Blockchain, Decentralization, Block Explorer - Steemit Crypto Academy Season 4 - Homework Post for Task 4 By @mcharmattan

in SteemitCryptoAcademy2 years ago (edited)

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Hi, a special greetings to you Sir Professor @yousafharoonkhan

It’s a pleasure to be in your class and I am here to express my knowledge on the course of the lecture.
Also I would like to applause your work, truly indeed you’re a great instructor.

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Task - 4 Question (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)

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DEFINED DECENTRALIZATION

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ANSWER 1:

According to my own words,
Decentralization can be defined as a delegation of authority of a group or an entity to different sub-offices instead of just one authority.

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Decentralization is a structure where by the total number of the people are in position of power respectively and also entitled to personalize their stand when it comes to decision making.

Decentralization is typically an example of how man was originally programmed by God the Creator, when He said; “let Us make man in Our Own Image” in the book of Genesis 1:26. Being that God is supreme in all ramifications, as such man made or created in the image of God, was totally decentralized to have all the power to exercise his personal authority without any alteration.

In connection to Decentralization, God giving man the dominion over all things is a way of showing that man has been primarily Decentralized into the Earth to fulfill the purpose of his existence having his independent knowledge, wisdom and power to differentiate proportionally what is good and bad.

God never controls the will of man neither does He decide a way of life for man but rather makes man to know that he has the fundamentals right to choose for himself either "Life” or "Death” and by so doing, every man has their own “WILL” and “POWER” to exercise authority at any given time.

Even though God has the Greatest of all the Power, He still gave man the choice to choose his way of life, He never enforces His own authority over man, even with His commandments for man, is not also by force to keep but rather at the will of mans understanding and believe.

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Coming back to Decentralization, every user of the structure being new or old, high or low, small or great has an equal right to minister his/her decorum into the structure and demonstrate a full authority by deciding what to do or not to do without being controlled by the will of another person.

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DESCRIBE THE ADVANTAGE AND DISADVANTAGES OF A DECENTRALIZED SYSTEM

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ANSWER 2:

I will use the few points below to describe the Advantage and Disadvantages of a Decentralized System.

ADVANTAGES:

  • In a Decentralized System, everyone has the legal right to exercise a full authority over something, in regards to decision making and power demonstration .
    This is to say that justification is made visible and everyone can be rewarded from their different levels without the feeling of being deprived of their rewards.

  • The Decentralized system gives room for everyones privacy. This means that what ever transaction one carries out is solely his or her own decision not in a case whereby one is been mandated to do so by the control of a central authority.

  • The fact that all the Data’s stored in the system cannot be retrieved or tempered by anyone makes the Decentralized system safe and secure for all the user and this as well give a greater trust that everyone’s account or sector is solely theirs at any given time even when view in different locations.

  • In a Decentralized system, every individual are entitled with the right of choosing what type of business they want to indulge in and in what way do they want to run and make profits in it without being restricted from one point to the other.

DISADVANTAGES

  • In the Decentralization System, a greater and advance knowledge is needed to run and maintain the blockchain. Without an high level of knowledge the system will lose its integrity, value and functionality which by so doing, the operation of the system will be bound to trail and error.

  • A Decentralized System requires individual effort before it can stand the test of time. This is to say that the activities of the system is solely relying on the input of the users but in funding the system for maintenance and general development.

  • The system only gives its users what they put in. Example like the Steemit Blockchain, the quality of your content determines the flow of your reward. Without your extra effort you can’t get extra reward because the everyone is autonomous in the system.

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IN WHAT AREA OF LIFE CAN A DECENTRALIZED BLOCKCHAIN HELP?

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ANSWER 3:

The following are the few areas of life that I think a Decentralized Blockchain can help:

1. Educational Institution:

Choosing this area as my number one area of discussion is that knowledge is power, and Educational Institutes are the solely enhance with the knowledge impaction scheme.

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Many people after the completion of the Academy, unfortunately had problems like fire out break which burns down all their credentials including their results or Degrees which in turn left them proof less of being an Academia

If the Universal Education Board can adopt the Decentralized Blockchain into their system it would enable all the Data’s of all their students to be well stored and secure of which by any casualty a city or student can still gain access to his or her academical credentials such as Degrees.

2. Migration Ledger:

The adoption of the Decentralized Blockchain System into this Ledger can help to reduce the issue of an individual having to go around with his/her passbook when ever they want to travel out of the country to other countries.

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Their full traveling Record history will be stored in the system showing their level of exposure in tourist and otherwise. It will then help to determine if a visa can be granted to such a person or not without having to go through much manual check and balances

3. Identity Log System:

Decentralized Blockchain can help in the area of Identity Log System. This simply means that, if all the total number of the people living in a Country or a given geographical entity can be singly verified and stored in the decentralized Data Unit,

it will aid an easy accessibility of one’s identity without having to go through the stressing of interrogation and investigation before one can be accepted for their true nationality or belonging.

4. Community Empowerment Sector:

This would far more help to know or give an account of the total some of people who had gotten help from the community support.

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This will help to reduce fraud and face people who may go round repeatedly to get a double or even more potions of the community empowerment support.

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~CONCLUSION~

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At the end of my writhing I will like to say that I have truly came to understand deeply about the Decentralized Blockchain and how it can be helpful in some areas of life as far as understanding it’s Advantage and Disadvantages.

Thanks to Professor @yousafharoonkhan, who took a good time to explain intensively what Blockchain is and how it works.
The knowledge I have gained in the course of this lecture is truly a super one that has added more scopes to my exposure.

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Cc,

@sapwood
@awesononso
@yousafharoonkhan
@nane15

Regards; @mcharmattan

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