Crypto Academy Season 3 | Task 2: Blockchain, Decentralization, Block explorer| by @shahab1998
HELLO STEEMIT members , i hope you all are fine and doing well, so this is my homework given by the honorable professor @yousafharoonkhan, First of all thankyou so much professor.
So Season 3 of CrytoAcademy has been started and i am very excited to make my first beginner post of this week.
Crypto academy professors are doing their utmost to help steemit users learn about a variety of topics by sharing their expertise and information in order to help them make better use of this enviroment and helping us to not only learn but also enhance our skills here.
Define decentralization. Describe the advantages and disadvantages of a decentralized system. In what areas of life can a decentralized blockchain be helpful?
DECENTRALIZATION:
So lets Discuss Decentralization, basically it is a very simpleconcept in which every system has roght t make its own choice. Also with that and power that is not controlled by any other system or owner. Decentralized systems imply authority and decision-making autonomy. Decentralized blockchain allows systems from all over the world to participate. Also with that we have Decentralized networks attempt to reduce the amount of trust that members place in one another by prohibiting individuals froexercising authority or control over one another in ways that devalue the network's efficiency.
ADVANTAGES OF DECENTRALIZED SYSTEM:
Decentralized Systems are also very usefeul and benificial like Centralized Systems,
In decentralized System we main advabtage isdata is not stored in a single location, no one can modify it in a decentralised system. This is one of the reasons why this method is far safer than a centralised approach.
Another main advantage is decentralization is as Because the people in the smaller unit will have the capacity to make independent choices, decentralisation improves monitoring Because they have a stronger understanding of the task at hand and alspo they do take remedial action.
Dencetralized systems are very fast as because senior management is not overburdened, this system is quick.
In Centralized plateforms the central athority can access data at any time whenever he wants while in decentralized system there is no central athority so this is biggest advantage of decentralized system.
Another main advantage of Decentralized system is like in centralizedsyetems authoirities bane the user if they want because they are based on a centralized athority while no one can ban in decentralized Systems.
DIS-ADVANTAGES OF DECENTRALIZED SYSTEM:
With above advantages there are disadvantages of dencentlized systtem too.
In Decentralized System in the dencetrlized system you would not be able to retrieve your password. You were given a master key, and if you misplaced it, your account should not be recovered. However, if you lose your password on a centralized platform, you can easily recover your account. This is one of main disadvantage of Decentralized system.
Decentralized Systems are much expensive than Centralized Systems so this is one of main disadvange of it.
In Dencentralized stsremsn o other mechanism is capable of resolving problems make a complaint to a higher authority about an issue.
Decentralized Syetems are very hard to use as compare to centralizes systems which are very easy an convinent.
Areas of life can a decentralized blockchain be helpful:
Follwoing are the areas in which Decentralized blockchain can be helpful for you
HOSPITALS:
Decentralized blockchain is very helpful and benificical and is helpful in many sectors including hispical where there all data and reocrd is saved and ll of the patient's records would be stored on the network abd blockchain system would save all previous medical prescriptions and data.
RECORD MANAGAMENT:
Not only this i is also helpful in another sector which is in record management, it haops and store alll record and impprtna t data and not only this it savs all transactional data too which can includde insurance data, banks data etc
DIGITAL IDENIFICATION/ IDENTITY:
As we knoweverything in the world today has gone digital and to that effect, the use of digital identity to store in data that belongs to a particular user would be of good idea because it's easily tracked and even if such identity is in anyway lost but can still be recovered.
CONCLUSION:
This lecture was very helpful for me, I learned alot about Decentralized System as Decentralized blockchain allows systems from all over the world to participate. Also with that we have Decentralized networks attempt to reduce the amount of trust that members place in one another by prohibiting individuals froexercising authority or control over one another in ways that devalue the network's efficiency.
Professor @yousafharoonkhan Thankyou so much for this wonderful and informative lecture, this was my first lecture of yours and i have learned alot.
Thats all , This is my homework professor @yousufharoonkhan i hope you like it and once again professor thankyou so much for this informative lecture, This post is totally plag free.
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