Crypto Academy Season 3 Beginners' course - Homework Post for Task 2: [Decentralization] given professor @yousafharoonkhan
INTRODUCTION
Greetings to you my lovely friends, today I welcome you this season 3 beginner course of Crypto Academy Lesson that is given by our noble professor @yousafharoonkhan . My able professor I really appreciate your work for how you elaborate the lesson you have given, which I found it very interesting. Your lesson has not just help me in doing my homework but also helping me in knowing what I don't know before.
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
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Decentralization can be defined as a system of organizational structure where the top management transfer decision-making, control, responsibilities and daily activities to middle and lower ranks. In this type of organization the top management focus on taking major decisions with greater time profuse. Organization often feel the running of decentralization as a way of continuing efficiency in their operation. Decentralization is mostly practice in the blockchain industry which is seen as the transfer of control and decisions-making from a centralized authority to a distributed network. At this point we can easily say that decentralization stand to minimize the level of trust the level of trust that users must place in one another, and prevent their ability to exert authority or control over one another.
Advantages of decentralised system
Improvement of productivity
Decentralized system help organization to improve their managerial ability that result to higher productivity.
Flexibility
Decentralized system help organization to grow faster with the help of flexibility in reaching competitors since quick decisions can be made.
Security
Decentralized system can't be easily hack by hackers as file is stored in a blockchain which can't be manipulated.
Minimize Weakness
Decentralized system minimize weakness in an organization where there may be too much depended on specific department.
Provides a fearless working environment
In a decentralized system, you didn't need to have the fear of trusting someone else, because every member or users in the system has the same copy of data as a form of distributed ledger.
Speed
In this system things are done fast within a second, tansaction are process fast.
Sending of money to any part of the world can be process accurately fast.
Disadvantages of Decentralized System
Cost of Maintenance is High
Setting up of different departments and employing of those staffs with high skills in the department can lead to higher cost of maintenance.
Unregulated
Decentralized System isn't regulated by laws instead it give everyone access to the data which has no privacy.
It can't be run in a Small organizations
Decentralized System to me is totally unsuitable for small organization as it involves high cost of maintenance of which small organization can't provide.
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 helpful are those areas which deal with human being in both physical and mentally. So in that case I have briefly state and explain the most helpful areas that a decentralized blockchain can be fit in.
Healthcare Sector
Decntralized blockchain, can be helpful in the healthcare sector to securely store the data of the medical records of patients that come into the hospital. This can be done whenever a patient report is provided and key into the blockchain the patient will be very much okay that he/her data can't be manipulated. This is because the patient data would be encoded and stores in the blockchain with a private key that can only be access by the patient alone.
Election Voting
decentralized blockchain can be very helpful in conducting of election. Voting with blockchain can stop fraud in election and also increase the turnout of voters. With the help of blockchain in an election all votes would be counted equally without manipulating vote. It will also reduce personnel cost like securities men and electoral officers it will not only end here but result will be announce instantly.
Banking Sector
Decentralized blockchain can be helpful to banks customers as their transactions can be confirmed within a minute. If a decentralized blockchain is integrated in the a banks. Banks will have the chance to exchange funds quickly in any part of the world that will be be very secure. Something sending money in the bank using Western Union usually takes up to 2-3 business day which isn't good.
Real Estate Sector
Decentralized blockchain can stop the need for people (tenants) to be scanning documents and also tracking down of files I'm offices. Of landed documents ownership is stored and verified in a decentralized blockchain, people can be confidence that their documents is well safe and permanently record in such a way that no one can have access to it.
The account @josepha has been blacklisted because of multiple cases of plagiarism and so is not eligible to perform tasks in the academy.
Cc:
@sapwood
@endingplagiarism
Hello @awesononso, with due respect sir, I don't know if I have and issue with you or something else. At first you called my post plagiarism and I keep silent about it and today you are here again to distroy all what I have labour for. Please can you tell me your mission towards me.