I upload our post again because I can't get curation on this post. Remember that I get the regards from the professor. So the purpose of this post posted again is that I get curation from @steemcurator02. Thanks very much for your support.
Here is the link of the previous post

First of all, I tell you what question I choose to explain. Q.No.02 I chose to explain given below:

Q.no.02

Define decentralization. Describe the advantages and disadvantages of a decentralized system. In what areas of life can a decentralized blockchain be helpful?

Decentralization

Beyond the meaning of the idea itself, decentralization terms convey the meaning of the whole concept. The term "de" implies "not," and "centralization" refers to the act of anything having a center. As a result, the term "decentralization" refers to the process of anything existing without a central place or central concept. The term "decentralization" in the bitcoin sector refers to the process of creating systems and blockchains without a central authority.

Every member of this blockchain has the power to make his or her own choices based on his or her own desires. The authority and decision-making are not in the hands of a single person or group. However, on a decentralized blockchain, everyone has the ability to make their own judgments and labor. As a result, each component in a decentralized system is critical to his task.

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There is no one owner or group that controls the whole system in decentralization, but all people are equal in importance from top to bottom in the power distribution. And every person and community that is a part of this system has its own decision-making capacity and is self-contained in this regard. Computer systems from all around the globe are connected together to form a decentralized blockchain, which is a self-contained system or chain of blocks.

Advatages Of Decentralized System

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Now I am going to discuss the advantages of the decentralized system.

• The decentralized system is secure since the system's controlling point is the user, who has total control over his data.

• Only the data's originator has the ability to alter it. In a decentralized system, no one can modify or edit the data that has been saved.

• All users are treated equally and are able to collaborate with one another. Users gain self-confidence as a result of this, and they work with more enthusiasm.

• Everyone may build a reputation in the system, and he will be inspired by the fact that his labor will be rewarded more and more as a result.

• A decentralized structure fosters appropriate cooperation between higher and lower authorities, providing possibilities for lower users to succeed.

• The users control the decentralized system, which means there is a near-zero risk of it being hacked.

• Decentralized blockchains have a very strong and private security system.

• There is no need to obtain authorization from a central authority to conduct transactions in decentralized systems. One may do business at any time and from any location on the planet.

Disadvantages Of Decentralized Sytem

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Now I am going to discuss the disadvantages of the decentralized system.

• The decentralized system is a highly expensive and pricey financial method in terms of affordability.

• Another significant and obvious downside of the decentralized system is the system's instability and chaos.

• The values of the currencies and assets offered in the decentralized system fluctuate at random, which might be harmful to consumers.

• Another, and perhaps the most significant, disadvantage of decentralized systems is that transactions are inefficient when compared to centralized systems. As a result, there is even another disadvantage.

• The abuse of this mechanism also contributes to the financial system's demise. As I previously said, users of the decentralized system have complete freedom, which advantages spammers and criminals who commit financial crimes.

So, these are some of the benefits and drawbacks of a decentralized system. The future of the decentralized system seems to be quite bright and prosperous.

Where The Decentralized Blockchain Is More Helpful?

Some of the places discussed below:

Storage Of Documents:

The most essential and wonderful aspect of the decentralized system is that it plays a critical part in the upkeep of the systems or enterprises' records and data. This is owing to the fact that data saved and maintained in a decentralized system cannot be modified or changed. Furthermore, all users and linkers of the decentralized system may quickly access the record, allowing them to get advantages from the stored data and records. Another intriguing feature is how simple it is to enter data or save records in the decentralized system.

Banking Sector Improvement:

If implemented, the decentralized approach may have a significant beneficial impact on the financial sector. When compared to the previous centralized system, we can enhance the efficiency as well as the privacy of transactions by opting for a decentralized approach in the banking sector. In the recent centralized banking system, for example, if someone wanted to conduct a transaction, he had to go through a complicated and time-consuming procedure first. In the decentralized system, however, there is no such bother. With a single click, money may be sent anywhere on the planet. Furthermore, unlike the current centralized structure, there is no need to seek authorization or control from a central authority.

The Medical Field:

Nothing, in my opinion, is more advantageous in the medical sector than the implementation of a decentralized system for the storing of data or illness records. The information on individual patients' ailments, as well as information about relevant treatments and medications, may be maintained in a decentralized system, and this data can then be accessible simply by patients and clinicians all over the world. Furthermore, the decentralized approach has the potential to significantly improve medicine supply and marketing, among other things.

Governance And Politics:

The decentralized system has the potential to play a pivotal role in the advancement and improvement of politics. As we all know, there is a major problem in politics, which is corruption and fraud. The higher authorities in the current centralized government system use their decision-making abilities to conduct injustice and deny the people's rightful rights, regardless of the suffering and devastation they cause to the lower public. The engagement of the decentralized system may help to reduce corruption and fraud. Furthermore, by implementing a decentralized approach, the corruption and sham voting during elections may be eliminated, since it would make the process more transparent and free of corruption. Aside from all of this, data regarding the government's operations and initiatives may be recorded in a decentralized system to track their actions.

So, these are some of the most essential applications of the decentralized system in everyday life. The decentralized system may be used in a variety of different fascinating and important aspects of life.

Conclusion

The term "decentralization" refers to the implementation of blockchain systems without the participation or requirement of a central authority or governing organization. The users of these systems may utilize them for free. The users have complete control over their transactions and finances.

So that's all about this task. I hope you all will be like it very much. See you in the next task.