Hello everyone and greetings to all the fellow steemians. I am good and enjoying my life and I hope that you all are also doing good and having a great time in your respected lives. Welcome to my yet another article in Steemit Crypto Academy and I am glad that you put aside your respected time to go through my post.

Yesterday I go through the lecture taught by our respected professor @yousafharoonkhan which is all about Blockchain, decentralization and block explorer and here is my homework post in this regard, so let's begin with it without wasting much time;

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2.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

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The term "decentralization" was coined in the 1820s. Decentralization, in the context of blockchain, refers to a peer-to-peer network in which users' computers can freely connect and interact without the need for a facilitator. It is a procedure in which the judgement, planning, and other operations of a corporation or company are not controlled by a single individual or group of people. Different types of decentralization should be distinguished since their allocations, strategy ideas, and victory criteria differ. The division of power within and among teams or organizations is referred to as decentralization.

Decentralization is not controlled by a single group. Decentralization, as previously said, is important for a state's management capacities to prosper at the local, regional, and national levels. Large-scale organizations are in charge of decentralization. Everyone in the firm feels more accountable as a result of decentralization. Decentralization is a method of gaining prestige, authority, independence, and respect. Before selecting whether duties or projects should be utilized to assist the reorganization of financial, managerial, and administrative transferrable mechanisms, the term "decentralization" comprises a wide range of issues that must be properly analyzed in a given society. The decentralization model gives each individual the ability to exercise authority independently. Decentralization is a powerful tool for resolving our fundamental individual goals for dominance, reputation, and status. Decentralization allows the organization to reach its full potential and respond to regional needs more effectively.

Similarly, the cryptocurrency foundations and fundamental essence is built on decentralization, in which every individual is free from third-party concerns, even though trading is only encrypted and decrypted between traders. The best example of a decentralised system is cryptocurrency, in which every trader is free from central control and has the authority to buy and sell without the use of banks.

These examples are commonly referred to as the best decentralized systems, whilst the others are more prone to centralized systems.

Steemit.
European Union.
Cryptocurrency.

Advantages of Decentralized System

• A decentralized structure improves delegation of authority and minimizes the workload for top management.

• Wherever decentralization occurs, flexibility arises because decisions and planning are more efficient, and everyone contributes to work with authority.

• Individuals seeking to work can improve their efficiency and gain experience as a result of authority.

• Decentralization can encourage diversity since businesses require authority and power to be stable in different locations; consequently, decentralization can enhance business efficiency.

• The communication barrier is eliminated since each individual shares the means and ideas with one other, and they also have the capacity to justify and implement their ideas.

• As cryptocurrency is decentralized, no third party is involved, hence costs are reduced.

• Traders are liberated from the centralized banking system, which appears to be costly to them.

• Decentralization encourages competition among the various levels, and each level is encouraged to show their inventiveness. Decentralization is a strong tool for addressing our core individual requirements, such as strength, reputation, and status.

• A decentralized system has exceptional security. It gives consumers significantly more privacy, letting them to keep their identify without worrying about what a third party might do with it.

Disadvantages of Decentralized System

• Decentralization can also lead to conflict between levels. A decentralized corporation lacking specialists will be unable to construct a good decentralized system.

• Standards may not be observed in this type of system. Because the system is not linked to a centralized service, anyone can investigate previously hidden internal workings and relationships between nodes.

• As a result, the cost of control grows. It is incompatible with small businesses. An organization would have to be financially sound because it takes money to attract and pay other individuals who would help the system evolve and become decentralized.

• Leniency is a common problem in decentralized systems. Because unethical people may submit illicit content or disrupt the network, decentralization results in a lesser level of advancement.

• There is no bureaucratic approach here; everyone does things their own way, which leads to monopoly.

• As a result, authority is distributed, and there appears to be no correlation between people, which may lead to bug difficulties in organizations or trading.

• People are exempt from paying taxes, and other governmental rights are ignored.

• Different managers have different approaches, or traders have different approaches, which causes the market and organizations to become imbalanced, resulting in conflict.

AREAS IN WHICH DECENTRALIZED BLOCKCHAIN CAN BE EFFECTIVE

Blockchain decentralization has completely changed the world, just as Japan has done with technological tools and parallel to it artificial intelligence, which are new technologies in the modern world, thus blockhain has also played vital roles in many aspects of life education healthcare and banking everywhere the potential of blockchain has induced its waves and improves the Scalability traceability and security issues. As you are all aware, a wide variety of blockchain decentralization can be seen in cryptocurrency, where traders feel confident about their transactions and multiple trading processes. Some of the key areas where blockchain has given and improved system building blocks are as follows:

Let's compile a list of places where blockchain is widely used;

Organizational Decentralized blockchain structure

The organisation is presently developing toward a smooth and balanced structure in which teamwork and negotiating are generally used to complete tasks. The current notion demolishes the structure of bureaucratic and inflexible regulations, despite the fact that work is based on a decentralised structure, and every individual works by negotiating dealing with management and attempting the work as a full team. The decentralised structure helps to empower creative ideas and manoeuvre them in the organisation, which pulls the organisation towards success, because creativity means a lot and this would be possible only if employees have authority to think and their opinion must be prioritised towards the organisation, which will not happen in a centralised structure, but decentralisation provides you with a platform to admire your opinions.

Although blokchain activities are implemented in organisations, they adopt modern blokchain approaches by using financial activities and other blockhain tools to complete the operation.

Government and decentralization Blockchain

Because each citizen has their own mental methods and feelings, a decentralised government structure appears to be a good implementation.

Decentralization blockchain concept is the same as every individual is free to do what he wants but there should be governing body where the imbalance activity are controlled, while in many nations this would be acted and helpful feedbacks are also redeemed it also minimises the coercive act by governmental bodies.

Banking and finance

Blockchain technology completely eliminates the banking system and quickly captures the financial markets. This everlasting technology has put an end to all of the difficulties and monopoly of banks. As emails did, thus using blockchain financial assistance people are cost effective and its fees are also appropriate that everyone is satisfied and encourage blockchain because of less time consuming secured and better working in a safe environment thus ease of work by just clicking your transactions are done. Although banks keep your money and have limits, healthy transactions take a long time due to verification and other immaterial facts verification, but with blockchain you are free and decentralized to perform any transaction by your means.

Education and blockchain decentralization

Blockchain technology can be useful in education as well by capturing transparency data and reducing gaps that may exist in educational sectors. Though using blockchain creates transparency, scalability, and flexibility in educating students, there are many things in the educational industry where blockchain's decentralized structure can readily capture and change false hospitality into a constructive approach. Such as conducting outcomes in a traceable manner, supporting staff and awards in a scalable manner without the involvement of a third party, and confirmation of delegation authority in a decentralized manner and with proper apex can quickly improve the educational system and eliminate corruption.

Conclusion.

I believe the professor taught us a valuable lesson. Decentralization refers to a peer-to-peer network in which computers can freely join and interact without the need for a facilitator. As a result of decentralisation, everyone in the company feels more accountable. Decentralization is a strategy used to obtain authority, independence, and respect. There are also certain advantages and disadvantages to the decentralised scheme, which I discussed in detail in the last assignment post. Decentralization is a powerful tool for meeting our fundamental individual needs, such as strength, reputation, and status. A decentralised system has more decision-making power. Decentralization is beneficial in a multitude of areas of life, including A decentralised strategy is preferred in the banking industry. When employing a Decentralized system, a transaction can be performed in a fraction of the time.