Crypto Academy Season 3 Beginners' course - Homework Post for Task 2: [Blockchain, Decentralization, Block explorer] by @lukman1
Hello fellow steemians, it's been another wonderful week for me and a great pleasure to attend the lecture 2 of the fixed beginner's course organized by Professor @yousafharoonkhan. All thanks goes to the Almighty Allah and also a big thanks goes to Professor @yousafharookhan who took his time and make sure to digest this lecture to our understanding. This lecture was really helpful as I learned a lot from it. Below is the questions I have decided to answer from the questions given.
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)
When we talk about decentralization, then we are basically talking about a system without a central authority where data in this system is not kept in a server computer but rather stored in different computers. In a decentralized system, transactions are carried out among users on the system without the involvement or interference of a third-party. Unlike centralized system which is usually own by individuals or organizations, decentralized system has no owner but it is rather own by the users.
In a decentralized system, users are given the freedom to express themselves at the same time share ideas among themselves without fear of punishment or restriction. They are also given the authority to bring ideas on board whenever there is the need to bring change to the system. This means that users are given more power and control in a decentralized system over information or matters concerning them.
As I already stated above, there is nothing like blocking users because they went against your rules or terms. Information on decentralized system is very secured and safe and cannot be tempered by any third-party no matter how they try. This means that, decentralized system is beyond hacking because all the informations are kept on different sets of computers across the system.
There are several examples of decentralized system and applications but one popular and common decentralized system knowns to us is the steemit platform.
As stated above, steemit is a decentralized system, also a platform which functions like any other Social media we can think about. In steemit, users are given the freedom to create their own content, share their opinions or views about the platform or any relevant topic of their choice to share with other users without any restriction. Almost all the power is delegated to the users on this platform. Users cannot be block or remove from the platform without any relevant or important reason. Users are usually given guides as to how the platform works and what is not tolerated. Example of what is not tolerated on this platform is plagiarism. So users are to make sure that whatever they are posting on the system should be devoid of plagiarism and be unique as well.
In order to throw more light on decentralization, below is a table showing the characteristics of decentralized system as well as their description.
As we all know, every system created has its good and bad sides so the same applies to decentralized systems. There are numerous advantages involve in using decentralized systems. Although there are disadvantages, but not as compared to it's advantages. Below are some of the good benefits of decentralized systems and some disadvantages as well.
- More safe and secure to use: In decentralized system, no third-party can temper or have access to users personal information no matter how they tried. The platform is also secured and safe because hackers cannot hack it.
- Healthy communication: In decentralized systems, users are given the freedom to interact and communicate with each other without fear of being banned. There is freedom of communication because everything is being control by the users themselves.
- It cannot be hack: Unlike centralized systems where all the personal informations or data of users are kept in a central server computer, it can easily be hack by scammers and fraudsters. But in decentralized system, personal informations and data of users are not kept in only one central computer server but rather stored on numerous computers across the system which makes it very difficult and impossible for fraudsters to hack the system.
- Very simple to use without difficulty: Everything about the decentralized systems is very simple and easy to use without any form of difficulty. From the process of registration to it's usage is not difficult. Once you are done registering yourself on the decentralized system, you are given the opportunity to learn at the same time gain some rewards from your efforts. Example of a decentralized systems which pays it's users for their hardwork is steemit.
- Transactions are fast, reliable and secure: Decentralized systems allows transactions to be made very fast without going through a lot of process and stress. With this system, you can sit at the comfort of your home and make any kind of transaction you want to make. You can sell, buy or transfer your assets without no one asking you why. It is more safe, fast and reliable when carrying out transactions on decentralized systems.
- There is no middle man: In decentralized systems, there is nothing like middle man or third-party when carrying out transactions. Users are in full control of their assets as well as any transactions they make on the system.
- Very costly and expensive: The creation of the system requires high level expertise. It also requires technicians who are very knowledgeable in the field. This implies that a lot of money is needed to be paid to this workers in order to keep them at work. Also, the equipment needed in making sure that the system is in good shape without being tempered by people is very costly and expensive.
- The system is transparent: Other users can easily go through your transaction history on the system. They can do that without your knowledge. Your wallet and the assets you have is also visible to other users. This makes the system to be very transparent to other users.
- There is some level of incompetency: This kind of incompetency comes from the users but not the system itself. Because almost all the power is given to the users, some of them tend to misuse the opportunity given to them without utilising them. This tends to be bad at the side of the users.
- The system is immutable: There is no way a user can get his assets back if he mistakenly send them to a wrong address. This means that you need to be extra careful when carrying out transactions on the system because you cannot ask anyone for assistance in case you send your assets to a wrong address.
- Fraud: Because the decentralized system allows users to take care of their own transactions, scammers and fraudsters tend to deceive some users to send thier assets to them. This lead to the permanent loss of the user's asset. Also, because the platform is free, people send huge amount of money to others to use them to engage in activities which are illegal and not acceptable.
There are quite a lot of areas of life where decentralized blockchain is so helpful. Most organizations and companies have now started adopting blockchain technology in order to keep their data and informations safe. Below are some of the areas that decentralization blockchain is helpful.
- Educational system: Most students especially those in higher levels usually attend lectures and classes online. The system sometimes jam up because of the pressure on it. But when the education sector begins to adopt the decentralized blockchain system into our educational institutions, lectures carried out on it will turn out to be very fast and reliable as well. Because decentralized systems frown upon plagiarism and content spamming, students on this system are forced to learn hard on their own to be able to produce unique works.
- Banks: Most banks still use the centralized banking system which consumes and waste a lot of time. Because of the centralized time consumption, the process to follow in order to carry out transactions is very slow. But with the decentralized system, transactions carried out are very fast, secured and reliable at the same time. There is no third-party or middle man when carrying out transactions on decentralized blockchain. Even with decentralized blockchain, you can sit at the comfort of your home and carryout transactions without no complications. We can also realize that there are a lot of criminals and fraudsters who deceive a lot of people on the centralized system but with decentralized blockchain, fraudsters or scammers are not able to hack the system. It is also hard to deceive most users to send their assets to you during buying and selling on the system.
- Elections: This is one field I will love to adopt the decentralized system whenever they are to go for elections. There is always acquisation of election fraud and cheating in almost all the countries across the globe. This is because, most of them goes through the manual system whilst others goes through the online system which is control by a central server computer. But when decentralized systems are used to hold elections, no person can cheat the system or vote more than once. All the data of voters will be stored and kept on the blockchain incase other party doubts the outcome of the elections. This system is the best for all countries to adopt when holding their elections because it saves time as well.
- Health system: The current trend in our hospitals is that, when a patient visits a particular hospital his records and data is stored in the hospital system. When he visits another hospital, that hospital also record the patient information into their system which waste time and also takes a lot of storage space. But when we adopt decentralized systems in our hospitals, the data and information of every patient is saved only once on the system. There is no need for other hospital to ask for your information because they can easily access it on the blockchain system. This helps to minimize stress and also save a lot of time of both the doctor and the patient as well.
Decentralization has bring a lot of positive changes and impacts on our personal lives and the society as a whole. Transactions are now carried out with ease without including any third-party or middleman. This helps to increase privacy among users. Decentralized systems has also minimize the rate of fraudulent activities when doing transactions. Decentralized system should be embraced and adopted by almost all work of life because of its importance and positive changes it comes along with.
Cc; @yousafharookhan
Hi @lukman1, Thank you for taking interest in the 2nd Task of the Beginners Fixed Class. Your grades are as follows:
My Review and Suggestions:
You have completed the task.
You didn't bold the questions you take at the beginning of the article.
Give more effort to each task you make. The information you provide has often been created by other people, try to explore new information.
The discussion you made on sectors that are suitable for decentralization is too general, try to find other sectors.
Vary headers and sub-headers to make them look more attractive.
Pay attention to all the rules, and guidelines before doing homework.
Thank you!