INTRODUCTION
Decentralization is one ot the most important features when we talk about blockchain because of the freedom it gives to individual to control their assets freely without stress or having to wait for any one for approval.
Question
DEFINE DECENTRALIZATION.
DESCRIBE THE ADVANTAGES AND DISADVANTAGES OF A DECENTRALIZED SYSTEM.
IN WHAT AREAS OF LIFE CAN A DECENTRALIZED BLOCKCHAIN BE HELPFUL
Decentralization
Decentralization which is the inverse of centralization is really an important words and very good characteristics of a digital assets or cryptocurrency. It has to do with an individual freedom when he or she is taking part in blockchain or own any digital assets which means that the individual without anyone auch as a third party or financial institutions can perform transaction freely on them self.
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Source
When we talk about decentralization in blockchain it means that it is the individual or owner that make decisions about how he or she want the funds in his wallet to be spend and here there is nothing like distance issue with the help of the peer to peer system you are good to go and perform transaction without have to see the person and the security here is very high which does not give room for hackers to jack the system.
characteristics of Decentralization
Here transaction are transparent no lieing or fraud cases.
The decision about how to manage or control funds is done by the individual and doesn't take time.
All members or users have same authority no one is greater than another everyone here is equal.
security of funds and transactions is top notch.
DESCRIBE THE ADVANTAGES AND DISADVANTAGES OF A DECENTRALIZED SYSTEM.
Decentralized system
Just like decentralization, it is a system in which there is no third party interference when an individual or owner of funds may want to transact fund. It is a system that is always been link to blockchain in that there is no third party or any other person apart from the wallet owner that is being involved when transaction is done and it also has a good security network.
Source
Though decentralized system has very good and wonderful benefits but there is also a bad part of it such as irreversibility of mistaken funds, lack of assistance when issues are being face and this type of system is quite expensive because you will need a laptop, Android device and network system that is good to be able to make good use of it.
Advantages of Decentralized system
The security system here is top notch and is very good in that user funds and transactions is always highly secured.
There is no stress of waiting for anyone approval before doing transaction.
The charges on transaction no matter how huge it is, is always minimal.
Transactions here are always transparent
It is the members or user that make transaction which is always fast.
Disadvantages of Decentralized system
Transactions made or sent to the wrong account can not be recovered
It is not very popular and so many individuals especially in the village always regard it has scam
Before you make a very good use of this you must have little or more knowledge about the crypto space
There is always a huge some if money involved in establishing the decentralized exchange.
IN WHAT AREAS OF LIFE CAN A DECENTRALIZED BLOCKCHAIN BE HELPFUL
Banking sector
Here, it will help in reducing the problem of stress that the customer do have in waiting to see the management to approve transaction or waiting for several day to get a reversal of funds here, once a transaction is performed it has automatically gone nothing like network issue or hanging of assets and the rate at which transaction are being charged here is low.Education sector
Here, the student record are well kept because from nursery school the individual students report is being kept and the students is carefully monitor to know which part he or she is performing well and by this can be coach to achieve great, it will also reduce the stress if having to go back and check for paper results when the results can be easily accessible online.Health sector
Here, individual health records is being kept for easy treatment , whenever he or she visit the clinic all the doctor or nurse will do is go through the individual record and from there can give the accurate prescription without having to go over a test again.
Conclusion
The lecture was really awesome, decentralization is really one wonderful thing that we all are currently enjoying it has really reduce stress and have been of great help to everyone, thanks to my prof @shemul21
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