Hello everyone. This is @noraiz and I am going to do my homework task for sir @yousafharoonkhan.

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)

Define decentralization

The platform where there is no any middleman to govern or own the system is called Decentralization platform. In decentralized system, no central party exist. The transactions are performed P-2-P without interacting with third person. The decentralized system give the users more control over the system and people are not bounded about the topics. They can even share their thoughts about how the system can work more efficiently. The data is not stored at central place like centralized platform. In decentralized platform, there is no central storage.

The information of all the transactions is scattered across the network. In centralized system, If the central computer fail, the whole system get stop. If server lost information, there is no way to get it back if you have not keep backup. But this not happened in decentralized system. The data is stored on all computers on network. If data is lost from one computer, you can get data from any other PC. But if you lost your master password, your whole account get waste in decentralized system. You cannot recover your master password so be very careful to save your master password.

Moreover, decentralized system are immutable. Once you made transaction, you cannot change it. In decentralized system, the users are not bound with the topics to write. The people can freely share their thoughts and earn money. The registration process is so small and easy in decentralized system. As there is no central authority so no need to worry about account suspension which happen in centralized system.

More about Decentralized system

Immutable: The decentralized system is immutable. Once you perform a transaction, you cannot change it. If you transfer money to wrong address, there is no way to get it
back. You are responsible for all of yours decisions.

Open source:
The decentralized system are open sources.

Transparent:
The decentralized system are transparent. The people can watch the whole transaction history of any other user on network.

No central authority:
There is no middle man in Decentralized system. The transactions are happened here P-2-P. Moreover In centralized, if someone try to access your account, you can complain to the higher authority. But as decentralized has no higher authority so if you get hack, you cannot ask for help to anyone.

Following is an example, Dscord is centralized so when someone tried to access my account from any other location, i got warning. But if someone access your steemit account with keys, you won't be informed that your account get access from any other location.

Information keep Confidential:
There is no any central person to access your personal data. The whole control on account is handed over to user so only he has access to his personal information. The user is only one who can see, edit his personal information.

EXAMPLE

A very common example of decentralized system is Steemit platform. This platform allows it’s user to share their ideas. The registration process is very simple. The users earn money by creating the quality based content. There is no central authority here. The information is stored on multiple computers across the network. The most important thing is here whole
system is transparent. The people can watch the whole transaction history of any user on this network.

Describe the advantages and disadvantages of a decentralized system

Advantages

No central party
There is no central party in decentralized system. No one is owner of system. The control is not given to just one middle man. The control is given to the user. In centralized, a middle man exist. When a transaction is performed, the middle man cut his fees. But as there is no central person in decentralized blockchain system, so transactions are performed directly between users.

Easy and simple:
 If we talked about a centralized platform, it require a lengthy registration process. In centralized, you start earning only once you meet the specific criteria. Moreover personal information is shared which are accessible to the third party which is central person. The centralized system are a bit complicated for new users to use. But if we talked about decentralized system, these platform are quite simple to use and a very small registration process is there for users to get registered.

User’s privacy
User’s privacy is is highly secure here. Only user can see his personal information.

Failure of one PC.
If central  system get failed in centralized platform, the whole network breakdown. But such problems are not occurred in decentralized system. There is no central party or server
computer so if one computer get failed, it doesn’t effect the efficiency of network.

 User have full authority
As there is no central party, so more power is given to the user. User have full authority to his account.

Rules and regulation
In centralized system, the central person set the rules and all the users on network have to follow all those rules. But in decentralized system, there is no middle party to set the rules and regulations. User feel free himself from limits and restrictions. So he perform more better in that free enviroment.

Disadvantages

No doubt that the decentralized system are very effective and have bright future but it still have some weak points.

Transparent
Whole account of any user is transparent to everyone. Steemit is decentralized, so you can see all activities which i perform on my account.

Unchangeable:

The decentralized system are unchangeable. If you perform a wrong transaction, you cannot change it. For example, if I sent 1 Lac to a wrong person, I cannot get my money back. I cannot ask anyone to help as I am only the responsible for all my mistakes on the decentralized system.

Account suspension
In centralized system, if you violate the rule, you get suspend. The central party may block your account even without informing you. But in decentralized system, if you do something wrong, You get warnings first. There is no need to worry about get account suspend by central party.

 

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

The decentralized system are getting popularity very rapidly. These system are being used in many field successfully. Here are some areas of life where the decentralized system can bring a drastic change.

Hospital system
It is very hard to manage the patient history. If the hospital’s server get hacked, the hacker can change or even delete all the patient history. In case of no backup, the hospital may lose all his record. But by using the decentralized system, such pathetic situation doesn’t
occur.  The data is kept on multiple computer across network. So it is not possible to hack the decentralized system. If one system get fail, data can be recover from any other computer.

Politician System
The politician system is very disturbed. It take much money on every election to set a team which will ensure the corruption free elections. After election still you will get to hear from the losing party that the voting system was corruption. They said no to accept the final result. Sometime the government has to conduct the election again which consume much money.  But if we apply the decentralized system in our politician, the voting system will get clear. The voting process will be so fast and so safe. No party will then be able claim the corruption.

Education System
The decentralized system can help the educational institute to secure the student data in a well managed way. The data won’t be lost then. The data will be easily accessible to all in short time.

Bank:

Our banks are currently centralized. The bank perform role of central party here. The user need the bank to transfer money to any person. Bank deducts their fee. The decentralized system has changed the banking system completely. The transactions are performed without the central party directly between two people on the network. The process become more faster and cheap.

Conclusion

The decentralized system are getting popularity day by day. ou can see many organizations are running very successfully after using the decentralized system. The decentralized system are more secure and fast. Users feel more power on the decentralized system and they earn more by showing their talent. There is no limit or boundary for user so this feature also attract the
user. The decentralized system are still are not as much use as the centralized system. But soon in future, the implementation of decentralized system will being a very drastic and positive change in out society.