Home work task 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)

Review On This Post

Hi to every one on steemit. This post is wonderful to talk about, because the platform we are into called steemit is a block chain. We also found Decentralization done in steemit. Block explorer are also seen in steemit and all this highlighted point is very needful in steemit, which make it possible for steemit to continue growing. We will highlight briefly the meaning of all this point.

Block Chain

Block Chain is the collection of data and information into a decentralised system to form an organised chain. This block is a secured box made up with some key element. The element are component of block chain, such as Data, Hash Code, Previous Hash Code with make it hard for a block to be change any way.

Block Explorer

This are information contained in a block which can be explored . Mainly, what is explored in block chain deals with crypto currency. We also see that steemit have some crypto currency like Steem.

Define Decentralisation

Decentralisation is the state of a system where all users has been empowered with the right to decide. This means that no party or user has unitary power to dominent control over another user, which means that there is no single control buth rather the power are been shared as to the autonomous user. A decentralized system brings about trustless setting among user, It helps in data recovery and it optimized assets dispersion

For a block chain to be free from risk that come with data been held centrally, it need to be eliminated by decentralizing the system. Decentralization alludes to the transfer of supervision and decision-making from a centralized association to a dispersed network. When assembling a technological arrangement, three essential network structures are commonly thought of, centralized, decentralized, and disseminated. While blockchain technologies frequently utilize decentralized networks, a blockchain application itself simply can’t be sorted as being decentralized or not. Any block chain created need to be decentralised, so that more prominent and more pleasant assistance can be accomplished.

Decentralization has an oppose meaning to Centralisation. Centralization is where all the power are been vested on a unitary power, known as a single authority controlling all bodies of user. In centralised system powers are not been shared among users in a block chain, but in decentralized sytem all powers are shared among users in a block chain.

source

Decentralization in the blockchain is an information base that stores a library of resources and trades across a peer-to-peer network. When a block chain is decentralised the data held in it is secured and it will be considered that a credit has been moved from one member to the next.

Decentralization system is the collection of different information where no single entity is the subject or sole. It is also a system in which lower level components operate on local information to accomplish global goals. Resources are owned & shared by network members, difficult to maintain since no one owns it in a decentralized system. Each member has exact same copy of distributed ledger and is added through group consensus.

Every control which is decentralised is own by all the user in a block chain, which means that every data is owned by everyone and it affects every user in block chain. Mainly decentralization is mostly arranged in system of government whereby control are inter shared among governance. Decentralization has a beter future to block chain, but it still have demerit toward a block chain.

Illustration

When i transfer some fund to my friend via bank, i am expected to go straight to bank and apply the required rules for transferring the money. When my friend received alert that the fund has been transferred, my friend will still go to the bank and withdraw the money. In that case the bank is the third party, which gurantees us the power to transfer and withdraw funds. This mean that bank is centralised.

In steemit when i want to transfer any token to another steem user, i will input the necessary details and input my active key and click sign in. Then the token will go straight to the user wallet i transfered the took. This shows clearly that steemit is a decntralized system.

Advantages and disadvantages of a decentralized system

Surely, decentralization has merit and demerit over a block chain.

Advantages

• Quick Decision Making
  In the advantages of decentralization is that decisions are taken and executed by authorized personnel. This in turn, results in faster and accurate decisions which are well aware of the real scenario in the block chain.

• Efficient Communication
  Another merit of decentralized system is the wider span of management under decentralization leads to fewer hierarchical level. This makes the communication system more efficient as intimate relationships develop between superiors and subordinates in the development of a block chain.

• Ease Of Expansion
  It add to an expansion in block chain and this occurs mainly when opening a new blog. Decentralization unleashes the fullest potential of the block chain and can react easily to area-specific requirements

• Reliable
  This one of the main merit of decentralized system. It has an originallity of all the transaction done in a block chain, which makes it reliable for all user to trace there operation done in a block chain.

• Decentralized System Is Meritocratic
  The best product, service, or content should be more likely to be recognized and rewarded over time when everyone is playing by the same, transparent rules. This means that every user does not trust the central authority for reward.

Disadvantages

• Crime
  Crimes are committed in a block chain. When there is no over view of any third party like government, it can promote the willingness to commit crime. Because, ther is no any enforcement checking the development of the decentralized system. This mean like bank there are agency that runs the way fund are going through bank. But in steem there is no person checking the way funds are been operated. This mean that user are there own bank through there private key.

• Votality
  There is high votality in a block chain by a decentralized system. For example the way bitcoin rises or fall per 20% in a day may lead to loss of the users. This will be very confusing to think about, like when a users gain or loss more than a user, it can lead to conflict in a block chain.

• Expensives
  We should know that a decentralised system contains many nodes and need more hands to work together. But those thing are expensive to purchase and can lead to low running of a block chain.

• Data Is Immutable
  This means that any data that has been processed with result can not come back to its original place or position. Like when transferring token to another user in a decentralized system, the token will not been retrieved back when transferred finish.

In what areas of life can a decentralized blockchain be helpful?

There are many areas of life factor that decentralized block chain is helpgul. But i will list the most important one.

Health Sector
We should all know that life is the first thing we need to survive. So for a better life existing, decentralized system can help. This mean that when a patience is suffering form a continous sickness and had consulted many doctor, the doctor will input the patient record stating the details of the disease and every one on the block chain we see the ecord of the patient and its problem.

So, this will make any doctor to note when the patient is at emergency and will help the patient and this will still make other doctors to give solution to the patient disease. This will save life and the patient disease might be cured .

Politics and Elections
When the rights of every one is been stipulated on the law through decentralized system, it will make it easy for people on the block chain to take note of the way democracy are been directed both right and duties of every one.

Alos in election there are social vices committed without the citizens awareness. But when the citizen check in the decetralized system in block chain, about how election should be hold and how it is practice. It will amke it easy for the citizen to mark out the frund done in election.

Land Revenue
When a decetralized system is applied to land, it will eradicate frund in land. When people check in the block chain about a land, it will give details about the land and it will make the people cuscious of the land.

People will not be defraund about a particular land, because it has been check in the block chain. People will also gain., because the will be free from fake news about a land.

Travel and Lougage
When travelling, there should be decetralized system. This will help the traveller to check on how to travel and where to lauge. This will prevent any disrupt that will occur in the travel and the traveller will have a good ideal of how to lauge. It will make the traveller secured because, the route to the travel will be mark out for a safe journey.

CONCLUSION
Decentralization is very important aspect to a block chain. It shares power among each user in a block chain. It brings about transperancy in a block chain, since all data are public to every one to trace out.

Decentralization will be a better future to any block chain, because every wotk has any over view of it. It also has made many factors or areas of life to proceed and grow further and this has bring an ease to human life.

Thanks to @yousafharoonkhan for his leture and mentorship to me. I benefited a lot.