CRYPTO ACADEMY SEASON 3 BEGINNERS' COURSE- TASK2: BLOCKCHAIN,DECENTRALIZATION,BLOCK EXPLORERS By @yousafharoonkhan// Home task done by @kelvincole

Good Day Dear Steemians, Good to be back on this platform to attend to the beginners task after a short break. As usual, the lecture was educating and refreshing.

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)

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DECENTRALIZATION: It refers to a system, where individuals or users have complete control over their account and what they chose to do with it, without being subjected to the dictate of any central or superior authority. In a Decentralized system, each individual user in the blockchain , has total autonomy/independence on how they operate their account, make decisions, expresses themselves, etc, without fear of sanction from any authority , whether central or superior.

The Decentralized System facilitates a bottom to top and top to bottom chain of decision making amongst superiors and subordinates within the blockchain,and every user connected to the blockchain has access to the information within the blockchain, which they can individually access from their respective location, thereby making the system more transparent and user friendly.

In a Decentralized System, information /data are stored in several servers, with all the users having access to it, and as such can easily monitor what happens, and in a situation where there is blackout in the central server, information cannot be lost as data can be retrieved from other server.

Conclusively, a Decentralized system empowers and enables every user in the blockchain, to freely express their opinion/views, make recommendations, dictate what and how they chose to operate etc, without recourse to any superior or Central authority. Here, powers/ authority is not confined with a single individual or a superior authority/entity, but with all the individual users who make up the blockchain.

ADVANTAGES OF A DECENTRALIZED SYSTEM

• Encourages Growth and Ingenuity: The Decentralized system encourages users growth and ingenuity, due to the flow of information and decision making from Top to Bottom as well as Bottom to Top. It creates a sense of belonging among the users connected in the blockchain, organization/entity and as such, they are ready to put in their best.

• Fast, Convenient and Efficient Transaction processes: Decentralization encourages and facilitates quick, fast, convenient as well as efficient transaction processes. It helps to eliminate bottlenecks experienced in a Centralized system

• Ensures Transparency: Decentralized system, being an open source, ensures transparency and as such helps to eradicate any form of corruption or Fraud , since every users personally monitors and are fully aware of what happens in the blockchain.

• The Decentralized system helps to eliminate any form of deprivation or self-centeredness amongst users in the blockchain.

• Highly Flexible: With Decentralization, Data/information sharing among people ,entities or countries is greatly enhanced. It creates a medium whereby Data are easily accessed , in respective of where the users are, or whom they are.

• Security of Data Guaranteed: The Decentralized system does not allow manipulation of Data stored, and as such enhances security of Data in the blockchain from hackers

• The Decentralized System promotes freedom of expression/interaction, as it allows the individual to communicate and transact business freely and independently without fear of being sanctioned.

• Mode of Control: In the Decentralized system, Power or authority to make and implement decisions does not reside only with a single individual or a central authority, but with every users that make up the blockchain.

DISADVANTAGES OF A DECENTRALIZED SYSTEM

• The Decentralized system is expensive to operate, as it requires huge capital and skilled personnel to manage transactions and operations within the blockchain.

• The Decentralized system may in some cases facilitate Fraud, as it can be used by Money launderers to transfer huge some of money between users and accounts.

• Making wrong decisions in a Decentralized system, especially during transaction can be catastrophic.

• It is highly volatile.

IN WHAT AREAS OF LIFE CAN A DECENTRALIZED BLOCKCHAIN BE HELPFUL?

• Politics and Election: Elections, which is a key aspect of politics, requires a decentralized blockchain, as electoral votes cast can be stored in several server other than just the central server, where everyone can easily access and monitor, and as such helping to prevent manipulation by ensuring transparency. With Decentralization, the electorates can conveniently and comfortably monitor election proceedings/results from wherever they are, especially when the results are transmitted to a central server connected to other servers that the electorate can easily access. This will go a long way to curtain electoral fraud/rigging.

• Health Sector: The Decentralized system can significantly help to improve the health sector. This is so because a situation whereby a patient medical records/history, as well as the current illness is stored in a decentralized medical blockchain, it allows other consultants far and near to easily access such data, and by so doing proffer immediate solution to the illness, especially in situations where the patient may be required to be treated in other location or hospital from where he/she was admitted. A prior and accurate knowledge of the patient medical history, can go a long way to ensure a speedy and more efficient response to the sickness,, and this can only be made possible through a decentralized blockchain.

• Land Revenue/Real Estate Sector: The real estate sector is an important revenue sector, that requires a decentralized land revenue blockchain, as it will allow all land records to be stored in a decentralized blockchain, thereby helping to curtain any form of fraud or corruption in the sector. Most people are scared to venture into real estate or buy land due to fear of being duped or manipulated, or even oppressed by perceived powerful people. However, with an accurate decentralized land revenue blockchain, where potential buyers get to know whether a land is for sale or not, as well as the authenticity of the land documents, the potential buyer is now in a position to make informed decision, whether to venture into the land or not. Also, having a documented land revenue blockchain helps to prevent duplication or multiplicity of land documents as well as completely eliminating fake or counterfeit transaction within the blockchain.

• Banking Sector: The financial/banking sector can also strive well in a decentralized system, as it will bring about easy,fast and transparent transaction in the sector. A good example is the Cryptocurrency transactions that operates on a decentralized platform, where users have complete control over their account and how they chose to operate it ( i.e buying & selling), from any location, with anyone especially through P2P medium. This allow for quick transactions and less bottleneck in processing transaction. However,just like the Cryptocurrency transaction, the banking sectors can also chose to decentralize, and by so doing, save unnecessary time spent by customers coming physically to the bank to transact, as most customers in rural areas or locations far from the financial house may find it inconvenient and stressful to travel a long distance to process a transaction they could easily have done from the comfort of their homes through a decentralized banking blockchain.

Many Thanks to @yousafharoonkhan for this awesome lecture .