Crypto Academy Season 3 Beginners'Course Homework Post For Task 2: Decentralization
| No. | Content |
|---|---|
| 1. | What is Decentralization? |
| 2. | Advantages and Disadvantages of Decentralization |
| 3. | In what area of life can a Decentralized blockchain be helpful? |
WHAT IS DECENTRALIZATION?
According to Merriam-Webster dictionary, it is the dispersion or distribution of functions and powers. The delegation of power from a central to regional and local authorities.
Decentralization is the act of transferring authority of a central body to smaller organisation, groups or individuals to carry out duties they wish to do or have been authorised to do. In a Decentralized system the decision making is not only left to the higher authorities but also to its users. The users also have a say in what happens and do not happen. The unique thing about this system is that everybody's opinion matters. Decentralization is known for its fast and transparent transactions which is accounted for by every user in the blockchain.
ADVANTAGES OF DECENTRALIZATION.
- It has an informal structure where value is placed more in an employee or user unlike in a Centralized System where it's central authority has all the power and has value and respect.
- There is no middleman this its users have freedom to do their transactions in a one-way through the Peer-to-peer(P2P) structure. Users are more free when they get to do their transactions annoymously and freely.
- Decentralized transaction can be done anywhere, anytime; 24/7.
- It is very secured, as only those who have the password can operate in a Decentralized system.
- It's transparent nature makes it possible for its users to see every transaction that goes in the blockchain.
- It is very fast and efficient, it does not take long for a transaction to go through.
DISADVANTAGES OF DECENTRALIZATION
- A Decentralized password are to be guarded carefully. If misplaced, could result in a loss of investment.
- If one makes a mistake especially in a transaction might not be able to rectify it.
- It does necessary have a identifies authority, someone can look up to.
- One has to learn crypto language to operate in the system which makes it difficult for illiterates.
HOW A DECENTRALIZED BLOCKCHAIN CAN BE HELPFUL
Bank Sector
An individual who uses a Decentralized system has a high hopes of am easy and smooth transaction than the physical. If I @yuceetoria wants to make huge transaction that needs to be taken care of in the morning will have to get the bank in time, fill some forms before I will be attended to, all of might take about 2-3 hours. With a Decentralized system, this could within 5 minutes. The banking system can also adopt it to make attending to clients easy and stress-free.
Health Sector
A Decentralized system can help our health sector greatly. Each patient data can be uploaded and can be found no matter where he/she is without thinking of how to transfer files. Doctors if consulted can easily check out the patients data because it is permanently stored in the blockchain.
Education Sector
On few occasions in my institutions, you will hear of missing script, missing files, ommision of results, result falsification and many other errors that is heard of. With a decentralized system all these problems will be reduced and limited, helping both lectures and students.
- New intake can easily pay their fees in the tertiary institution.
- Lectures can upload students file and results, which will also make it hard for students to falsify their results.
Land Revenue
With blockchain system, land records can be uploaded and stored.This way fraud and illegal ownership of land can be avoided, saving innocent and weak people who can't defend themselves.
Politics and Election
One reason for elections is for the masses to be able to choose their leaders. Decentralized blockchain is one place that provides a great avenue for a free and fair elections, void of rigging and figure manipulation. Citizens will not be threatened about their safety again because of elections.
I want to appreciate professor @yousafharoonkhan for the lectures.
#cryptoacademy-intro02 #cryptoacademy #nigeria #decentralization.