Steemit Crypto Academy Contest / S1W3 – Blockchain through the concepts by @nancygbemi

Greetings Steemians! I trust you all are doing great? I sincerely want to thank Steemit blog for organizing this contest "Steemit engagement challenge" and Steemit crypto academy for this amazing topic Blockchain through the concept so let's get started.

Edited by flyer Maker.

---

Introduction

---

Before I talk about my favorite term related to blockchain, we need to know what blockchain is all about.

Blockchainis a process of documentating Data in a process that is not easy to hack by fraudster and not possible to modify or changed. Blockchain is basically a cybernated book of transaction that is photocopied and its dispersed around the whole interface of the computing system of the blockchain. Every block in the chain have a amount of transaction and anytime another transaction happens on the blockchain, a detail of that particular transaction is put to all participants ledger.

---

Also blockchain is a kind of distributed ledger technology (DLT) in which all business are documented with a rigid signature that is known as hash blockchain is a database that keeps information digitally or electronically.

Blockchain receives information as group and that grouping is known as "blocks that keep fixed information. blockchain has a particular storage size that can be occupied and connected to a block that is already filled creating chains of data called blockchain. For example we creating different folders in picture gallery of our phones, that is the different folders is the "Block" and are linked base on the event.

---

Transaction stored on blockchain can not be deleted or edited. Instead you will have to add another block to the chain to update the information.

In a Blockchain there are several concepts that is very unique and has contributed differently to the system are Decentralized, Decentralized consensus, smart contact, proof of work(proof of stake, PoET proof of Elapsed Time) Mining

Tell us about your favorite concept or term related to blockchain, try to be explanatory and make sure to give your opinion. (For example: Decentralized, Genesis Block, Hard Fork, Proof of Stake.)

The concept I like most out of all is decentralization in Blockchain

Source

My favorite concept is decentralization of a Blockchain
A Blockchain is known to be decentralized because it's kept in one place and it doesn't have a center rather the data kept or saved in Blockchain is dispersed around many different computers, which is called nodes. Since nobody has authority over the data so it enable users to interact without a third party been involved.

Also Decentralization in Blockchain involves the change of control and Making of decision from a centralized organization to a shared network, that is there's no orders coming from a centralized individual. Decentralized network tend to limit the level of trust that members place on one another, and discourage their capability to exercise authority or control over one another in a process that corrupt the function of the network.

Anytime a fresh transaction happens in a particular Blockchain for example Ethereum chain, it doesn't automatically become a block that can be added to the blockchain it needs verification first and its not the government that does it but the decentralized network of the computers. This assure that the governance and making of decision is not one individual but dispersed in a network to remove the chance of distortion.

Benefit of decentralization.

It provide trustless setting:-
In a decentralized blockchain network there's No room for trusting members because every member as a copy of a precised data in the form of dispersed ledger and if a member ledger is modify or corrupted in anyway it will be dismissed by majority of the members of the network.

It provides Fast transactions:-
In Blockchain transaction are very fast than that of bank because Middleman are removed from the process.

It help Improves data reconciliation:-
Company always market information with their partners. This information is always change or altered and is dispatch in per party's information storehouses, possibly to return when is due to be passed subsequently. Anytime the information is change, it reveals situation for the data loss. So when you have a decentralized information store each group has a prompt and impression of the information.

Why do you think it is important in the blockchain?

In Blockchain it's either it centralized or decentralized which ever, It is important because anyone can join the system and nowadays alot of people are into cryptocurrency exchange without getting familiar with themselves. Decentralization is essential to Blockchain network because it's as alot of benefits and we all know that our bank is centralized so anything can happen and you will eventually loss everything kept there. In decentralization the is no room for assessibility so if a particular place is corrupt the entire system is secured. If one node is damage it can't affect the system because that particular information is in another node since it's duplicated and there's transparency in Decentralized network.

Do you think that the existence of the blockchain would be possible without this concept? Is there an alternative or similar term?

Surely Blockchain can exist without decentralization because Blockchain is either centralized or decentralized. In decentralization it's evenly distributed where many groups have a duplicate of the ledger on like centralized that's is not evenly distributed. Decentralization is why it's called Blockchain so without this concept the existence of Blockchain would be impossible its will only function as Centralized network.

Centralized network is the only alternative to this concept, the concept is similar to decentralization but not the same.

Do you think it is possible to improve this term in some way? Explain us how.

Decentralization can be improved by creating smart contracts application because smart contracts are program kept on a blockchain that work when the condition are met for it to function. It is used to automatically carry out an agreement some members can be sure of the outcome without the involvement of a middleman or loss of time and explain of Blockchain that is build on smart contracts in Ethereum, solana,cardano and BNB chain and greater number of the decentralization depends on Ethereum network. So I will like it to be improved by creating smart contracts application.

I will like to invite @danieldada to participate in this contest

Thanks for your time here