Crypto Academy Season 3 Beginners' course -// Task 2: [Blockchain, Decentralization, Block explorer]//

Hello everyone, I hope you are all well and enjoy your health thanks to God Almighty. Here I am with Task 2, in Steemit Crypto Academy Season 3. I was very happy about 3rd season . Specially thanks to Professor @yousafharoonkhan for this informative lecture. So, let's start the lesson without wasting 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:

Decentralized words go beyond that to convey the meaning of the whole concept. The word "De" means (not), and the word "centralization" means the process of having something with the center. Thus, decentralization of the whole word means the process of having something without a central point or idea.In the world of cryptocurrencies, the word decentralization means the process of having a system and blockchain without any particular central authority.

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Each person of this blockchain has the ability to make decisions according to their ability. Decision-making and power do not depend on a particular person or organization. But in decentralized blockchains, everyone has the right to make their own decisions and actions. Therefore, every part of a decentralized system is important for its functions.
In process of decentralization, there is no owner or organization that controls the entire system, but most importantly they are equal in the top-down power distribution. And each individual and society associated with this system has its own decision-making power and is independent of that aspect. Computer systems are interconnected from all over the world and run a set of stand-alone systems or blocks known as decentralized blockchains.

Advantages of Decentralized System:

As I explain about decentralization in the above category. So now I want to talk about the benefits of a decentralized system.

1. All users are treated equally and can work together. In this way, consumers gain confidence and work with more enthusiasm.
2. Only the data creator can modify the stored data. No one can change or edit the information stored in the decentralized system.
3. A decentralized system is a secure system because the user controls the user's own system and has complete control over their data.
4. Any system can increase its reputation and encourage it so that its quality work is maximized.
5. A decentralized system creates the right coordination between higher and lower authorities and thus gives fewer customers a chance to succeed.
   6.Decentralized system control is available to users, so the chances of being hacked are almost zero.
   7.The security system of decentralized blockchain is very strong and private.
6. In decentralized systems, permission from the central authority is not required to conduct transactions. Anyone can trade easily anytime, anywhere in the world.

Disadvantages of Decentralized System:

As we all know, what has advantages, it also has disadvantages. The same is true of the ventilation system. Some of the disadvamtages of decentralization are here:

1. With proper order, a decentralized system is a very expensive and very expensive financial system.
2. Another important disadvantage of a decentralized system is the fluctuations and malfunctions of the system.
3. The value of coins and assets in a decentralized system increases or decreases accidentally, and such fluctuations also harm consumers.
4. Another important feature of a decentralized system is that trading on a decentralized system is not as efficient as centralized trading. So, this is another drawback.
5. Misuse of this system also leads to the destruction of the financial system. As I mentioned before, users of decentralized systems are free, and this helps spammers and criminals commit monetary crimes.

Therefore, these decentralized systems have advantages and disadvantages. It is clear that the future of a decentralized system is very bright and successful.

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

Decentralized systems have wide applications in various life parameters. Some of these are discussed here:

Decentralized blockchain be helpful of Saving of Record:

The most important and amazing feature of a decentralized system is that it plays a very important role in retrieving the records and data of systems or businesses. This is because the data stored in the ventilation system cannot be modified or re-changed. In addition, all users and contacts in a decentralized system can easily access records, thereby enjoying the benefits of using data and stored records. Another interesting point is that storing data or storing records in a decentralized system is very easy and convenient.

Decentralized blockchain be helpful in Banking sector improvement:

If approved, an offline system could have a very positive effect on the banking system. By choosing a decentralized banking system, we can improve the efficiency and confidentiality of transactions compared to the current centralized system. For example, in the current central banking system, if one wants to make a transaction, one must first go through a complex and time-consuming process. But there is nothing wrong with a decentralized system. Anyone can easily transfer money anywhere in the world with just one click. In addition, the current central system does not require permission from a central authority or such government.

Decentralized blockchain be helpful in Medical Field:

In my opinion, no one is more useful in the medical field than storing data or using a decentralized system to record disease. Information about patients' various illnesses and other treatments and medications can be stored in a centralized system so that patients as well as physicians around the world can easily access this data. In addition, a decentralized system can play an important role in improving the supply and marketing of drugs.

Decentralized blockchain be helpful in Politician and Governance:

A decentralized system can also play a miraculous role in developing and improving policies. As we all know, there is a big problem in politics that promotes corruption. The higher echelons of the current central government system exercise their power of power and oppress, regardless of the losses and destruction of the lower classes, and do not provide sufficient rights for the people. By entering a decentralized system, such corruption and fraud can be reduced.
In addition, corruption and misunderstandings in voting during elections can be eliminated by adopting a decentralized system for transparency and clearing up corruption. Will In addition, data on government operations and projects can be stored in a decentralized system to control their behavior.

So, these are just some of the goal setting shareware that you can use in your daily life. There are many interesting and important areas of life where a decentralized system can be applied.

Conclusion:

One of the best things that has happened to us is decentralization. Take a look at decentralized social media, amazing things happen. Although a decentralized system can be costly, when applied to those areas of life described above, I am confident that the world will be better for all of us.

Specially Thanks To:

Special thanks and mention to dear sir @yousafharoonkhan for this amazing and informative lecture.

Regards By:

@zeeshanakram