REPOST: Crypto Academy season4|| Beginners course-Task 4|| Blockchain,Decentralization,Block Explorer by @viviandaniella
It is indeed a great pleasure to be in this crypto academy., as I will want to improve my knowledge on crypto. Special thanks to @yousafharoonkhan for the wonderful lecture
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:
It is a process where by decision making,planning, and other activities of a company or firm is not in control by one person or a group of person. In decentralization, decision making does not actually lie in the hands of top officials in an organization, rather they delegate powers to those in the lower and middle tier to make decision,and this will help those in the top to make quality decisions about major problems affecting the company,that requires more time.
Advantages
1. Decision making
With the spilt of power through the process of decentralization, swift and accurate decisions are made and executed by those given the authority to do so.
2. Good Communication
There is an efficient level of communication between those at the top and the subordinate due to decentralization in management and this will lead to less hierarchical levels and help improve intimate relationship between the various levels in the firm
3. Human Needs satisfaction
With the help of decentralization, everyone in the firm feels responsible. Decentralization is a tool that satisfy the need for status, power,independence, and prestige.
4. Subordinates are motivated
It helps to improve the morale and satisfaction level of employees. They tend to participate in functions,this will promote spirit of group work and unity.
5. Diversification and Growth
Decentralization helps to promote healthy competition among the various levels, and each level is motivated to show how creative they are.
6. Expansion is made easy
A growing business can easily expand with the help of decentralization, as it helps to unleash the potential of a firm.
7. Helps to Relief top executives.
With decentralization, top officials focus more on their executive assignments and this will help in the growth of the organization
Disadvantages
• it can lead to deviation from the ultimate goal of the organization
• increase in the cost of control
• it can sometimes lead to conflict among the various levels
• in serious cases of emergency, decentralization does not really help
• The power assigned to the lower subordinate can be used only for selfish reasons and not put to good use.
Areas of Life where Decentralization is Helpful
1. Politics.
This can be used during election processes so as to boost the morale of the voters and also reduce cheating in election processes.
2. In commerce
Decentralization will help in tracking products brought by a company and also those sold. It is really helpful in the storage of products.
3. To increase industrial productivity
This will help in the storage of all products data for easy identification and access. This will help to improve the industrial system.
4. Health sector
Decentralization will help to improve the health sector as each patients previous prescription and drugs will be recorded on a blockchain and saved to a particular block code, this will reduce the consumption of time between patients and doctors.
5. Banking sector
Decentralization will help to save time and speed up transactions in the banking sectoe., as well as initiate transaction anywhere and anytime.
Conclusion
Decentralization is the way forward. Nobody likes rigidity. Decentralization will help to improve business and ideas among employees. I have really enjoyed the lecture.
Cc;
@dilchamo my work is yet to be graded