Hello dear professor @yousafharoonkhan , thank you for the beautiful lesson. This is my assignment post. I will attempt all the questions to the best of my ability.

Define decentralization.

Definition of decentralization

Decentralization is the opposite of centralization. It is a system whereby all power, authority or official body is not being controlled by a single individual or entity, but power is delegated to lower levels in the organizational hierarchy. Which means that everyone can make and implement their own decisions without consulting any higher authority.

In other words, decentralization refers to a system whereby equal power is given to everyone in the organization. No one controls another in terms of decision making and other things.
Example of decentralized businesses are the supermarkets, hotels, etc. It would be impossible for one person to control all the branches all the branches all over the world and so they go into decentralization so that the local managers and assistances will have the power to implement decisions on how to handle the problems that arise in the company instead of waiting for a particular person's decision.

IMPORTANCE OF DECENTRALIZATION

• DECENTRALIZATION HELPS TO PROMOTE GROWTH
  Because the heads of the the department works independently, they can all apply their own talents and ideas and therefore contribute to the growth and productivity of the organization.

• QUICK DECISION MAKING
  Decision making in a decentralized system is always rapid because approval from higher authority is not needed . This allows the organization to function quickly and more efficiently

• REDUCED BURDEN ON TOP MANAGEMENT
  As we already know, decentralization delegates power to subordinates and this allows them freedom to make and implement decisions. Their is no frequent supervision from the top managements and this helps to reduce their burden.

• ENCOURAGES INITIATIVES
  Decentralized organisation encourages initiative from other subordinates. They can have a say in the affairs of the company and this also helps to build their confidence and self-reliance.

Describe the advantages and disadvantages of a decentralized system.

ADVANTAGES OF DECENTRALIZATION

• DEVELOPMENT OF EXECUTIVES
  When authority or power is decentralized, the executives gets the chance to improve talents by taking initiatives. This also helps them to be ready for managerial positions. When these ones develop their talents in this ways the company is more strengthened.

• BETTER CONTROL
  Decentralization helps to ensure proper control or supervision since the lowest subordinates also have authority to make their own decisions. And as a result of this they have absolute knowledge of the assignments within their control and can take corrective actions.

• COMMUNICATION IS EFFICIENT
  In decentralization, there is fewer hierarchical level and as a result of this the communication system becomes more efficient and intimate relationships grow between the executives and other subordinates.

• HUMAN NEED SATISFACTION
  Since the basic needs of humans include power and independence, status and prestige, the decentralization system fulfills this need because power is being distributed equally to everyone.

• MOTIVATION OF SUBORDINATES
  Decentralization helps to improve the level of satisfaction in Jones. It helps to promote the spirit of cooperation.

DISADVANTAGES OF DECENTRALIZATION

• HIGH COST OF MANAGEMENT
  It takes much financial resources to run a decentralized system as it also requires trained personnel's to be employed to accept authority.

• UNIFORM POLICIES ARE DIFFICULT TO FOLLOW
  In decentralized system, it is difficult for uniform policies to be implemented. Everyone works and frames his own policies as he pleased or according to their talents.

• PROBLEM OF COODINATION
  Power and authority is dispersed widely throughout the organization and so coordination becomes difficult.

• CONFLICT
  Much conflict exist in a decentralized system if they are not properly managed.

• TRAINED/QUALIFIED PERSONNELS ARE REQUIRED
  It requires qualified personnel's to run a decentralized system and the absent of these ones will cause the system to be useless.

In what areas of life can a decentralized blockchain be helpful? (write in own words)

AREAS OF LIFE WHERE DECENTRALISED BLOCKCHAIN IS HELPFUL

• LAND REVENUE
  Since the world is filled with fraudulent activities and corruption, decentralization helps to solve the problems of land revenue allocation. All sales and records of the land is stored in a blockchain and this helps to reduce or completely eradicate the risk of fraud.

• BANKING SYSTEM
  If banks adopt the system of decentralization, there would be reduction in people's accounts being hacked.

CONCLUSION

Decentralization is the best solution for the fraudulent activities in the world. Decentralization will reduce the risk of corruption and make financial affairs more safer to handle.