Decentralization-Crypto Academy S5 - Homework Post for task 4 by @peerfaizan

in SteemitCryptoAcademy3 years ago (edited)

Hi everyone,hope you all fine.I am @peerfaizan with my another Homework task-4 of @yousafharoonkhan .so let's start my homework task.


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(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)

Decentralization

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Source:https://images.app.goo.gl/gH9xCdb3PMBsUgXG9

Decentralization in simple words means the division of reliable of a perticular group set up, application, or a Market structure from a person or office to many group of people's.This is related to a society like the dicision making by all members irrespective to a single members the case maybe in centralisation. Decentralization and centralisation are opposite to each other.When we talk decentralisation in a cryptocurrency world,it is the division of mastery of a token or coin by all of its users rather than one person,the creator of the token or even his group or company.Decentralisation has been achieved that time when the blockchain newtwork is operates with an rules that function with confidentiality.

We all known Bitcoin is the first cryptocurrency which was made and it spread the power to control the currency of many people and this made it more effective with the control of its value as the blockchain makes a opportunity to an individual to become a owner of his own network.

We first look on centralisation.In centralisation the all powers are on one hand. Decentralised is one of the important factor to solve all of this gives a network controlled by multiple computers where each progress it's own data from a previous block create by the other user allowing each of its end user to create it's own policy and maintaining their own privacy to safeguard.

As I am a steemitian and I share a example of decentralisation is steemit community,in which every person has power to become a whale as long as your have the right attribute to offer to people on the platform also having to group up in different communities and become moderator of the system at large.

Let's now,I share you a table about difference between Centralisation and decentralisation:

CentralisationDecentralisation
Centralisation gives us all power to a single personDecentralization gives us power to all its users.
In centralisation the decision making by a single user.In decentralization system decision making by a every user.
In centralisation output has been controlled by a leader.In decentralization output has been controlled by all users.
Centralisation is a slow process output.Decentralization is a high and effective output.

Describe the advantages and disadvantages of a decentralized system.

Let's talk about advantages of decentralisation:

•The biggest advantage of decentralisation is that in this system the tranfer of power is transferred from high to low and every person has opportunity that every person connected to this system develops according to his ability and potential.

•Curruption and frund can be ejected by decentralisation system because everything is transparent in this system.

•Money transactions are so well organised with proper time all over the world.

•The most important thing of this system that the data in decentralization is protected from hackers and data cannot be specially made by anyone.

Disadvantages of decentralisation system.

The biggest disadvantage of decentralisation system is embezzle of funds and anyone can transfer their funds whatever he want.

•Lunching decentralisation system needs lot of money.When somehow a money transfer from a user to wrong account user,it is impossible to bring our money back.

•In this system, everyone had not ability to make punctual decision,which lead to many person suffers the outcome of wrong decision.

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

The decentralisation blockchain system is helful in many areas of let's discuss some areas:

Health Sector

Decentralization is most helpful in health sector.Because when the patient has some problem, he seek advice to different doctors and went other cities and other countries.Decentralization makes it easy to store information about her disease and also store information about medicines which requires to a patient whatever he want.

land revenue

The second and most helpful sector of decentralisation system is land revenue.The all information about land is stored in decentralization system like land area and many more.With this help,the corruption and fraud in this sector is suppress.Because we know a higher and powerful people make a fake documents and occupy their lands of poor peoples.This system makes this sector lucidity.

Conclusion

We all known,with the centralisation system we suffer so many error,so as to solve these errors we aproch decentralisation system.As every country has different currency,so as to solve differences between these currencies, every country can spend Crypto currency which works on decentralization system,which gave everyone right to become a owner.

I am thankful to @yousafharoonkhan who teach me a well detailed lecture.

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