CRYPTO ACADEMY SEASON 3 BEGINNERS COURSE- HOMEWORK POST FOR PROFESSOR @yousafharoonkhan TASK 2: DECENTRALIZATION BY @ruthjoe
Its so good to be back here. Am glad crypto academy is back, stronger and better.
Thank you professor @yousafharoonkhan for the lectures, it was detailed and very simple to understand. After reading the lectures am here to carry out my homework.
TITLE OF HOMEWORK: TASK 2 ; 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 YOUR OWN WORDS)
A) DEFINE DECENTRALIZATION
The term decentralize means to change focus or position from been at the center to several other positions. Therefore decentralization can be defined as the distribution or division of power, control and authority from a central body to other points.
Decentralization can not be talked about without mentioning the word centralization, because the root word found in decentralization is centralization. Centralization means to come from center, or from a central point. Power and control comes from a central body. But for Decentralization it is not so.
In a decentralized system like social media, users of such system have total control over what happens and goes on with their account.
A decentralized system is very transparent ie nothing is hidden. Everyone can see information available.
B) DESCRIBE THE ADVANTAGES AND DISADVANTAGES OF DECENTRALIZED SYSTEM
Decentralized system as i stated above is a system where the user or users have total control over what happens in their account. And below are the advantages and disadvantages of decentralized system.
ADVANTAGES OF DECENTRALIZED SYSTEM
A decentralized system enhances good administration: Those whom control are given to run the system look for creative ways to become better at administration example in the area of decision making, and other managerial ways like discovering how to effectively manage the system.
In decentralized system fraudulent activities are prevented because it is very transparent and information once imputed can not be changed
Decentralized system can not be hacked easily because information are not stored in one central place.
Decentralization leads to growth: Output is greatly increased. A decentralized system is like using the principle of division of labour. When responsibilities are shared output is increased. Aside output, You will also have more experienced people who can do what normally only one person was doing. Thats growth.
Decentralization causes burden to be reduced from one person and shares it among several other people.
Decentralization causes personal motivation; generally, giving people responsibility makes them responsible. In an organisation for instance, when responsibilities are shared, it calls for motivation to do better, because responsibilty is attached.
DISADVANTAGES OF DECENTRALIZED SYSTEM
Decentralization is expensive to maintain or sustain: for instance in an organisation,because you have many others in charge of control or handling responsibilities, it calls for more financial burden.
Decentralization requires people who are experienced or trained because it is complex.
Decentralization may lead to insurbodination: Those in control may no longer listen or take instructions from anyone because they are in control.
C) IN WHAT AREAS OF LIFE CAN DECENTRALIZED BLOCKCHAIN BE HELPFUL
Decentralized blockchain are helpful in the following areas of life;
- In political sector: blockchain decentralization when applied to the area of politics will do so much good especially in countries with high population, it will fasten the voting process allowing everyone be part of the election.
Decentralization when applied in politics will prevent fraudulent activities during an election because once information is entered it can not be changed. Therefore it will increase authenticity of elections results.
In the Banking sector: The work load of banking is much therefore applying decentralized system to the banking sector will help the work load to be done faster therefore increasing the speed of transactions. Secondly it will help cut down on fraud in the banking world.
The health sector: health is vital, decentralized system when applied to the health system will solve the problem not knowing where patients' medical records are kept. We know that before a patient is attended to, the medical record is presented, there decentralized system solves this problem, any doctor no matter where they are can have access to their patient's medical records even before the patient arrives because anyone can have access to information stored in a decentralized system.
CONCLUSION
Decentralization is one of the best things that happened to us. Take a look at decentralized social media, amazing things happening over there. Although decentralized system can be expensive but when applied in the areas of life stated above i believe the world will be better for us all.