Greetings;

Hi to all steemian fellows . I hope you will be all well by the grace of Allah Almighty . I am also fine . Today , I want to submit task-2 in Crypto Academy season 3. I am really very glad that Cryto Academy gave us a chance to improve our experience . They gave us a great relief . I am really very thankful to whole community and team . Special thanks to our professor Mr. @yousafharoonkhan for this informative lecture. Now i start to explain my lesson without wasting my time.

Question:

(ii) Define decentralization. Describe the advantages and disadvantages of a decentralized system. In what areas of life can a decentralized blockchain be helpful? (write in own words)?

Decentralization;

First of all, as we know that the word "De" means "Not" and the word centralization means "The Process of having something with the centre." According to my understanding the whole word of Decentralization means the process having something without any centre or idea . In the same way, steemit is a blockchain which runs under the decentralization . We have freedoms about our account. Every user has the ability to take dicision for their transactions . We have to decide that who is according to our taste and who has abilities to do work with us.

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During our decision , we have all will power and we do not depend on the other particular person or any organization. Nobody has else authority over our account. Here we are free to publish any content , any informative post which we want . Nobody can change or edit or valuable content . No one else steal our information . Unlike the other social media accounts like facebook , instagram and twitter where a governance can close our account without any notice or asking any permission from us. The governance has abilities to stop that what we can publish or not . So we will have not power to take decision according to our thoughts. In the decentralization system , no one has associated on our account . There is no any organization controls our account .

Describe the advantages and disadvantages of a decentralized system.

Advantages;

1. The information about the user is encrypted in a blockchain that can not be altered by anyone . It provides the protection that no one else can hack our account . Many of hackers are available on like websites whose are looking for the vulnerable content from user . In this system , everyone treated to others equally and can work together with other users.
2. Every user can increase his reputation and encourage it . At this system , the owner can manage their account . He can change their all profile setting and edit his published content.
3. It is a international system , it help us that how we contact in other countries. We can send the message or any information between other country's people without any regardless distances.
4. It is totally a transparent system which allows us to done the all transactions . This system tells us all history of our any behaviour. It can tell to us our performed work on the blockchain .
5. We are free to transaction with anyone or any trade centre. We do not have to wait third party's approval .

Disadvantages;

1. One disadvantage is that when we have transferred the money in wrong account there is no option for returns, it is lost in blockchain system .
2. It is said that if anyone wants to crime or money laundering , he is free which he wants . There is no good that anyone making transfer to whomever which he wants. There is no prohibition or regulation is this system .
3. Another disadvantage is that if we lost our master password . So we have lost our money or other work which we had done . There is no way to recover it , so we would have to start from scratch.
4. In this system, the high energy consumption is envolved to maintenance of the system . If we create blocks in blockchain we have to use a lot of energy consumption for the miners. Many of people can't afford it .
5. If we have mistaken in using our account , we will responsible for our decisions. If we will be responsible of loss of money for bad transaction .

In what areas of life can a decentralized blockchain be helpful? (write in own words).

For Records;

It plays a very important role because we have store our important data for our future use. We can record data in easy way . In future , we can utilize our recorded data and use it in our business projects.

In Banking system;

It is also playing a very important role in banking system . It improves our privacy of our transaction as compared to that of earlier centralized system . There is no need to take permission from other organization and governance .

Medical Sector;

In the medical sector, according to my sense there is nothing important for decentralized system . But we can use it in easy way . We can store data of patients , their diseases and other medicational reports . Moreover , the decentralized system is really very useful for the supply and marketing of drugs etc.

Politics and Governments;

First of all, many of politician get the fake votes . Sometimes , many people do not count the proper counting . Fakeness of voting and different kinds of other corruption can be controlled by using the decentralized system . Goverment can store the all important data of their projects and decisions. Moreover , the corruption and fraud can be controlled by the involvement of decentralized system .
I hope the world will be best for all of us in future , if we use the decentralized system .

Special Thanks to Professor;

I want to thanks to our respected sir Mr. @yousafharoonkhan for this important and informative lecture. I am looking forward to his kind reviews on this homework . I hope you will like my post. I am proud of you because you are the professor of our country. I know you will support us in the better way .

Regards;

@shahzadprincejee