Blockchain Trilemma....#005

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Welcome you all to another part of my discussion on this topic of blockchain trillema.

Ofcourse the blockchain trillema is a broad topic to be discussed and if you have been following along I have been doing my best to disect it piece by piece to drive the point home.

I have discussed what the trillema facing blockchain is and also why that is so, I have also touched down on what happens to a blockchain if is not secured.

Today we I will like to talk or focus more on a very important aspect of blockchain which is decentralization.

Decentralization is very crucial in blockchain and ofcourse some blockchain as part of the ongoing trillema has choosen to sacrifice decentralization for scalability and maybe security.

So today I will like to talk about what the blockchain will look like if it isn't decentralized or better still the dangers facing a blockchain that isn't decentralized.

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When The Blockchain Is Not Decentralized

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Decentralization is one thing that is crucial to blockchain as it helps restores the blockchain trust and integrity and if it's absence it put a whole lot of things at risk in the blockchain, here are possible dangers below to having a blockchain that isn't decentralized;

1) Single Point of Failure: Well if it isn't decentralized then it is centralized and if a blockchain is centralized it makes it create a single point of failure thereby making it liable to facing attacks or being easily censored.

When the blockchain it's centralized authority lies with a central authority and if this central authority is jeopardize or compromised then it will greatly affect the whole blockchain putting it in great danger.

2) Reduced Security: Another risk we have with a centralized blockchain is that they are more vulnerable to manipulations as well as hacks by malicious people and subject to security breaches.

When the blockchain is centralized it makes it possible to hackers to target it as they have one point of interest to focus on and when the central nodes are jeopardize it will greatly affect the security as well as the integrity of such chain.

When a blockchain is not secured then what happens to users asset? Indeed it will be at great risk thereby highlighting the need for a decentralized blockchain.

3) Potential for Manipulation and Bias: Centralization of blockchain means one thing that one central entity has complete authority to what happens on the blockchain and this central authority so to speak can easily modify the blockchain's data.

Often this central authority could easily have their way by influencing the blockchain's governance for nefarious purpose as well as being able to manipulate even blockchain's transactions.

When the blockchain's transactions is subject to manipulations and an individual able to have his way then this reduces the trust in such blockchain and also put it fairness into question.

4) Lack of Transparency: Since the blockchain's is centralized it means key decisions are done behind closed doors only the few having knowledge of it.

This results in lack of blockchain transparency as major blockchain operation is only done with the knowledge of few who possess authority thereby making it hard for the normal users to get an inkling of the workings of the blockchain.

Knowing that some decisions which will affect you its being taken without your consent or knowledge also puts the integrity of the blockchain in question as decentralization often allows for transparency which centralization does not offer.

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Conclusion

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Decentralization as we know is important, a centralized chain puts the whole blockchain at risk as power of decision making will be centered of a single entity which leads to challenges I have highlighted above which goes to show how important for a blockchain to be decentralized to avoid this dangers and many more as we will come to see.