Crypto Academy Season 3 Beginners' course - Homework Post for Task 2: Blockchain, Decentralization, Block explorer for professor [@yousafharoonkhan] by @obikay

(2) Define Decentralization. Describe the Advantages and the Disadvantages of a Decentralized System. In what Areas of Life Can Decentralized Blockchain Be Helpful? (Write in own words)

source

What is decentralization?

In blockchain, decentralization is defined as the hand over or the control of the decision-making from a single entity which may be group, organization, individual to different channels. Decentralized networks try to bring down the volume of trust that individuals put in one another, and discourage the act to exercise authority or control over one another in methods that devalue the efficiency of the network.

Advantages of Decentralisation:

• Decentralization brings down the stress on the executives of some various tasks. Unlike the centralized system which puts much burden on them, so when the system is Decentralized it cuts down the burden of decision making on the executives to enable them concentrate.

• when the system is Decentralized the executives stands a better chance of developing their skills by been inventive making them also available for other managerial position.

• Decentralization encourages motivation. Since the decision making process is been distributed, it improves the morals of the employees.

• Decentralization brings about a better supervision and control as the people in the lover division will have the power to make independent decisions. As the have a better knowledge of task under them and are willing to take corrective measures when necessary.

• Decentralization helps in quick decision making since the decision making do not depend on the executives.

Disadvantages of Decentralisation:
Decentralization possess good benefits but can also be dangerous unless it's been continually observed for the good of the organization.

The disadvantages are

• whereby every supervisor works and frames policies in agreement to their skills, uniform policy and procedure becomes a problem

• In a Decentralized system Co-ordination becomes a problem as authority is given to everyone.

• Decentralization requires qualified personal and may not be of usefulness if their are no competent and qualified personal.

Areas of Life Decentralized Blockchain Can be Helpful?

• Keeping Digital Records
  Decentralized blockchain can also be applied to store very important and valuable documents or records keeping them secured and protecting them from alteration, or theft. Financial transaction, birth and death certificates, property documents, insurance records can be inputed in encrypted code and stored.

• Intellectual property
  Decentralization blockchain can used to detect fraud or theft of mental and creative properties, and to provide the proof of ownership. cases for Intellectual Property which include:

✓Recovering of stolen goods
✓Detection of fake goods
✓Registration
✓Verification of provenance
✓Registration
✓Proof of first use in trade or commerce

• Health care sector
  ✓Traceability of drug: It will be easy to trace drugs in the blockchain as it is been monitored in real time and no possibility of it getting tampered.
  ✓Good Clinical Trials: Decentralization blockchain helps in storing the patients data. Which can be used in the public health to make futher research to improve medications for different disease.

Thanks to you professor @yousafharoonkhan for the lecture