Crypto Academy Season 3 Beginners' course - Task 2: Blockchain, Decentralization, Block Explorer | by @jmanuel-e

First of all grateful for the approval of the previous task, this time following the explanation of professor @yousafharoonkhan, a super interesting post and a topic that I did not know very well, this task 2 is about the Blockchain, Decentralization and Block Explorer, as you know Steemit works under a decentralized blockchain of which it has a wide advantage when operating in it, we will explain its definition below.

Task 2: Blockchain, Decentralization, Block Explorer

(2) Define decentralization. Describe the advantages and disadvantages of a decentralized system. In what areas of life can a decentralized blockchain be useful? (write in your own words)

Decentralization.

We start by citing a source and from there we go on to explain its concept.

Decentralization is the process of distributing or dispersing functions, powers, people or things outside of a central location or authority. The concepts of decentralization have been applied to group dynamics and administration, companies and private organizations, political science, law and public administration, economics and technology._{Source: Wikipedia}

When we read the above concept, the first thing we think is that decentralization allows a single individual, body or system not to have absolute control or sole responsibility over something, but that these responsibilities are shared if possible in equal parts, it also does reference that each individual is responsible for their actions and does not wait for others to authorize them to make decisions, each one assumes its consequences to say it in some way, if we focus on the blockchain remember that it works under a decentralized system, where it is stored information and said information can be seen by others as public domain and cannot be modified within it.

_{Image Source}

Advantages of a decentralized system.

• Enjoy full freedom of expression without fear of being banned.

• Financial freedom in being able to carry out any transaction with whoever you want and at any time.

• All movements in the case of a government entity that works in a decentralized manner can be seen by anyone, thus showing transparency and avoiding the diversion of resources.

• The possibility of exchanging information regardless of the distance or borders between two or more countries.

• Possibility of making transactions in a timely and efficient manner without an intermediary.

• The information stored within a chain of blocks is not attacked by third parties nor can it be modified.

As you will see, there are many advantages of managing a decentralized system, being reliable, safe and fast. It should be noted that a couple of days ago in my city a news item came to light where they highlighted that for the first time a man made the payment of 12,000 USDT to another person for the purchase of a house for his mother, according to the news outlet it is a fact that should be highlighted in my country since this eliminates the intervention of a third party such as a bank, it is to know that when one acquires a property the bank functions as an intermediary entity making the process or paperwork between the parties bureaucratic and entail days to complete a purchase or sale. So the use of cryptocurrencies either to acquire a property is a fact, I hope that the day will come when we can buy a car with Steem through the blockchain that works on it.

Disadvantages of a decentralized system.

Although there are many advantages to working through a decentralized blockchain, there are also minor risks, thus becoming those disadvantages of which there are few in my opinion.

• Commit crimes of fraud or money laundering.

• If you do not know your application very thoroughly, you may fall into making a transfer to the wrong account, which means that the loss will not be recovered.

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

As we well know the benefits and benefits of working or operating in a decentralized system, be it political, social or economic, I think I would settle in the economic part of a country, working on a decentralized blockchain system thus avoiding deviation of resources. Passing this information on the management of these resources to the public domain where we know where the money comes from and where it goes, in my country there are ordinary people who pay taxes and the costs to pay are increasingly high, the streets are still equally broken, the Schools falling apart, hospitals without medical supplies, how would they say that the rich get richer and the poor poorer, I think that by applying a decentralized system we can see in what we can contribute for the good of the country and its development as the creation of communes where each community knows the root problem of their locality and with the transfer of those resources they can allocate them for it, and what about returning it or transferring it to another community that has other problems to solve. Without a doubt we would be observing where our investment is destined and where it comes from.

I hope you like my analyzes and have met the expectations of this task, without a doubt it is clearer to me that water than working in a decentralized system like blockchain is the solution to many problems.