Hi everyone, hope we all doing good. Am grateful to be back on beginner's tasks 2 after going through an interesting lecture by prof @yousafharoonkhan, Indeed have learnt alot and am about to share my knowledge about decentralization. Firstly let look at the questions.

Questions

• 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?

Source

Decentralization can be defined as a process were power is spread away from the center to every member or local branches of an organisation, blockchain, government etc, which gives every member the authority, freedom according to their capacity.

Decentralization which can also be seen as the opposite of centralization enables freedom of expression and its member's has the chance of being empowered and autonomous in making decision unlike the centralized system which gives power to a single or central body.

In the decentralize system if a rule is set it must be accepted and there must be unanimous agreement between members, witnesses and stakeholders of such a blockchain, business, government, organisation as see here on steem blockchain were some rule are set and accepted by members for the betterment of the blockchain..

So in general I can say decentralization illustrate a structure that circulate power or control among many small group or individual instead of giving power to a single or central body..

Describe the advantage and disadvantage of decentralized system.

Just has we have a popular saying

what goes up must come down

In decentralized system we have the advantage and disadvantage, but firstly let look at the advantage of decentralized system.

Advantage of decentralized system

• in decentralized system corruption and fraud are easily sighted and eliminated because of the open system were activities are kept transparent.
• in this system, members are part of the decision making where decisions are made for the betterment of every member which will helps the system not to collapse in term of making wrong decision
• in this system,members are priviledge to express their thought and idea and also make decision without restriction
• in this system, autonomousity is observed and all member as the freedom of expression according to his capability,entitlement and power, no one has the right to oppress you cause you are your own boss.

Disadvantage of decentralized system

• In decentralized system it requires large cost and funds with professional personnels to launch because decentralized becomes useless when there is no competent and qualify personnel.
• It may be poorly manage and may leads to loss of control since everyone has the right in the system and autonomy is observed which everyone may want to work for their own interest..
• It may cause conflict cause it will put pressure on the leaders to realise profit at any cost.

In what areas of life can a decentralized blockchain be helpful?

• Political sector

I think this is one of the sector that needs decentralized blockchain the most cause nowadays in government was well as politics the are a lot of looting and embezzling of public funds which i think with this system it will be easy track and monitor public funds going in and out of the public account to prevent and stop looters in government.

• Health sector

I think to secure transfer of patient medical records and manage medicine supply i think this system will be important as it will also help in keeping incorruptible and transparent record of patient data for security reason.

• banking sector

Decentralized blockchain will help much on this sector as to fasten bank transaction and will also cost less if adopted in this sector that will help ease human stress and spending.

• Election sector

In the case of nigerian election where rigging is a tradition by some party, i think if this system is adopted cases like rigging will be less due to the help of decentralized blockchain which will help monitor and trace any malpractice in the process of election.

Conclusion

I want to thank prof @yousafharoonkhan
For the wonderful lecture as he thought to my understanding it was really fun going through this homework task as have learn alot during the course doing this assignment task

THANKS