized system improve the growth of organization by making the organization to grow rapidly fast because there is flexibility. When there is flexibility decisions making from the top can get to the lower ranks faster.

Reduce Weakness

A decentralized system help to reduce the rate at which departments depends on each other in the organization.

Increase productivity

A decentralized system increase the ability of management control in and organizations which lead to higher productivity.

Accurately Speed

In a decentralized organization transaction and information are process fast within a minute. For example things money can be transferred from Nigeria to USA and the person will receive it within 10 minutes.

Highly Secure

A decentralized system is highly secure because of no third parties system and it can not be hack so easily.

Disadvantages of Decentralized System

There is a saying that whatever has an advantage equally has a disadvantages. So in that case decentralized system isn't expemted an that is the reasons why I have explained them below;

High Cost of Maintenance

Decentralized System is very high to maintain. It requires highly technical skills and technology in maintenaning the system which means it requires the need of someone that is highly skill.

Unregulated

Decentralized System is unregulated, there is no legitimate law guiding the system instead everyone has equal rights in the system.

Small Organization Can't afford to Run it

Due to the high cost of maintenance small organization can't run the system.

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

The areas of life that a decentralized blockchain can be very helpful are;

• Healthcare
• Voting

Healthcare Sector

Decentralized blockchain, can be very helpful when it's integrated into healthcare sector as it will help store patient medical records in the hospital. When a patient is data is being store into the blockchain whereby is only the patient that has access to the data on the blockchain the patient will be very confident of him/herself that the data can't be forge. Reason been that the data of the patient has been encoded and store into the blockchain network with a private keys that is own by the patient alone.

Politics and elections:

If a decentralized blockchain can be interested into election and voting, there will be no fraud to the votes that was caste. Decentralized blockchain will not only stop fraud but also increase voters turnout because they votes would all be counted without being manipulated. Also the rate at which people die in election will reduce as everything will be done online, instead of going to a particular place to vote.

Banking Sector

Decentralized blockchain will be very much helpful if it is integrated into the banking and Finance sectors as it will be make transaction more faster and secure. Transfers of money can be done so easily and fast.

land revenue

Decentralized blockchain can be very helpful in the land revenue areas when use as blockchain can help stop the use of fraudulent documents and also the scanning of documents. There is always and assurance when documents are been save in the cloud compared to offline where it can easily get still or burn by fire, of which the decentralized blockchain can be helpful in minimizing such act.

Thank you for reading..........