Steemit Crypto Academy Season4 Beginners' Course-Homework post for Task 4: Blockchain, Decentralization, Block explorer by @tripplem
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Hello Everyone. I am Mary, with username @tripplem I will be answering NO 2 Questions of Professor @yousafharoonkhan assignment For Task 4.
(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 own words)
Define Decentralization.
In my own understanding, Decentralization means “Self-Boss” meaning users of a decentralized system are able and capable to make decisions that will either make or mar them since they take no order from a central authority or general overseer.
In Decentralized systems, power is shared evenly amongst everyone from top to bottom, everyone superintends their affairs (transactions).
There are decentralized social media, where it’s users are not restricted from socializing with certain rules and they are not at any risk of breaking any rules because there is none in the first place. Steemit social media is one of these social media.
The opposite of Decentralization is centralization. As it’s name implies, it is a centralized system which takes orders from a supreme authority. This supreme authority controls the affairs of his users/Subordinates.
They are set rules by the superior authority and penalties to pay by defaulters of those set rules in the centralized system.
Facebook is a typical example of centralized social media, there are set rules for social media and defaulting any of these rules have consequences like, banning your account for days or weeks or total lost of your account. So you end up loosing everything you have built up in the account because you defaulted. Imagine!!
In Conclusion Running a business under a Decentralized system fully empowers you in making and taking swift decisions which may result to profit or loss.
Describe the advantages and disadvantages of a decentralized system.
The Advantages of Decentralized system cannot be overemphasized, but I will mention few :
• The decision making labor is being distributed to everyone since there is no central authority for that. Meaning everyone is prone/eligible to make decisions
• Decentralized system prevents malicious activities to to its transparent nature
• Decentralized system facilitated swift money transfer and transactions
• Decentralized system stores their data in blockchain, which makes it impregnable and difficult to be hacked or duplicated
• Decentralized systems promotes/ encourages/facilitates free will to make decisions without being tamed by a superior
• In Decentralized systems, users/traders have access to their money anytime any day and can do whatever they wish with it.
Just as the saying does, there is no advantage without disadvantage, therefore here are some Disadvantages of Decentralized system
• Misuse of freewill: since there are no restrictions , some people misuse their money and since there are no transaction restrictions, decentralized systems can be used as a medium to commit money crime
• money lost during an incorrect transaction cannot be retrieved since it is a decentralized system
• decentralized system required a very high cost of establishment and skilled people.
In what areas of life can a decentralized blockchain be helpful? (write in own words)
Decentralized systems can be helping to organizations and Men in various ways, but let me mention few
• Banking Sector: Decentralized system if introduced in our backing system can solve lots of problems, increase flow and circulation of cash and swift transfers of funds and because of its transparent nature, it will also tame fraudulent acts
• Health Sector: Decentralized system if Introduced to our health Sector can create ease of patients information. One need not to start running series of diagnosis/test from one hospital to the other since report of treatment and result from previous diagnosis of the patient can be easily be Accessed from the decentralized system from anywhere in the world .
• Political Sectors: Decentralized system if introduced to the political sector will actualize this “free and fair election” that some politicians and masses have been yearning for. Remember the system is a transparent one and imagine a decentralized system being used for casting of votes, votes and results will be unchangeable and transparent as it will and cannot be tampered by self centered politicians who hijack results or ballot boxes, meaning that whoever emerges winner will be the “PEOPLES CHOICE”
Of a truth I Must commend Professor @yousafharoonkhan for this well detained beginners friendly lecture. It was self explanatory even a novice can understand and relate knowledge gleaned from here to days to day activities. Thank you so much once more.
So when I hear steemit is a Decentralized system I understand what it means because of this lecture.
Its an honor to be your student, I am proud to have you lecture me on this topic.
Thanks
