Steemit Crypto Academy Season4 Beginners' Course-Homework post for Task 4: Blockchain, Decentralization, Block explorer

DEFINE DECENTRALIZATION. DESCRIBE THE ADVANTAGES AND DISADVANTAGES OF A DECENTRALIZED SYSTEM. IN WHAT AREAS OF LIFE CAN A DECENTRALIZED BLOCKCHAIN BE HELPFUL? (own write-in words)

Decentralization

My very own understanding of decentralization is this;
Just from the word "decentralize," we observe that the prefix "de" has been introduced to the root phrase "centralize," meaning decentralize is a negation to centralize. And I know centralization because the delegation of authority and electricity of decision to a particular character or system beneath which other individuals put up to Decentralized, therefore, approach a machine in which all people is impartial and accountable for all their movements. That is, they rely upon nobody but themselves to take selections, be it exact or horrific.

For instance, in a centralized machine consisting of a business or a company, the employees take commands from the general manager, who takes commands from the director. So you see that if the director is in an awful mood, he may make wrong choices and an excellent way to affect the firm negatively. However, some employees could take higher decisions regarding the issue at hand to negatively affect the organization's boom.

But in a decentralized device that includes steemit, every steemian is entitled to his selection. Whether to vote on a post or not, remark or no longer, or even to ship tokens to someone or not.

Advantages

• Transfer of power is from pinnacle to backside: everyone has the same strength to operate and take selections by way of himself. And the improvements of the character relies entirely on the man or woman's abilities

• Corruption and fraud: These practices can be removed because every transaction is stored transparently to all the users with the help of the hash and blocks.

• Transactions are fast and reliable: Money transactions are achieved fast and to each person worldwide because there's no relay person. The presence of a middleman always slows down the transaction, and unforeseen situations could arise if the intermediary has issues.

• Data is secured: Due to the assist of the blockchain, statistics can not be erased or custom designed due to the combination of hash, block, and chain in the system. So every transaction has a specific identification like a fingerprint delivered to a block. While the block is complete, the hash is connected to another block, and the combination of those blocks gives a blockchain. And this chain can't be damaged nor accessed to be custom designed.

• Transparency: The number of funds, time of transaction, recipient, and sender statistics can be checked and tracked.

• Freedom: the user is unfastened to transact with whomsoever and every time they need to make their very own decisions at will and to work independently.

Disadvantages

• Lack of trained personnel in control: Users without a enjoy or accurate expertise on how to control their resources will misuse their price range because everyone is unbiased, leading to many people being sufferers of cash fraudsters with candy talks and faux guarantees.

• Everyone being able to make decisions might also lead to incorrect decisions that could result in severe effects so one can affect everyone within the company.

• The gadget is highly priced to set up and desires pretty skillful employees. There is a need for experienced, skilled, and professional employees because money sent to an incorrect person via mistake cannot be recovered.

• Poor coordination: Everyone being unfastened to make choices with the aid of themselves will result in lousy team paintings and, in the end, terrible coordination due to the fact everyone will want to do whatever they want.

Areas where Helpful

• Political Sector
  In my you. S. A ., Cameroon, elections are commonly ruled through a valuable body called ELECAM. And Cameroon being a democratic you. S . A. Usually has conflicts among extraordinary parties concerning the outcomes of elections. The Introduction of blockchain in all the pooling stations will assist in eliminating electoral fraud. In the experience that if every voter has a hash code where their vote to a particular celebration can be tracked and additionally once voted, the vote cannot be transferred to any other celebration.

• Land Revenue
  Still, in my united states of America, there were several land disputes. Generally, conditions where a person sells a piece of land to several humans or an influential personality takes keep of a land that does not belong to him through bribery.
  If the blockchain is added to this area, counterfeit transactions could be removed, and the rich and influential characters may not use cash to bribe the land government to exchange records on a bit of land. Everything will be transparent and visible.

• Health Sector
  With the upward push of this pandemic (COVID-19), there was a ride within the range of hospital patients, and compliance with-up has virtually been trouble. To remedy this problem, blockchain can is available. While an affected person is transferred from one clinic to another, the facts saved at the affected person will become manual the receiving physician in any part of the arena on what to do with the affected person.

• Banking
  Bank transactions are pretty Slowthese days, and the bank, from time to time, restricts specific quantities from being despatched. The enter of this machine will grow the velocity of transactions from hours to seconds, and transparency may also be considerable.

• Educational Sector
  In this zone, we've had many bribery and corruption cases when it comes to selling students based totally on benefit or maybe aggressive assessments. The Introduction of blockchain will cease all types of frauds on tests, and also when applying for a scholarship out of the country as an instance, the scholar will now not need to upload any documents online due to the fact with the help of the hash, all statistics may be seen concerning the scholar's instructional course.

Conclusion

At first, I knew nothing about decentralization though I heard and examined a lot approximately it at the newspapers and newscasts. But thanks to this ideal steemit platform and this path @yousafharoonkhan, I now apprehend what a blockchain is all approximately and its method whilst they're announcing, "steemit is decentralized."

So there is a want for publications like this one prepared through extraordinary professors on the SteemitCryptoAcademy network to recognize and practice this effectively.

Thank you for reading my post