[REPOST] Crypto Academy Season 3 Beginners' course - Task 2: Blockchain, Decentralization, Block explorer by @kelechisamuel
I republished this task because it was not curated with 7days after being verified by the lecturer
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)
It has been an amazing journey and so far, I have learnt alot and today we learnt about block chain, data, hash etcs
On this homework post, I will be talking extensively on decentralization, advantages and disadvantages of a decentralized system and areas in which it can be helpful in today's life
I am @kelechisamuel and this is my homework post for @yousafharoonkhan, read and be blessed
sourceDECENTRALIZATION
The word decentralization is literally the opposite of centralization where power, decision-making, planning and authority are diverted from a central or focused point to a group of individuals who belong to the system.
There are so many decentralized platforms and which give Access to freedom and full expression without the ability of anyone to block or kick-out the user for his Expressions.
Just as I said above it almost impossible to define a decentralized platform without mentioning the centralized. In other words the centralized is literally the opposite of everything stated above.
FORMS OF DECENTRALIZATION
Although when we talk about decentralization, a lot of us think only about the financial aspect but there are many forms of decentralization, which I will be listing out a few
- MARKET DECENTRALIZATION
- POLITICAL DECENTRALIZATION
- ADMINISTRATIVE DECENTRALIZATION
- FINANCIAL DECENTRALIZATION
Under financial decentralization, we will be looking at the block chain system of decentralization
A decentralized block chain system is a system in which each member has a copy of the same and exact data and there is no atmosphere for lies or distrust and in a scenario where a figure or whatever detail in the ledger is altered it will be rejected largely by other members of the platform
ADVANTAGES AND DISADVANTAGES OF DECENTRALIZATION
Less stress on people at the top
With the help of decentralization, there is less stress on people at the top same way centralization puts the burden of everything on those at The top for decision, planning etc, it is the reverse for decentralization which is a beautiful thingFaster decision making
There is no need for excess protocols before taking a decision like in the centralized system, in this decentralized system, decisions are taken swiftly as it is controlled by membersGreat Supervision
It really easy to supervise as the ledger data is exact and the Same, it is very hard to alter a figure which makes it easier to controlMOTIVATION
The decentralized system creates a better work environment as the motivation of members are increased added to the fact that they are involved in the decision making process of the system
DISADVANTAGES
LACK OF COORDINATION
The decentralized system also bring about lack of coordination since everyone is a boss of there own with no Central point to issue orders fromSELF CENTERED ATTITUDE
Also as motivation is an advantage, it also brings about an irritating self centered attitude, everyone ignoring the interest of others just to make themselves the bestHIGH COST OF OPERATION
The cost of operation is usually high with the establishing of different departments, to suite the members of the system which will be very expensive
In what areas of life can a decentralized blockchain be helpful? (write in own words)
ELECTION PURPOSES
In my country, electing of government officials is usually not transparent and mostly rigged, with the implementation of a decentralized block chain the voting system can be transparent and it will aid election to be free and fairDATA SECURITY & STORAGE
With the implementation of a decentralized block chain , the data's of citizens can stored accurately and can be less prone to hackersFUND TRACKING
With the high rate of criminal records in my country and the world at large the implementation of decentralized block chain will be able to track and monitor the movement of assets to help reduce the rate if criminology
CONCLUSION
The decentralized system is a system where everyone is King and has a platform to succeed, an implementation of this system will aid in different spheres of life, it was really an impactful lecture and I hope you enjoyed reading my work
RATING : 9.3
Cc
@yousafharoonkhan
@steemcurator02
@steemcurator04
@yohan2on
Greetings @kelechisamuel. Thank you very much for participating in the fixed course N°2 for newcomers in the "SteemitCryptoAcademy ". Your grade on this assignment is as follows:
Note: I apologize for the delay and not curing your assignment in the corresponding times. I know you have already republished your entry 2 times, but I ask you to please do it once more if this assignment becomes fully due. I already have a note on it and will pass it directly to the curators.
Add the word "Repost " again in the title of your post.
Put the screenshot of teacher @reminiscence01's evaluation at the beginning of your post, this is very important. Also place at the end of your post the two links to your previous posts and a link to the previous post in the comments column in your repost.
Ok sir
Thanks alot