Decentralized Blockchain - Steemit Crypto Academy Season 4 - Homework Post for Task 4
(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)
Define Decentralization
Answer
Decentralization is the process of shifting control from one main group to several smaller groups. The decentralization of government, gives more power to the individual states, more than concentrating it at the federal government.
Decentralized systems do not confirm to a single authority. Every one can easy access the network and decision to perform for every transaction is the same for all Block-chain users.
Decentralization is unique on based block-chain. Everyone can connect with this network without any higher authority.
user could change his data without any permission in opposed centralization where a user have limited access to his data by the authority in control.
In decentralized systems ability to make transactions without involving real life details makes it favorable as every user is responsible for their transaction without third party inter fare. every user could make transaction 24/7.
A decentralized exchange is a cryptocurrency trading platform. There are no third parties interfare. You can make decision with your keys, This trading takes place between the seller and the buyer directly. Most famous DEX are here.
JustSwap,UniSwap,Serum DEX,Pangolin
But
we have limited time to make proceed our transactions.
and takes longer time to complete a transaction. in centralized we always follow the Policies.
Apple amazon is Centralized Platform .
Describe the advantages and disadvantages of a decentralized system.?
Answer
A:- Advantages
- Decentralized system does not depend on the government.
- Decentralized system In No need to be afraid that their data can be mismanaged for any malicious purposes.
- You have Full right to freely , because you have own decision Power. You can Grow more that could help you also also get support other users
- In Decentralized system everyone can see your activity, with Low fee and instant transactions.
- The work of the Decentralized system is efficient because all transactions that the block-chain network are easy and fast so that we can save time.
- In Decentralized system is basically work with cryptography that makes them secure and the data cannot be tampered with.
B:- Disadvantages
- There are few complicated issue in Decentralized system new comer cant run and understand in start.
- In the decentralization process, every manager has their own way of making and implementing decisions. This leads to different rules for different people as guidelines are formulated on the basis of talents.
- The person who acquires the authority of the decision making process must be trained. to understanding Decentralized system basic to advance .
- One more thing in Disadvantages of Decentralized System specific peoples who have good knowledge about cryto they can get it.
- There is no Return if your have an error in the transaction user cant get it back so its important users must be well knowledge about keys Memo and Seed .
In what areas of life can a decentralized block-chain be helpful?
Answer
Hospitality
As i am Radiographer Working with NGO in Pakistan. Doctor Advice Chest PA View Xray for Every Tuberculosis Patient with some other Test (Sputum Tests for Tuberculosis) so all is centralized if this sector will be upgrade with Decentralized system every world wide Doctor can see TB panties List and suggest Good treatment.
One more thing if Health sector will be upgrade in that could help for new paramedical staff for learning start to end how they can diagnose if any patient have Tuberculosis They taking guidance from the senior doctor.
Banking
i believe if Banking system will be upgrade in decentralization, that could make 0% chance of corruption ,all source any user can see, Worldwide Banks is one of the organizations that use a centralized system. It means they can access all of your financial activities.. it could be hacked easily
CONCLUSION
I believe centralized and decentralized system has their own advantages and Errors. But some sector must be turn on at Decentralized for supporting more peoples, This is the best way to make more favorable decentralized system.
Personally, I prefer to use decentralized systems since I am also the one who has trust issue towards the elites.
#club5050
I powered up my account twice before my homework task 4 posted. 8 Steem and also 58 steem
Hi @nabeeel
I prefer to upvote users who continually powerup their earnings and continually upvote others (preferably like-minded users) with their increasing Steem Power. I notice you are in that category. You will receive my upvotes regularly as long as you maintain this attitude.
#club5050 😀