Steemit Crypto Academy Season 4 Beginner Course - Task 4: Blockchain, Decentralization, Block Explorer by @ranaabdulhadi
Hello guys,
Welcome here to this post which is related to Task 4 of Steemit Crypto Academy Season 4. So, let's start our discussion.
Decentralization
Decentralization is a very unique and great development in blockchain technology. The word de means not and the word centralized means center of something. So, the word decentralized means without any center or core.
Decentralization is the existence of a system without the existence of any center or core. Decentralization is a very great and successful aspect held in blockchain technology.
Decentralized platforms are those platforms that exist without the central person or controlling system. The cryptocurrencies are all decentralized platforms.
The concept of decentralization was developed just along with the development of the first-ever cryptocurrency, Bitcoin. Bitcoin is also known as the king of all cryptocurrencies. The work of Satoshi Nakamoto is greatly appreciable in this regard.
The transactions that are made in the decentralized platforms are the blockchains in which the transactions and funds are not controlled by any kind of central controlling unit.
Advantages of Decentralization
Some of the main advantages of the decentralized platform are as follows.
The users of the decentralized platform are free-hand. They are not under the influence of any pressure from the central person.
There is no involvement of the third party while making the transactions in the decentralized system.
The decentralized blockchain is user-friendly, this thing really affects the users positively.
In the term of security, the decentralized system is very strong.
The decentralized system is difficult to hack because the hackers found no point for attack.
Another important advantage of the decentralized system is that the transactions that are made on these platforms are very fast and efficient.
Disadvantages of Decentralization
There are also some disadvantages of the decentralized system that are as follows.
The assets of the cryptocurrencies that are available in the decentralized system are so much volatile in prices. This thing, sometimes, harm the users.
Another de-merit of decentralized systems is that they are very much susceptible to misusage. Many bad thinkers use decentralization as the source of doing money crimes.
The brokers also get benefits from the decentralizations and do money crimes.
In what areas of life can a decentralized blockchain be useful? (write in your own words)
As we noticed that decentralized blockchain become more volatile in the world and a large number of people start using this system. Its usage increases day by day.
So now we can talk about the uses of Decentralized blockchains.
If you are a trader then you have the knowledge about the decentralized blockchain. In trading Decentralization provides us privacy so, we can make possible transactions without revealing the identity of seller and buyer.
Decentralized Blockchain play and important role in the field of medicine. In the system of decentralized blockchain a lot of patients can be deal with only one report. Suppose a patient who wants treatment. The report of the disease of patient post to the blockchain. Then the doctors see the report and they give the medicines for this disease. So a lot of patients of the same disease can be cured to see this post. It is really a great job.
We can use this system to reduce the cruption in politics. Because there are many chances of cruption in voting without this system. So the system of politics can be developed by using decentralized blockchains.
I read the whole lecture and I really like this lecture. The professor teach about the decentralized blockchain very well and by this I learn advantages and disadvantages of decentralized blockchain. We can use this in Health, Politics, Trading, Banking to get more security and benefits.