cryptoAcademy season 3 beginners course-homework post for Task2 :[Block chain, decentralization, Block Explorer] by @joelmaxwell

Hello steemians I am very glad to be part of this great lecture by prof @yousafharoonkhan about blockchain decentralization and block explorer,

DEFINE DECENTRALIZATION, DESCRIBE THE ADVANTAGES AND DISADVANTAGES OF DECENTRALIZED SYSTEM.IN WHAT AREA OF LIFE AN A DECENTRALIZED BLOCK CHAIN BE HELPFUL (WRITE IN YOUR WORD)

INTRODUCTION

The would have been no decentralized system without a centralized system and a Centralized system is the system that is control by a particular person such as a bank manager in the bank while a decentralized system is a system that people or an individual is free to express themselves without the influence of anyone.
Further I will explain the definition of decentralized system and compare it with a Centralized system.

DECENTRALIZATION

Source

Decentralization is a system that any individual making use of it has the freedom of expression,the individual can also make decisions on their own,a contradictory system of decentralized system is called the centralized system,a centralized system is mostly heard in terms of centralized government in which we are rule by one person while the word Decentralization was brought about by the existence of cryptocurrency trading in which the tràders is the controller of his funds.
Decentralization is of great to individuals and the society ranging from the health sector to the banking sector,it is also a secured system that makes a trader buy and sell good and services without being controlled by anybody by this the trader is free to do whatever he likes at his own expense for example a cryptocurrency trader is free to buy and sell any coin without any bank knowledge or bank acting as middleman therby making him he decision maker and also the controller of his business.

ADVANTAGES

• It is an easy system that makes it easy for individual to join and control,make decy about his or her funds in the person wallet

• It is a fast and effective way of doing transactions in that you are the decision maker you will need no approval from anyone such as the bank manager to approve anything before transacting and you do it at the comfort of your home or office

• It is highly secured and by this helping the individual escape in the hand of fraudster or hackers

• it has this great advantage that the user is free to make decisions about his business without interference

• It also helps in the health sector through which the hospital can used in storing of patient information

• It also bring about equality to all the participants or member no one cheat each other they are all equal in the decentralized system

DISADVANTAGES

• IRREVERSIBLE: once a transaction is being placed n a decentralized system it has gone and can not be reversed even if it is sent to the wrong person wallet

• It is a system that most of the online scammer even politician now used in hiding the wealth to prevent the case of being arrested for misuse of funds

• Highly secured that once the password is lost it may not be recovered and you loose everything in the wallet if you didn't back it up in your Gmail

AREA OF LIFE WHERE DECENTRALIZED BLOCKCHAIN IT IS HELPFUL

• BANKING SECTOR

Bringing in decentralized system in the bank will assist in reducing the problem of time wastage in the bank because the individual will control and make any decisions he likes about his account.

• SCHOOL

This will help school in keeping of students file safe rather than problem of misplaced file everyday especially during the student final screening

• ONLINE MARKETING

It will go along way n helping online buyers and sellers do their business of buying and selling successfully without the fear of hackers.

• HOSPITAL

It will help in keepIng individual information such as blood group, genotype etc so that when the individual visit the hospital again it will be easy for the medical personnel to identify he individual status especially during emergency

• IN ELECTION

The decentralized system when introduced into election will bring about the free and fair election in my country I have been hearing of because it will help in the eradication of election rigging

CONCLUSION

I really enjoy the topic about Decentralization because of the great advantage and benefits it has towards human life such as in the health sector that the doctor will just need to check your information in the system and know the necessary treatment,stress of searching of file
in school that may have sometimes be eaten by rat but with the decentralized system it will help in avoiding this,it is safe and the user also make decisions freely here though our politicians also use it to avoid money laundering,I must say it is
a very beneficial system that I will advice everyone to adopt because you escape the problems of fraudster and it help you keep your funds safe due to the tight security system.
Thank you for reading