Crypto Academy Season 3 Beginners' course - Homework Post for Task 2: [Decentralization] by @patrickbonyah to professor @yousafharoonkhan
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)
Basically Decentralization is an organization in the form of a blockchain, where there is no single or sole ownership. The management decisions and activities of decentralized organization are distributed or transfer to its users within the blockchain.
The system is seen as a democratic system where users are given the chance to make decisions on their own without taking orders from above. It is secured to operate within the decentralized system, because it discourage the involvement of the 3rd party, and users are the sole responsible for their information on the blockchain.
There is accuracy in decentralized system, since all transactions will be validated by the users before approval, it becomes difficult for mistakes to occur.
In simple terms decentralization system is the process by which one has the ability to control his or her activities on a blockchain. An example is Steemit platform, where the user have his or her private account and can do everything except plagiarism.
• Decentralized system help to reduce the workload at which each organization depends on the other by sharing the workload among the users within the blockchain, to ensure smooth and easy expansion of the blockchain.
• There is autonomous in decentralized system, where users make decisions on their own without taking orders from above.
• It is secured to operate within decentralized system, since it discourage the involvement of the 3rd party, the users are responsible for their information on the blockchain.
• There are no complex laid down steps or process in the decentralized system, which makes it easy to operate within the blockchain.
• There is transparency in the decentralized system, which enable the user to see all transactions made by other users, to be sure of the transactions he or she intend to make.
• There is low development in decentralized system, since there is no effective response or feedback system to suggest on the progress of the system.
• The system gives freedom opportunity for scammers to join the system, since there is no central power or body to regulate the system.
• The operation and maintenance within the decentralized system is very costly.
• Operations on decentralized system becomes difficult when one misplace or loss his or her master key, but the account still remain unlock.
There several areas of life that decentralized blockchain can be helpful, blow shows few of them;
VOTING:
when we Decentralized the voting system, we can accurately and efficiently operate it without any external influence, changing or manipulation of election results, to help make right decisions thereby ensuring free and fair election as demanded.
TAXATION:
Taxes are ways by which the government gets it revenue from, but most companies evade tax, because there is no system to check on them and also the tax collectors do not present the real amount to the head office. When we implement decentralization in taxation all these bad practice will come to an end, which will help the government to raise more money for developmental projects.
BANKING:
Decentralized blockchain will be helpful if it is implemented in the banking sectors, to make transaction more easier, faster and secure. Since in the decentralized system transactions are done quickly.
EDUCATION:
When the decentralized system is implemented in our educational sector, it will help us to take courses online without necessarily going to sit in a classroom before learning and teaching take place, to help cut down high fees paying and also help to cover more topics, as we learn on steemit platform in cryptoacademy.
BUSINESS:
Decentralized blockchain can be of help in business, by keeping records of in coming and out going commodities of daily business activities, to enable you know the more valuable commodity that needs restocking.
In conclusion, the decentralized system has clearly depict some criminal activities like hacking, manipulations, stealing etc and provides solutions to those criminal activities, which I will like to instruct every country to implement it in all aspect of its economy.
Thank you.
Cc: @reminiscence01
Hello @patrickbonyah,
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