Crypto Academy Season 3 Beginners' course - Task 2: Blockchain, Decentralization, Block explorer by @phlexygee

In simple terms, decentralization is the process of sharing power, authority and responsibilities between two or more people or bodies.

There is no single undisputed defnition for the concept and this is because it is defined by various scholars on situational basis or their field of study.

Below is the definition I obtained from Wikipedia:

Decentralization or decentralisation is the process by which the activities of an organization, particularly those regarding planning and decision making, are distributed or delegated away from a central, authoritative location or group.source

It must be noted that all of these definitions have some key words in common which are as follow;

• It is a process and a system.
• There is transfer of responsibilities from center to periphery.
• There exist autonomy.

The focus of my definition will be based on Blockchain.
Therefore I will define decentralization as a process in which every blockchain user has the mandate and autonomy to oversee to their own affairs without the influence or interruption of a central authority.
The crypto system is a practical example of a decentralized system.

Blockchain decentralization is solidited through the connections of mass computer servers from different jurisdictions.

Decentralization is the direct opposite of Centralization because in Centralization power is vested in the hands of a single body.
Examples of such centralized systems are: Facebook, Twitter etc. where some users accounts are closed down due to a breach of the rules of these platforms.

Merits of a Decentralized System

Beneath are some of the advantages a decentralized system posses:

• Reliability of the system; it is more reliable in the sense that there is a minor probability that the system will shut down or calapse because of the massive servers and operators of the system.

• High transparency level; activities on a decentralized system are very transparent to all the users which makes it easier to track down an inappropriate act or fraud and it makes the users more alert.

• Effective and efficient transactions; there is no need for intermediaries before transactions could proceed and transactions are done conveniently with less stress as compared to the centralized system.

• There is freedom of expression; everyone in the system has the right to express their views and make decisions as well.

• Protection of personal data; the data stored in the system cannot customized or tampered by anyone.

• The existence of autonomy; decentralisation paves way for the people to operate in an environment of no or less restrictions where individuals are able to utilize their personal skills for their benefits.

Demerits of a Decentralized System

The under-listed are some disadvantages of a decentralized system:

• Human capital; the Blockchain network is quite technical and complicated so it requires competent skills for its operations. Wrong transactions are less likely to be recovered. A single mistake can lead to a huge loss.

• Expensive to operate on; the system is time consuming and demands internet connection which comes at a higher cost.

• Money crime; since the system is opened to all, scammers and hackers hinge on that opportunity to gain at the expenses of others.

• Wrong decisions; most people suffer the consequences of wrong decisions because they lack the ability to employ timely decisions.

The sectors in which a Decentralized Blockchain System will be of good help

Below are some areas that a decentralized system will be much beneficial:

Politics and Elections; political parties and politicians mostly engage themselves in conflict by accusing each other of stolen votes and this problem can be solve by establishing or moving into a blockchain system of voting whereby citizens may cast their votes and the results may be publicly displayed on the system as the election processes progress in order to avoid conflicts and grudges.
The elections may not be rigged because the voters may have total control of their votes in the system.

Health; it will be a good initiative and much beneficial if the health sector adopt the blockchain system in their field because it will help them to properly treat their patients by sharing relevant information concerning such patients that will serve as a guide for their treatments and it will also help by doing transactions to cater for their medicinal needs.

Agricultural; those at the agricultural field can equally collaborate to educate themselves and do transactions for their farm products such as the species of plants, seeds, fertilizers and many others.

Banking; there will be transparency and a great decrease of fraud and corruption at the banking sector if the blockchain system is being employed.

Construction; sharing of informations and transactions with regards to construction materials can be made more conveniently through the system.

Education; administrators, management and students can adopt and utilize the blockchain system for their daily endeavors.

Conclusion:

I will hereby conclude that a decentralized blochchain system does more good to humanity than harm so it should be embraced in all possible sectors of life for positive development.

Thank you.