Define decentralization. Describe the advantages and disadvantages of decentralized system. In what areas of life can decentralized blockchain be helpful
Define decentralization?
Decentralization is a system in which everyone is given the power of being a boss and you have a right of decision making and run your business in any way you want to. In the other hand centralize system is one in which all power and decision making in the hands of the central body so running your business you have to implement the decision of the central body which is not the case with the decentralized system. For example steemit is a decentralize system where you write and post any thing you want at anytime and you have full control of your account and wallet.
In a decentralized system each computer operates as a server, all the computers are connected to this system are called nodes
Advantages of decentralization
With the decentralize system it has advantages which are which are;
In a decentralized system power is transferred from top to bottom meaning all are in control of their data this power transfer is disturbed according to abilities and potential.
Transparency is very clear , no fraud can be put in place .
Money transfer and transactions can be done efficiently and at any time because u don need permission from some where to do any transaction you want like in the bank system where you have to follow protocol before doing a transaction.
Exchange of information worldwide is possible and very easy and kind of secure.
Data is protected from hackers and no one can temper with the data store in a decentralized blockchain .
Trading can be carried out at anytime the trader wants a transaction.
There is no center authority.
Disadvantages of decentralization
Since it is an independent free system , the rate of money crime activities are very high .
It is very expensive to set up a decentralized system. It requires more money and very skill persons and it’s time chopping.
Once money is transfer, you can’t get it back so in case you sent money to a wrong account that all you have lost the money.
Wrong decisions making is very high since you in control of your data , you might at times make a decision that will lead to unsatisfying consequences at the end of the day.
In what areas of life can decentralized blockchain be helpful .
The decentralized blockchain can alway be of help to other areas of life like in health, land revenue,politics and election and in the educational sectors;
Health sector
Apart from the patient record given as an example in the lectures I think this system can be of much help too in a case of research work since there is no power control researchers can connect to a blockchain and share idea on their works and get help from others for example the case of covid-19 all the big brains working on its vaccine will get to a vaccine in no time because of the data shared among them and there will be transparency no finger pointing at anyone.
Politics and election
If decentralization is put in place in this sector, we will have little or no fighting of election results because there will be no room for fraud, all votes will be counted and every citizen can see and it will serve a lot of time for people moving to voting centers and results will be announced the same day.
Land revenue
Of this system is implemented in the land revenue sector , it will reduce the level of scamming in that people will not be able to sell what is not theirs. Each land worldwide will be registered to an own and u can buy only from the owner which will reduce fraud and bring in more transparency.
In education
Most countries till suffer from results fraud in school, in which with the decentralized system transparency will be very clear each student will receive only what they earn.
Conclusion
The world will be a better place if decentralization is applied in every area because transparency alone can put and end to all the bad habits we see around.
Thanks @yousafharoonkhan for the lecture it really helped me out in doing this homework.
Thanks for reading.