Steemit Crypto Academy S5-[Blockchain, Decentralization,Block Explorer]-Task 4
Hello steemians and everyone hope you all are doing great and feeling well.My name is Ravi kumar and I am from India.Today I am going to complete my task 4 in the Steemit Crypto Academy Community.In this task 4 I am going to answer the second question of the fixed course, taught by professor @yousafharoonkhan.
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Entire question
(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)
The word Decentralization is the combination of two words that is the 'De' and 'Centralization'.
Centralization is defined as the concentration of authority and decision making and controlled by a single entity or person.It is easy to use but not safe because it can easily be hacked.
Decentralization network, activities, organization is controlled by various user and not single entity/authority.It is not easy to use and more safer than centralised network because it has basic features.
While Decentralization is a system in which third parties are not envolved and each single entity are responsible for managing their resources.It is not controlled by any central body.In decentralized system every entity has right and power to take decisions.
👉 Decentralization helps major to make quick decision on their operations.
👉 Decentralized is important and valued because of peer to peer interaction between individuals. Individuals can send and receive money to each other without going through the stress of going through a third party.
👉 Data is unchangeable or deletable.
👉 Security environment is high.
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| Centralization | Decentralization |
|---|---|
| The autority resides to a central body. | All group of people have control and authority. |
| For making decisions it's need approval. | Immediate decision can be made. |
Advantages of a decentralized system
👉 Greater freedom of expression.
👉 Autonomy reigns in the control of actions and decision-making.
👉 The time that is invested in decision-making is minimal, since consensus is carried out in a faster way, unlike a centralized system where many more people are involved and the flow of information is much slower.
👉 It allows for immediate decision-making because it does not wait for approval from a lead body.
👉 Offers security in terms of personal data against information vulnerability by hackers.
👉 Immediate availability of resources and saving time and money.
Disadvantages of a decentralized system
👉 There is no adequate control in relation to certain aspects due to the large volume of people who live in the system.
👉 Implementing this system although it is very effective is extremely expensive.
👉 It is possible that the decisions made are not the best and the consequences are dire.
So, this were the some advantages and disadvantage of a Decentralised system. If this system is handled properly and with dignity by its users then this system will have a very bright future in upcoming times.
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*The decentralised Blockchain can be used in various sectors. Using this system will bring transparency in different sectors. Some of them are discussed below:
- Public Health Sector:
This is the most essential sector of our lives Storing a patient's medical history, and large-scale surgical procedures on a blockchain will undoubtedly allow timely responses to those who need it at any given time, no matter where they are. After sometime if it requires to edit anything we can easily edit or erase.In this system every records of the patients can be tracked easily.
- Banking Sector:
By accepting Decentralised blockchain system can bring transparency and safety in this sector too. This will put a very positive effect on banking sector. Adopting this system will increase the privacy as well it will also bring efficiency in banking transactions as compared to centralised system. In Decentralised blockchain system users can do transactions easily without any complex, time-consuming & Users can easily do their financial transactions across the globe without any trouble with just a simple click as the users in Decentralised system doesn't need to take permission of Central authority and any kind of governance as in they have to do in centralised systems.In this system payment process is also fast.It saves the time of people and made it convenient to use.
- Data Storage:
This is also one of the most important and valuable features of the decentralised system.In this decentralised system user data which is stored is more safer and keeps private too.This features is one of the most important feature as it is used to store the data of public and private both. Many businesses uses this features to store it's data and it is safer too.All user can easily store their data and can access by himself.No other can access their data.These are the benefits in decentralised system.
- Land Revenue:
This is also one of the most important sector.By using blockchain technology all land revenue and property of any country can be stored on decentralised network.With the help of this process we can easily overcome land corruption and fraud in this sector can be completely controlled.Nowadays the land of many people is occupied by power people through generating fake documents and by using power of poor and helpless people.In order to bring transparency in this sector too the land revenue blockchain can be improved system of the whole world.Nad the land of the poor people are safer in this type of blockchain.Now, no one can use other land by creating fake documents.
As we can see and compare both together, decentralized system works better than centralized system because in decentralized system everything is transparent and it also makes works transparency.So that the corruption and illigal activities can be overcome too.This decentralized system has high security and high potential for work.