Decentralization - Steemit Crypto Academy Season 5 - Homework Post for Task 4

Hi guys. Hope you are all doing well. Today I am going to do the homework that was about Blockchain, Decentralization and Block Explorer. I think this is one of the most important task from the fixed cources. I will answer of the question number two. I want to start my task by giving thanks @yousafharoonkhan for his beautiful lesson.

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Question

Define decentralization. Describe the advantages and disadvantages of a decentralized system. In what areas of life can a decentralized blockchain be helpful

Define Decentralization

Before answering this question, I would like to say a few words about centralization. Centralization refers that That platform has a specific center or authority and all the work is done around it that is centralization. A suitable example of Centralization is Facebook. We all know that the founder of facebook is Mark Juckerberg. As a centralized social media all power accumulated in his hands. He can change any Rules and regulations or anything of facebook because of centralization. No one will be allow to break the regulations.

On the other hand, Decentralization is totally different from centralization. Centralization has authority and they have dominated power for their platform but in decentralized system, there is no specific authority who can dominate any decentralized platform. Here every user has equal power. There is no chance of one dominating the other even if one wants to. Transaction system of decentralization has invention. It is comparatively secure and reliable. All users surrounded by high security. Now it is becoming very popular all over the world.

Describe the advantages and disadvantages of a decentralization

Advantages

I think one of the groundbreaking inventions of the present age is the decentralized system which is far more advanced and reliable than all our old systems. It is gaining popularity day by day to facilitate decentralization and is being accepted by a large number of people. So let's take a brief look at its advantage.

• The people of the world will accept decentralized, so it has many advantages over centralized.The biggest advantage is that everyone here can walk with their freedom.
• Another advantage is that everyone here has equal power. No one will be manipulated by someone.
• There is no need to rely on any third party for transfer of assets. It is very easy to transfer funds to any part of the world with only two parties.
• In today's world of centralized systems, security has become relatively fragile. But in a centralized system, security is much improved. So many people have confidence in this system.
• Since a decentralized system does not have to rely on any third party, its transactions are negligible.
• Since there is no need for a third party, it is possible to transact here in a very short time, which means we can say that transacting here saves time.
• Your full freedom has been decentralized so you can transact at any time from anywhere in the world. In other words, it proves that you have the extraordinary advantage of complete freedom.
• Even if the information of each transaction is stored in the form of a blog, it is not possible to hack it here.
• Decentralization is reliable, friendly, secured as well as very fast.

Disadvantages

If there is an advantage in any one aspect of everything, there are also some disadvantages. The decentralized system is not above all problems. There are some problems here too. Let's take a brief look at some of the disadvantages.

• Since everyone has equal rights here, some dishonest people with its advantages may use it for evil purposes.
• Underdeveloped and developing countries have some people who smuggle the country's money abroad for their own purposes. If any kind of rules and regulations are not maintained here. In that case, they can smuggle money abroad.
• The biggest problem here is that I think this system, if for some reason a center sends its asset to the wrong place, it will never get this asset back.
• Here everyone has a wallet to keep the asset and it has private key of that wallet. This is the most important thing for fun transfer. If a person accidentally loses this private key, he will never be able to recover his assets.
• Here users have to be relatively efficient. An incompetent user can bring loss at any time.
• Usually the type of currency we see in a decentralized system fluctuates a lot.
• Some bad guys use this system in transactions to buy illegal weapons.

In what areas of life can a decentralized blockchain be helpful

I think the era demand decentralized blockchain technology. Because it will give us more transparency, more freedom etc. There are lot of sectors where decentralized blockchain technology will be helpful. I want to mention some sectors.

Education

Education is backbone of a nation. If education can be spread equally among all then that education will be very effective. But we see the opposite in the centralized system. Usually the one who is more influential here can take the maximum opportunity of education. If decentralized systems can be introduced here and education can be disseminated to all then everyone will have equal access to education. I think education is an important area where decentralized systems will make a significant contribution.

Health

Treatment is a basic human right. Healthy treatment is a very important issue for everyone from lower class to higher class. Due to its centralization, influential people also get a good opportunity from here. Many people lead inhuman lives due to lack of healthy treatment. If decentralized treatment is used, many poor people will be benefited. For example, If a doctor shares his prescription information and patient information through decentralization, all will easily benefit equally from that information.

Politics

A good politician is an asset for any country. But we almost hear such news that there has been corruption in politics. For example, corruption in the voting system. A bad politician is a threat to any country and if he comes to run the country through corruption then the situation of that country should not be good. If voting is done in a decentralized system, then the rights of all will remain intact and everyone will be able to select a suitable candidate.

Bank

Where the current conventional banking system is a centralized system. I think, if decentralization has the power to change the whole banking system. If we could get out of the conventional banking system and adapt to the decentralized banking system, we would be safe from many kinds of hassles. In the convention banking system we have to rely on third parties and we have to rely on their rules and regulations. I extremely believe that if decentralization is used here, you will get many benefits like no need to rely on the third-party and our asset security will be multiplied.

^Conclusion

In the lesson honourable Professor @yousafharoonkhan discuss about blockchain, decentralization, block explorer with pros and cons. I have acquired knowledge the advantage and disadvantages also. I have learnt to explore about hash, data, previous hash tag etc. The lassos was highly educative as well as informative. As a result I have learnt about the topics with satisfaction. I want to thank professor @shemul21 for your role in Crypto Academy.