Hello Everyone. The Decentralized technology is seen everywhere. From Healthcare to bank, the decentralized network is taking the control of the world and making it more digital and advance. This lecture is about the decentralized technology. I am going to do the homework task for professor @ yousafharoonkhan

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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)

The word Decentralized refer to a system which is not centralized. This technology is opposite to the centralized technology. In centralized technology, we have a server where all the data is stored centrally. There is a person or group who have owned the system and they run the system according to their own rules and regulations. They set the rules and all the users have to follow these rules. The users do not have right to suggest anything. The main and basic thing about the centralized system is there always a central party. This party is involve to complete the transaction process. The involvement of the third party make the transactions process slow and costly because they always deduct their transaction fee.

The banks are centralized. In this centralized banking system, the whole data is stored at a central place on a server. The banks act as a third party to perform the transactions. The user contact with bank to perform any transaction. There are some rules and regulations; such as opening and closing timing, which all the users need to follow.

But if we talk about the decentralized system, such systems are more advanced with amazing features which attract the user's attention to the great extent. The Decentralized system are not owned by any person. There is no any central authority to interfere.

Such systems do not have any middle man. The transactions are performed directly between the customer and producer without involvement of any third person. So the system become fast and more efficient as you do not need to interact with any third person. You can perform your transactions directly which save your time and effort.

The transaction fee is very low on the decentralized system. Such systems are said to be the cost effective in term of the transaction fee. This feature also seem amazing.

There is no central authority to own the systems, so more system's control is usually in user's hand. The user's can perform the activities according to their own. There is no central party to order the user. They feel more free and even can give their opinion how to the manage and run the system.

In decentralized system, the data is not stored in a central place instead it store on all the participant node which make this system more secure and safe. In centralized system, the data is stored at a central place on a server which can be hacked by a hacker.

But when the data store on hundred of thousand nodes, it become extremely difficult for the hacker to hack such system because it is almost impossible for the hacker to hack this much computers at a time. So the decentralized system is more secure. More over, there is no central authority so no once can access the user's personal information other than user himself. So we can say that the decentralized systems are more secure, advanced, fast and cost effective at compare to the centralized system.

Features of Decentralized system

Cost effective:
The Decentralized system are cost effective. The transaction fee on the decentralized system is very low. You do not need to pay the fee to the central authority as we do in central system.

Fast:
There is no need to involve any third party to perform the transaction. You can transfer your fund to any one without the time limit. You can perform multiple transactions in one second.

Transparent:
The decentralized system are transparent. The whole data stored on the system is readable by any person the network. All the verified transaction data is accessible by all the users.

Immutable:
The data stored in the decentralized system is immutable. You can read the stored data but cannot change it. Once the data is stored, it become unchangeable.

Easily Accessible:
The decentralized system is easily accessible throughout the world without any specific limitation and hard condition.

Security:
The security of the decentralized system is very high. The hacker cannot hack the decentralized system. The user's personal information is not even accessible by the authority

Blockchain

Blockchain is a decentralized system. There is no central authority. The blockchain do not need any third person to perform the transaction. The users can person transactions directly without involvement of any middle man. The transaction fee is low on the blockchain and speed is very high. The blockchain system is totally transparent and every one can see the data of any other user.

This transparency make the blockchain and decentralized system more attractive. But you can only read this data. You cannot change it. When the verified transactions store on the blockchain, no one, even the management, can change this data.

Describe the advantages and disadvantages of a decentralized system.

Transparency:
This is the major advantage of the decentralized system. When the transaction get verified, it get stored on the system which is transparent and accessible to all the nodes on the network.

Security:
The Decentralized system do not have the middle man. There is no central authority to access the user's personal information. No one can access the user's wallet without password. So this system is highly secured. Moreover, data is not stored centralized. It is stored on multiple nodes across the network. It is extremely hard for the hacker to hack much nodes at once. So this system is highly secured from hackers.

No High Authority:
There is no owner or high authority in Decentralized system. All the users are equal and have equal rights.

Speed:
The speed of the decentralized system is very high. You can perform multiple transactions simultaneously which enhance the speed of the network

Easily Accessible
The Decentralized system is accessible globally without any difficulty or strict rules. You just need to have a network connection. No central or third person is require to get the services of the decentralized system.

Cost Effective:
The Decentralized systems are very cost effective. If you use centralized system, you need to pay the transaction fee to the third party to perform the transaction which is high in amount. But the decentralized systems do not charge the high amount as transaction fee.

Easy Registration process:
The registration process of the Decentralized system is very easy. You do not need to follow some strict rules to get yourself registered on the decentralized system.

Complicated:
The decentralized system are a bit complicated for the new users to use. These are not ready made system which are handed over to user to use. But the decentralized system are not this much easy for the users.

Irreversible:
When you saved the data on the decentralized system, you cannot change it at all. Sometime, this feature become hard for the user. If they perform a transaction by mistake, it is irreversible. You cannot recover it.

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

Conclusion

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