Steemit Crypto Academy Season 5 Beginners' Course-Homework post for Task 4: Blockchain, Decentralization, Block explorer by @bright15

Introduction

Hello everyone, am very glad to participate in this task thanks to the prof and prof @shemul21 and I will be answering the question for this task 4 which has to do with decentralization and centralization.

DEFINE DECENTRALIZATION.DESCRIBE THE ADVANTAGES AND DISADVANTAGES OF A DECENTRALIZED SYSTEM IN WHAT AREAS OF LIFE CAN A DECENTRALIZED BLOCKCHAIN BE HELPFUL

DEFINE DECENTRALIZATION

Decentralization has to do with the system whereby an individual is the one that is manages and also has full control of the account without any third party involvement or central authority like government

Source

Decentralization in cryptocucurrency is all about the ability of individuals to be able to perform transaction without individual such as financial institutions interference such as bank,here individual can perform transaction at their comfort zone with low charges and a very strong security network which make their transaction secure.

Here, it is the individual that manages the wallet and there is freedom of transactions here in that you are the one that is in charge of whatever that happen in your wallet without any third party interference .

We also have decentralized exchange, that individuals can be able to convert cryptocurrency assets to fiat currency without any central authority.

ADVANTAGES OF A DECENTRALIZED SYSTEM

• SECURITY:
  When it comes to decentralization the security network is always very high which makes it high for it to be hacked and also makes individual funds safe.

• POWER DISPERSION
  Here, there is no individual or user that is greater than one another everyone are all equal

• DECISION MAKING:
  Here, it is the individual that makes decision of how to manage and control the account no third party

• Here, an individual can access his or her money any time needed because he is the one in charge of the account.

• Transactions here is always transparent.
  

  
  
  

DISADVANTAGES OF A DECENTRALIZED SYSTEM

• Here, if an individual mistakenly send funds to the wrong account it is gone and can not be reversed

• The cost to establish it is high.

• No one to attend to the individual if difficulty is been faced

• funds are always misused since there is no one to manage for the individual.

• It is always difficult for a newcomer to operate.

AREAS OF LIFE WHERE A DECENTRALIZED BLOCKCHAIN CAN BE HELPFUL

• EDUCATION

It will help to stop the problem of corruption when it comes to the educational system because students record and performance will always be kept so that an unserious students can not just buy the results without passing through the necessary things such has writing test and examination it will help stop this

• BANKS

It will have reduced the problem of long wait to see the manager in the bank here all the individual will do is to sit down at his comfort zone and perform transaction without stress of visiting the bank and the security network too is strong.

• COMPANIES:

It will reduce the problem or corruption of favourism whereby work is given to someone that does not deserve it because everyone data can be accessed and the company grom there will choose who is most deserve to work the.

• In Electoral process

With it transparency people will be confident that their vote will count nothing like ballot box snatching.

Conclusion

They lecture is really interesting and has really made me to know what decentralization is all about and how it is very useful in our society. I also know about it advantages and disadvantages.