Decentralization can be defined as a system which might be an organization, a block chain, a business were the affairs, governance, rules etc, of the system does not centralize at a center but from top to bottom every members of such system has authority, Freedom etc according to his capability.

In this system every individuals have freedom of expression. All members are autonomous in action, such as what to post, Transactions of his/her tokens, what to comment, when and whom to make Transactions with.

It is worthy of note for is to understand that in this system, if a general rule is to be set, there must be a unanimous agreement between members, witnesses and stakeholders of such organization, blockchain and business for it to stand. For example, a blockchain such as steemit has a no Plagiarism rule and this rule has been unanimously agreed by the witnesses to stand and it is seen as great idea to add more value to the blockchain.

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Describe the advantages and disadvantages of a decentralized system.

Advantages of Decentralized System

• All Members are part of the decision making: in this type of system, be it in business or blockchain or any organization, the people at the highest authority cannot just make a decision without due consultation for the various stakeholders and members and of such organization. And since this system allows for freedom of expression, a member who feel cheated at the end of the day can always voice out for a reconsideration.

• No fear of fold up- In this kind of system were everyone has a stake in the workings of the system, you don't have any fear that one day you will come back and the system is no more in existence. Since every individual has a say in the happenings it the system.

• Inability to hack the system - Since the overall information or data of this system is not captured in a particular place, then the ability to hack this system becomes almost impossible if not completely impossible. Why this is impossible is that the information are not stored in a place. So you need to extract information from Different block of the block chain with each of the members compromising their information to be able to hack the system. The the problem of Consensus will always capture the hacker, making hacking of the system rather impossible.

• Transparency - With this system the organization in operation enjoys an open source affair. So any thing done on the system even on another person's account or unit can be assessed. So in this case, fraudulent activities is minimized. There was a case here on steemit, where someone had assess to a friend's password so he logged into the friends wallet and transferred all his SBD to his account. Little did he know that the history from the account is always there. So everything was displayed on the history section and that is how he was caught. So the Decentralized system gives alot of transparency.

• Autonomousity - In this system you are your own boss. That is, no body has a direct control over any body. Every member of this system have freedom of expression based on his capabilities and entitlement. So that I can decide to make any post or comments without seeking the approval of the system stakeholders and it won't breed a sanction.

Disadvantages of Discentralized System

• High Financial Value Volatility: in the Decentralized system since every members activities might not add value to the system, then there is prone to be fluctuations in the market value. If there was a one man control over everything, then he/she would just take decision that will directly affect the system positively. But in the Decentralized system every members activities is taken into consideration and it has a way of making the market Volatile.

• Poor Managerial coordination - Due to the fact that everyone has a say in this system, then it is always Difficult to coordinate virtually every activities very well, because you can't control what a person wants to say or do at a time.

• Non-retrieval of data - in this system since all the information are not connected to a server, then if an Access key gets missing then that's the end to that account or block. So this system needs alot of carefulness.

• Needs highly trained personnel - Due to the algorithms involved in setting up this system, then there is a requirement for very highly trained personnel to be able to manage the arithmetic aspect of the block. Incase any thing happens to the block at some point, then there should be engineers on ground to manage and correct such, but in cases were this is not available then this becomes a very big problem.

• Slow decision making process - since almost every members if not all needs to cast thier vote on a particular decision before it is approved, this makes the process very long and in most cases were there can't reach a consensus then the blockchain suffers for the delay.

• Mistakes is not tolerated - in cases of wrong transfer of tokens or funds in this system, then such funds are gone, since the is not general server which the people in the highest authority could help to make returns. Except the person of whom the wrong transfer is made to accepts to make returns, then such tokens are forfieted.

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In what areas of life can a decentralized blockchain be helpful?

Educational Sector

Now in this sector, people's data can be stored and can be accessed in any part of the country or world. So that cases of faking of result will not occur at all, because your data is clearly stated for any one to access. And if this is the case, I think people will seat up the more so that thier educational outcome will be better to avoid public embarrassment since the data's will be made public.

Health Sector

In the health sector, the hospital for instance. The health status of people can be trailed and some sickness can be detected to the root no matter where or which hospital the person is going to. So doctors can have direct access to the information.

Since the data concerning the persons health is rooted to the block then cases of lost of data won't be possible.

Political sector.

This sector needs this system the more because politicians are known to embezzle fund and go away with it. But if this system is adopted, then money going in and out of the public funds will be greatly monitored which will avert the case of stealing of funds..

Election

This is another very important line. Since there are always news of rigging of election results in the world over. With the Decentralized system, During election, the voting process can be totally monitored and since no body has access to the site then they won't be any case of manipulation of result or hacking of the system to change the result.

Banking Sector

Notice in our banks today, Transactions take longer time and charges is always very mouth opening in some cases. So with the Decentralized system which we have learnt that Transactions is built to occur in seconds with almost zero charges then this system is a great one to adopt for this sector.

Housing Records

With this sector there can be a proper records of the number of housing and in a country. And this information can help the government to decide if the should stop building in a particular region to avoid environmental hazard. Since this information can't be altered then the Decentralized system is the best place for it

Importation and Exportation

Now there are cases were there are importation into a country and the people at the highest authority will manipulate the figures so they can take or remain some for them selfs, but with this system this can be averted.

Taxation

Imbibing Decentralization in the taxation system, a company can easily log into the government site and check the run down of the company tax evaluation. And in this system the data cannot be manipulated so the company will have more trust in the government tax institution.

Conclusion

In conclusion the Decentralized system can also be called a system for all and should be imbibed into any sector. Though it has it own flaws, if this flaws are worked on, then in the coming years this will be greatly appreciated for use.

Thank you.