Hello everyone,
Am delighted to participate in the beginners course of crypto academy and its such a pleasure to answer the homework question.Its such an interesting topic I must confess and my sincere regards goes to professor @yousafharoonkhan for such a wonderful lecture.

QUESTION 2

•DEFINE DECENTRALIZATION.
•DESCRIBE THE ADVANTAGES AND DISADVANTAGES OF DECENTRALIZED SYSTEM.
•IN WHAT AREAS OF LIFE CAN A DECENTRALIZED BLOCKCHAIN BE HELPFUL(WRITE IN YOUR OWN WORDS).

ANSWERS.

•DEFINED DECENTRALIZATION.

Decentralization can be defined as the act of empowering people to do things their own way without any authority governing or controlling them.It can also means a process of sharing power amongst people who is related with a decentralized system thereby splitting power amongst them so that one person or a group of persons will not be in control thereby limiting others with the power they have..
To further explain with an example,Steemit is a decentralized system built under the steem block chain and each subscriber has the right to explore and know all about the steemit blockchain without any restriction and steemit is a typical definition of decentralization.

•DESCRIBE THE ADVANTAGES AND DISADVANTAGES OF DECENTRALIZED SYSTEM.

ADVANTAGES

• In decentralized block chain,powers are being shared from the greatest to the least giving everyone complete right and freedom in the block chain.

• A decentralized system is very transparent and nothing can be hidden in the this system and because of this,fraud can easily be traced and controlled.

• In this system,hackers and intruders can not easily access the database and account of users because of its high level of security.

• In this system,there is total independent because there is nothing like central authority monitoring the users.

• This system gives every user total freedom of expression and because of this the users easily communicate and express their ideas all for the growth and betterment of the block chain.

DISADVANTAGES.

• There is every possibility that power can easily be misused in this system because most users might not be used to the blockchain and its mode of operation.

• There will always be a problem of coordination as human beings are very difficult to control and because of the power shared amongst the users some will not adhere to some certain rules of the block chain.

• This system requires more finance to set it up and also it requires some experts and its still money that will be used to train such personnels,so small companies cannot afford the money to run such system.

• In this system,there will be mismanagement of funds because there is no regulations on how money is being transferred in the system.

•IN WHAT AREA OF LIFE CAN A DECENTRALIZED BLOCKCHAIN BE HELPFUL(WRITE IN YOUR OWN WORDS).

There are so many areas of life that a decentralized system can be helpful to human beings and below are few areas I know;

• SCHOOL/EDUCATION SECTOR;
Considering what happens in the education system especially in my country (Nigeria) where students can easily fake result or buy another student' result with money,decentralized system.will be very helpful as it will help in keeping the accurate results of each student safely so that intruders won't have access to steal or fake such result.

• ELECTORAL BODY;
If the electoral body can accept the use of decentralized system for voting during election,it will reduce the rate if cheating during elections and it will also help the citizens to chose/vote their desired leaders peacefully.

• BANK SYSTEM;
If banks can start using the decentralized system,hacking and doping of ppeople's account and money illegally will be minimized because tye decentralized system has a high level of security and can't be hacked easily.

• HEALTHCARE SECTOR;
Because of the efficiency of the decentralized system in keeping accurate record of any information /data stored in it,it will help of very good help to human life if it can be introduced into the healthcare sector because it will ease off stress of document at I ng files/database of patients in the hospital.

CONCLUSION

The decentralized system has numerous advantages which can never be over emphasized and its advantages will be helpful to human lives and I strongly believe that it is the future of many.

Thanks.

CC;
@steemblog
@yousafharoonkhan.