Introduction.
Hello everyone to my entry on Crypto Academy Season 3 Beginner's course - Task 2 on blockchains, decentralization, and block explorer and given tasks on each topic.
But I would be presenting my answers on decentralization.
What Is Decentralization?
Decentralization in simple terms refers to an institutional structure where power is vested in a body known as top management who in turn task their lower levels or subordinates with the responsibility of running activities of the organization.
In the light of the above, major decisions of the organization are taken by the top management. While less prioritized decisions are taken at the lower levels.
In this system, responsibility is shared between the central, regional, and local levels of governance. This system enhances the freedom of expression among individuals as each is given authority in their areas of work.
A good example of a decentralized blockchain is the Steemit blockchain where several individuals are members each owning and managing their accounts privately without any interference.
Each person has the right over what he publishes or posts and has absolute ownership and control.
What Are The Advantages And Disadvantages Of A Decentralized System.
Advantages of a Decentralized system.
In a decentralized system, workers come together to make decisions in the institution. As a result of this they become more engaged in the work which promotes employee engagement.
When this is ensured, the morale of the workers is boosted and they are motivated to work harder to increase productivity.
Moreover, in this system various experts are put in the various sectors of the organization to man operations of these sectors.
They bring their experiences together and work hand in hand to ensure productivity. Hence a good amount of knowledge is shared which ensures the smooth running of the organization.
Also, the decentralized system ensures that the workload of the top executive is reduced.
This is because the top executive at all times can delegate power to the subordinates and then concentrate on serious matters affecting the organization.
Furthermore, this system facilitates the growth of managerial faculties because each individual has proven talents in each division he finds himself.
Each subordinate comfortably manages his own affairs properly. This enables the acquisition of skills and also the development of faculties.
Additionally, the decentralized system ensures the existence of effective supervision and control.
This is because there is the extension of control as a result of the expansion of authority. Managers at the subordinate levels have absolute power to make amendments in their jurisdictions.
When this is done, effective supervision is ensured.
Disadvantages of a Decentralized system.
The decentralized system may promote conflicts as pressure may be mounted on sectorial heads to realize profits at any cost. Serious fights may arise as this could lead to rivalry between the various divisions.
Also, the decentralized system incurs a lot of cost as it duplicates the effort of workers.
This is because each division needs to have access to personnel, marketing among other specialists in order to be independent. This forces the various divisions to employ a lot of work experts at a huge cost.
Moreover, decentralization could lead to the loss of control in the hands of top management.
This is because various divisions of the organization may be working independently in their own interest to the detriment of the organization itself.
Furthermore, the decentralized system does not ensure the proper exercise of authority at times.
This is because in some instances power is not handled in a dignified manner at the lower levels of the organization. In such situations, more emphasis is laid on their personal interest and not the particular organization.
Again, the decentralized system breeds inconsistencies in an organization.
Because of the various divisions, several procedures may be employed for a particular form of work. This kills the spirit of coordination and control in an organization.
In What Areas Of Life Can A Decentralized Blockchain Be Helpful?
A Decentralized blockchain is helpful in the following ways;
In the Health Sector.
In the health sector, a decentralized system will be helpful in many ways. In such situations, doctors will be distributed throughout the country and even globally and they are connected through a particular platform where interaction and sharing of ideas are ensured.
As a result of this, when a patient’s record is taken and a needed medicine is not available at the facility or in some cases a doctor is not able to prescribe the right medicine for the patient, he can contact other doctors for assistance.
This goes a long way to improve the working standards of hospitals and doctors as well as providing better treatment and maintaining the good health of patients and the general public.
In Politics and Elections.
In the political sector, elections are held at certain periods to choose leaders to govern a particular nation. This takes place in democratic countries where the citizens are free to select their choice of a leader.
But unfortunately, irregularities such as the rigging of results are observed in the majority of elections.
As a result of this, if a decentralized system is introduced in politics and elections where there is a platform for people to see and know the votes cast for a particular candidate then rigging of results in elections will be curbed.
This will promote peaceful and credible elections in the long run.
Land and Revenue.
In the land and revenue sector the decentralized blockchain will be helpful as the details and records of the land could be stored on the blockchain.
This helps to check fraud and acts of corruption in the sales of land to innocent individuals.
This is because the most powerful people of the nation who could produce fake documents in order to illegally take away certain lands belonging to the poor will not be possible on the decentralized blockchain.
This will enhance integrity and transparency in the land and revenue sector.
Conclusion.
I would like to say thank you to professor @yousafharoonkhan for this wonderful course.
Although I limited my answers to decentralization, I have learnt a lot on all the topics.
I have learnt that decentralized systems give it's users freedom to carry out their activities, allows all users to take part in decision making, among others.
Although there are a lot of advantages of decentralization, there are disadvantages as well.
An example is that it is not cost-effective because it requires a lot of funds to set up and can sometimes result in loss of control.
I have also looked at how helpful decentralization is in areas like health, politics and elections, and lands and revenue.
Thank you.