[Decentralization] - Steemit CryptoAcademy Season 4 - Homework Post for Task 4
Am @kingworldline
Welcome to my assessment
(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)
This is composed of Computer nodes, Which are interlinked Hence this work based on peer to peer method without the conception of the third party, therefore the formation within the network is base on the interconnection of the nodes with individual informations.
Therefore the decentralised system in terms of the blockchain is based on a blockchain which which does not work in relative to the centralralised node, centralised intermediaries, and financial intermediaries, hence financially they operates with the smart contract in a blockchain.
Hence the decentralised system actually has two opposition phases which which are the advantages and disadvantages of the decentralised system as being describe below.
Hence based on the security aspect since the ledger are open which make the transactions public, hence this makes it secured from the scammers and maintain the integrity of the blockchain due to the fact that there is no intermediaries or Governmental body after the transactions.
Based on is decentralised system, therefore the activity and of the third parties are not required, hence the government inertiatives and financial institution which are known as the centralised body are not allowed, Hence this pave way for self reliance with the second party, this implies no centralisation of the system or the currency.
Based on this aspect, is basically on transaction within the blockchain, hence the blockchain is in charge of keeping records and entries and documenting all transaction made within the blockchain hence this information on the transaction cannot be manipulated, which posed it to be strong and secure and also the transactions are made known to the view of the public with details of transactions at speculated time.
Therefore base on the mode of trasaction in a decentralised system we experience fast mode of transaction when compared to the the centralised system of transaction like the banks which takes hours and days to fulfill a single transaction, hence in decentralised system it takes seconds to accomplish a single transaction. which made it the most accepted mode of transactions.
Therefore here are some negative part of the decentralised blockchain.
Hence since this operates and work based on updating every node based on P2P networking hence this made so difficult and impossible to ammend and edith an already established transaction or others, hence the decentralised system does not accept amendment.
Since the the system is diplomatic in nature which works based on unique mode have made an exception of the third party APIS, hence this is dependent of the individual node performance.
Therefore as regards to the consumption of energy, is known that some of this blockchain are known of their energy consumption, especially those with the Proof of Work (PoW) consensus algorithm like Bitcoin, hence this require a the manual work to be mined by the miner, therefore in order to over come the mathmatical problems requires alot of energy to solve this problem inorder to make it real in the real world.
Hence the decentralised blockchain are not seen as to be scalable as it is in the centralised system, therefore the decentralised system is dependent of its congestion in the system, hence the more node the more load on the network, the more slow the system in carrying out activities.
Hence this has been one of the issue of the decentralised system, where by this actually deals with the information, hence any information registered as transaction and others cannot be amended or reversed based on how the blockchain are configured.
Hence the following point on my own point of view is the means by which the decentralised blockchain can found to be helpful.
Therefore the Blockchain has advanced to the extent in developing intellectual creativity, hence this has enable prove on issue of proof ownership and as well to dictect fraud actions.
Based on decentralised form in carring out transaction, it is helpful on transaction purposes, hence since it is decentralised it gives it the prevelege to function at any point in time with shorter time of getting the transactions fulfilled, which makes transaction fast and easy to our daily activities.
Hence since the system is decentralised this has shown protections over tampering with some one's personal identification, hence this exclude an individual from hack due to the fact that the system is not dependent on a centralised mode of networking, intermediaries body. Hence this also keeps you out from the spy of the the governmental organisations. Hence in the decentralised blockchain the system is safe and secured on keeping personal datas.
The smart contract is concern over the elimination of the middle man activities in the real world, hence this has taken charge of the position of the intermediaries, thus this saves alot of time and cost over transaction and others with the introduction of the blockchain. this is becoming more useful in governmental, heath and industrial sectors.
In conclusion, the introduction of the blockchain has introduce a different dimension of lifestyle hence this has shown enough efficiency in terms if operation, regulation, technically is has shown it all in terms of keeping and protecting the database, hence this has improve and enhance the the service in the real world.
Cc: @nane15