Crypto Academy Season 3 Beginners' course - Task 2: Blockchain, Decentralization, Block explorer

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(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)

Steemit is a Blockchain that runs under a decentralized system and this system enable us to be sole owners of our accounts. Thus, we have control and make decisions in running our day-to-day activities on our accounts. Under the decentralized system, the decision of when to close our account(s), whom to do business with, and how to invest our income is made by the owner of the account without the authorization of any third party. Under the decentralization system, we know how transactions are executed from our accounts.
You can decide to publish your own article/content as long as it is not stolen or plagiarized and we have full authority in making decision on our account. Unlike other centralized social media platforms where they can decide to close your account without giving you a formal notice or asking for permission, they decide what to publish and what not to publish. Thus, working according to the decisions they make on your account.

Advantages and disadvantages of Decentralized system

Advantages

• Under the decentralized system, one is free to make transactions with his/her own money. A person can decide as to whom to send money to, and the operation is done on an "end-to-end" basis. And no authorization or approval of a third party will be needed before one can make a transaction.
• Data of users under the decentralisation system is encrypted in a blockchain and can not be accessed by anyone. This is to provide security to the ecosystem and also protect from hackers.
• You can write and upload your article/content on steemit which is a decentralized platform.
• All transactions and operations performed on the Blockchain can be seen. Thus, one can see where his/her funds go and what is done with them.
• Information can be sent between different countries regardless of the distance, since it is an international system.

Disadvantages

Some of the disadvantages of decentralization are as follow:

• There is a high cost on managing systems since everyone is in control and decide on his/her own account. This can increase the rate of committing money crime on the systems.
• People with inadequate skills always run at loss when they transfer money mistakenly into a wrong account. And under the decentralized system, it is impossible for it to be refunded.
• Under the decentralization system, there is a high energy consumption in maintenance of the system. When ever you create a block, the Blockchain generates a lot of energy consumption for the miners and this is done by using expensive mining equipment, which everybody can not afford.
• Losing your password means you have completely loss all money you have and also your work on that account, to which there is no way for it to be recovered.

In what Areas of Life can a Decentralized Blockchain be Helpful? (write in own words)

The decentralized Blockchain is an excellent system to implement in our daily activities, due to its fraud-free system. Under this system, everything works transparently, which is difficult to handle in the centralized system where everything is governed by authority or an entity that makes decisions about various areas of our lives. Thus, in the centralized system, we have no say or vote to choose, we just accept what others decide for us. But on the decentralized system, it does not work in that pattern, we can all make our own decisions.

Power Supply Chain

Introducing the decentralization system in food and household goods, supermarkets is one of the best ideas being put into practice. Many countries can already pay in some establishments with cryptocurrencies, which makes life easier for the unemployed.

Education

Decentralization allows education to be in a free way, just as we have this cryptocurrency courses and learning about the decentralized system and blockchain, trading and other related things.
Education can be an important area that could be added into this system. These are done for other professions by allowing people who want to learn have the opportunity to do so.

Administrative Programs

As it is always believed that there is corruption in the administration of companies and those in charge of the administration, the blockchain will allow to keep a transparent record of all operations that are been performed in any company, this can reduce fraud among those in charge.
Also, it would be of importance, if the decentralized Blockchain is implemented in all accounting systems which also usually have money leakages in companies.

Conclusion

We live in a world where we are controlled by the type of governance to which we align ourselves to the directives and guidelines of these entities. For example, financial institutions where they always make decisions about our accounts, I think that the decentralized system is a mavel of technology.
So this system allows you to have power and authority over your own account and you can only decide on what to do with it. Thus, whom to transfer money to, the information you publish, and any other decisions you make. Transactions are executed only between two people without a third party or authorization from somewhere.