BLOCKCHAIN, DECENTRALIZATION AND BLOCK EXPLORER- STEEMIT CRYPTO ACADEMY SEASON 5- HOMEWORK POST FOR TASK 4 BY @jerryivan

Its another new year with new peculiarity on steemit crypto academy. I want to appreciate professor @yousafharoonkhan for this wonderful lecture on Blockchain, Decentralization and block explorer. It was well understood. Thank you professor.

Without wasting time am going to answer the few questions with an intensive research and without trace of plagiarism. Thank you.

QUESTIONS

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.

Decentralization is defined as a system that is not controlled, directed, governed by anybody rather the affairs, coordination, regulations about the system are evenly distributed or transferred to different central owners or users across the system.

A Decentralized system offers individuals the Advantage or liberty to operate or perform independently with clients compared to that of the centralized system of exchange that is being controlled and directed by a central body.

Cryptocurrency Exchange is a typical example to show how Decentralization works. For instance, with the use of the Blockchain-powered together with the peer-to-peer transfer system that exploit the use of Decentralize networks to reveal very strong and solid firewalls and security than the conventional centralized systems that can ever be. Therefore, Blockchain applications is a typical example of a Decentralized system.

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Remember that the direct opposite of Decentralized system is just the centralized system where powers and authority are given to some top level of authorities to oversee all the transactional activities in the systems. The difference in a centralized system which stores user's personal details to the world of Decentralize system is that all user's details and their peculiar identities are encoded, encrypted and protected in a very secured way.

In a Decentralized system, the power and authority to make some decisions are solely vested in different subunits and the general constituents of the general system. It is therefore impossible to use search algorithms in Decentralized system because it usually work in the principle of mechanism known as the peer-to-peer that permits user's computer to interact, communicate and associate expressively to the client without the help of any third party.

• 3 FORMS OF DECENTRALIZATION.

We have 3 forms of Decentralization and they are as follows;

1. DELEGATION:- Delegation is defined as a robust kind of Decentralization in which responsibilities and proper decision making are shared to semi independent organization and is not fully controlled or managed by any central body.

2. DE-CONCENTRATION:- De-concentration is defined as the lowest form of Decentralization in which decision making authorities are transferred or transported to the lowest level of that same central organization.

3. DEVOLUTION:- Devolution is a form of Decentralization that is characterized with the authorities of transferring decision making power fully to an independent organization unit.

• DESCRIBE THE ADVANTAGES AND DISADVANTAGES OF A DECENTRALIZED SYSTEM

Decentralized system provides an innumerable advantages over a centralized system. However, in every system there are pros and cons that are encountered.

• ADVANTAGES OF DECENTRALIZATION

Here are some of the advantages of Decentralization.

1. DIVERSIFICATION OF ACTIVITIES:- Decentralization reduces the burden of the chief executives with creating routine choices. They simply devote the time offered for necessary activities like diversification of product, raising necessary finance, getting license and beginning new lines of production and resolution of crucial issues of the business whereas decreased and routine is also left to center and superior level.

2. EFFECTIVE MANAGEMENT AND DIRECTION:- Decentralization result in effective management and direction since involved managers relish full authority to create changes in work assignment to require disciplinary actions to alter production schedules or to advocate promotions, they're in a very position to supervise the subordinate's activities.

3. IMPROVEMENT OF MORALE:- Decentralization helps improvement of social control ability that result in a rise in their morale and this lead to the next productivity.

4. SATISFACTION OF HUMAN DESIRES:- Decentralization is a vital tool for satisfying human desires of power, independence, standing and status. This satisfaction helps in building a cadre of satisfied or happy managers who feels their responsibilities to their company's work.

5. QUICK AND WISE DECISION POTENTIALS:- Since decision making is as close to as potential to the place wherever action takes place, those having this authority will create moderately correct, wiser and timely decisions as a result of they're cognizant of the realities of true. Decentralization additionally minimize the delay in human decision on information.

• DISADVANTAGES OF DECENTRALIZATION.

1. LACK OF CO-ORDINATION:- A Decentralized system really lacks the co-ordination since everybody in the system are independent and they have their own power unlike the centralized system where every control and coordinating powers are delegated to a central ruling body.

2. UNSUITABLE FOR SMALL FIRMS:- Departmentalization is totally unsuitable for small corporation in Decentralized system because it involves higher operational prices.

3. HIGH COST OF OPERATION:- Establishing of various departments and employment of specialist in every department can end in the next value or cost of operation.

• IN WHAT AREAS OF LIFE CAN A DECENTRALIZED BLOCKCHAIN BE HELPFUL? (WRITE IN OWN WORDS)

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1. IN AREA OF VOTING:- Using the decentralized Blockchain technology in voting for electoral practices guarantees that no voter or any intending voter can duplicate votes or even cast votes twice. Therefore making voting faster, easier and implemented at lower cost.

2. AREA OF LENDING PURPOSES:- Decentralization has been able to create room for people to lend. Lenders can now exploit or use the opportunities provided by Blockchain to demand for collateralized loans with the use of smart contracts. Smart contract which are developed on the Blockchain makes some events to be automatically triggered such as payment for a service.

3. TRANSFER OF FUNDS:- Using the Decentralized Blockchain for the purpose of transaction has become one of the best sequel to the fact that it is very fast and protected without involving any third party.

4. PROVIDES SECURITY TO INTERNET OF THINGS NETWORK:- Using a Decentralized Blockchain, solid security is created by keeping passwords and other related information on a Decentralized network compared to a Centralized server. Therefore, providing protection against information tempering and modifications since Blockchain is unchangeable.

CONCLUSION.

Decentralization gives the individual the strength to be the sole dictatorship of how they can run their own affairs independently without any central rule.

We also see the keen line that exist between the centralized system and the Decentralized system. We also saw the pros and cons of Decentralized system.

And finally, we saw the application areas of Decentralized Blockchain where it can be helpful which includes the area of lending, providing of security and voting.

Am happy to have done this research and am very grateful to professor @shemul21 who has properly and adequately reviewed my previous tasks and has provided me with the necessary correction. Thanks professor @shemul21.

Best regards.