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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)
Decentralization
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In centralization there is a cytoplasm over the things of data which often lead to loss of power for the individual or the customer as the case may be. Our data measures serious risks of being exposed or hacked on a centralized platform.
A decentralized network is completely different from a centralized network, unlike a centralized platform where electricity, data and information are controlled by a single entity, a decentralized network actually operates on a peer-to-peer basis. Wherever this user PC works. Communicate directly without anyone going in or needing a middleman.
Personal data is not exposed or shared in a decentralized network as there is no third party involvement. Decentralization allows America to cut off the center person we happen to be. And that we easily bypass any involvement of the person in the center because we work directly with another user.
A Decentralized Autonomous Organization or DAO is a corporation managed through rules that are encoded in good contracts and run on a blockchain.
This Associate's degree is open supply computer code that can only be changed through the agreement of the members.
The class measure of a DAO is similar to a collection of complex good contracts that mix to form a collection of rules that manage the operations of a set of members and their resources.
Problems are dealt with not by a single entity such as cytoplasm or centralization, but by creating an infrastructure of associative degrees of cooperation derived from interactions among members.
While a decentralized platform has the opinion of all the members as aforesaid or done, it draws upon the intelligence of all its members to achieve a goal which in fact gives its members the exercise of power within a higher cognitive process. Provides vitality.
Simply put, decentralization can be simply outlined as a system or platform where high cognitive processing capacity does not occur on the cytoplasm, although power is distributed equally among members
Advantages and disadvantages of a decentralized system.
Advantages:-
It promotes the growth of the organization: This may be because as completely different sub-units exercise power over their resources, they need the flexibility to develop the social control and leadership skills that the organization limits the expansion. It will be helpful. At the same time, decentralization creates healthy competition among the sub-units and thus encourages growth.
It eases the burden on the highest management: with decentralization, the measures of the subordinate class are able to make their own choices. This reduces the burden on the top management, giving them time and opportunity to specialize in many essential and lengthy tasks.
Increases Expansion: Decentralization increases the expansion of a corporation by allowing many different elements of the business to be located in multiple regions or elements of the world. A decentralized shoe business will expand if lots and lots of business class measurements are created in multiple locations and each location controls its affairs to enjoy the power and effectiveness of decentralization, resulting in business growth.
Increases motivation among subordinates: This may be in the sense that decentralization breaks up large teams into smaller units. These smaller units form much stronger and less formal social ties. It helps each participant to stay motivated.
High speed within the decision-making process: This may be because individual units do not need to send their concepts to a central authority for verification as they (subordinates) measure closer to the area of action and their concepts Can use quickly, prompt quick response.
Security: Since the entire system is not under any one management, it is less likely to be damaged by hackers or faulty online issues as everything is not in the hands of a single authority.
Fraud prevention (transparency): Due to the fact that the blockchain class primarily measures bookkeeping, the receptive measure of everything related to jack stacks everywhere is related to the method of verifying transactions. And none of the miners are accountable for verifying transactions. It's hard to cheat. This ensures a high degree of transparency among the miners.
Disadvantages:-
Loss of control and lack of coordination: This can be one of the most significant disadvantages of all local systems. People start to rely on the fact that they are the central authority in many of their homes and they start acting autonomously in their own interest…
This is liable to happen anyway, as the dominant power no longer resides to a degree, though during a different state.Unequal/Uneven Policy: Policy making is not coordinated and uniform, people make choices according to their style, making the market uncontrolled and unpredictable for investors and businesses.
Expensive to operate: Most of the time one has to operate or follow this method for their business.
Not everyone really understands the method as a result of the need to hire qualified and professionals within the field.
In the vast majority of cases these experts and professionals are not immediately offered to be employed in the square measure of a United Nations agency, anyone would be able to pull out a huge pile of cash.
In what areas of life can a decentralized blockchain be helpful? (write in own words)
Real Estate:-
These allow the acquisition and sale of property while, without third party intervention, the seller receives cash and the seller also receives a written record of the property, allowing it to embrace all previous data on the property. able to install.
Banking system:-
Transactions will be secure and fast, and cannot be tampered with by hackers, can operate just like the cryptocurrency market.
Environmental Management:-
This may allow tracing the records and management of environmental resources of a locality, supporting environmental management.
Wastewater Treatment:-
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With this technology, we will set a record for transportation, treatment and use of sewer water systems in many areas.
Electoral system:-
Having a clear system that cannot be manipulated, which can prevent electoral fraud as votes cannot be eliminated or changed.
Insurance :-
Blockchain technology will facilitate the creation of proof of insurance information within the insurance business. During this approach, all {information involving the insured. knowledge | The data is kept in a blockchain and therefore the individual's information can often be accessed from any part of the world to an extent quickly and easily.
Education system :-
Presently, the education system is based on a centralized system, where each teacher must hold a sequence of orders to make a decision so as to be approved and in operating this method, time is wasted and usually reaches your destination. reaches. Approval issued before arrival. If a suburban system of blockchain blocks is implemented in education, one of the benefits is that academics can categorize the content in each block to show to their students.
Conclusion:-
Decentralization gives or provides the possibility to regulate and supervise subordinates at the lower level as well as make independent choices.
Since Steemit can be a decentralized blockchain, users have management on their various accounts, making posts of their choice, as it is free of spam and received without authorization.