INTRODUCTION

Splendid evening to you all.

I must say, that i'm deeply humbled to be here in other to partake in this crypto academy introductory task. Getting to this stage has been a huge battle, but all thanks to God for everything.

Regardless, today i would be taking on the task 4 of the Introductory course, as presented and taught by my able professor @yousafharoonkhan on the topic "BLOCKCHAIN, DECENTRALIZATION AND BLOCK EXPLORER".

Alongside this topic are three(3) different questions, which i'm expected to answer just one to the best of my ability. So i have decided to answer question two(2). The questions are listed below.

Questions

• Write the definition of blockchain. And how our data on Blockchain is protected from hackers. ? And write details about Data, Hash and Previous Hash tag and explain through screenshot.

• 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)

• What is a block explorer? And what is its purpose and use? Search for different cryptocurrency block explorers and list them below. At least five different crypyo currencies. Also explore the transaction of a crypto coin on block explorer and explain with the help of screenshot.

DECENTRALIZATION

The word 'Decentralization' can be broken down futher into two separate terms de and centralization.

Where 'de' denotes reversal or removal and centralization defined as a process whereby there is a high level of concentration of power and authority of an origination or state within a particular point known as the central authority. In centralisation there is high level of dependency on the central or focal point for decision making, this makes the central point to be extremely powerful.
In a centralised system for instance, a fast food joint vendor would have to accept the terms and conditions lead down by a higher authority in starting the food business.

What then is Decentralisation?

Decentralisation can be defined as a process whereby many components of a system are involved or are in charge of decision making. This implies that decision making, power and authority are not left in the hands of a single unit but rather there is a form of sharing among the components that make up the system.

Decentralization is strongly linked to an autonomous system whereby separate individuals make there own decisions. For instance if i want to start a food business in a decentralised system, i will make decisions on location of fast food joint, number of staffs to be employed and type of food condiment to be used would be determined solely by me. But reverse would be the case, in a centralised system since a central authority would have a say in determining the components to start the fast food business.

DECENTRALIZATION AND BLOCKCHAIN

Now, having all this things in mind let us try to relate decentralisation to the blockchain technology. Blockchain in a very basic definition means a safe and secure way of storing information online.

Activities on the blockchain are highly decentralised this is because each individual is solely responsible for what they post online and no single person can claim to have the right or authority to control activities on the blockchain technology. That is why it is highly advisable to be very careful when performing any form of transaction on the blockchain technology because any form of mistake can prove to be costly, since transactions are irreversible and totally out of anybody's control.

Steemit is a huge example of a decentralised blockchain app. In steemit there is a lot of server that controls activities on the app. That is why a user has full access to his or her account and data unlike in a centralised app like Facebook where upon registering your data is stored on a single sever so that if you can easily be banned or suspended for ill conducts against them.

Another huge reason why Steemit is a decentralised app is that for instance when a user loses his or her keys it will be totally impossible to recover the account. This is because information and data on Steemit are not stored on a single server but on millions of server making it totally impossible to recover this keys.

FEATURES OF A DECENTRALIZED SYSTEM

It is very important to list the features of a decentralised system as this would help to give a further insight on the decentralised system.

• there is no single central authority as power is shared among different components.

• the rate at which decisions are made are faster in a decentralised system.

• there is existence of autonomy as all components are in charge of decision making.

ADVANTAGES/DISADVANTAGES OF A DECENTRALIZED SYSTEM

Like we all know anything that has an advantage is likely to have a disadvantage. Therefore i will list the advantages and disadvantages of a decentralised system below.

ADVANTAGES

• PREVENTION OF FRAUD:
  since the system is decentralised, it is very easy to detect illicit activities as operations are opened to anyone to access them thereby leading to the reduction in fraudulent acts.

• SECURITY:
  The security provided by a decentralised system is top notch. This makes it extremely difficult for hackers to hack into them.

• REDUCTION OF WORKLOAD ON THE EXECUTIVE:
  in a decentralised system the components that make up a system are delegated some form of power

• DECISION MAKING ARE FASTER AND EFFECTIVE:
  Since the components that make up the system are delegated a form of power and control, this would help to make decisions more effective and fast because the components would be more in touch with the lower units.

• Easy access to funds.

DISADVANTAGES

• LACK OF UNIFORMITY IN ACTIVITIES :
  There is usually a form of lack of uniformity in the decision making and activities in the decentralised system.

• DECENTRALISED SYSTEM IS QUITE EXPENSIVE TO RUN AND MAINTAIN :
  Because there is a form of delegation to the components, there would a need for a huge financial backups as a result of expenses that would arise in the system.

• PERMANENT LOSS OF FUNDS:
  A single mistake in the decentralised system can prove costly as transactions are irreversible.

IN WHAT AREA OF LIFE CAN A DECENTRALISED BLOCKCHAIN BE HELPFUL

Source

Since we've been able to learn about decentralization and the blockchain, i also think that it is also of Paramount importance to learn how the decentralized blockchain tech can be helpful and in our lives.

So below are the various ways in which the decentralised blockchain can be helpful;

• BANKING SECTOR:
  Sometimes we hear about cases of people's bank account getting hacked and there hard earned money stolen from them. Now this is possible because the banking sector is centralised, now imagined a situation where banking operation is decentralised. This would help in reduction in crime and increase banking efficiency.

• THE EDUCATIONAL SECTOR:
  There has been recorded cases of students bribing there lecturers in order to pass a course. With the introduction of decentralised system in the educational sector, such an act would be totally impossible thereby increasing the efficiency of the educational system.

• IN THE ELECTORAL PROCESS:
  The introduction of decentralised blockchain technology in elections would help to increase transparency in the voting process. This is because the system would be decentralised and not a single individual can change electoral result, there leading to a more transparent way of conducting election.

• THE GOVERNMENT SECTOR:
  Introduction of a decentralised system would help to reduce corruption and increase transparency in the governmental sector, since data would be stored in a safe and secured way ensuring that the general public as well as the governmental agencies can take a look at them anytime they want this would grossly reduce the rate of corruption in the system.

CONCLUSION

In summary, we've been able to learn about decentralisation and the blockchain technology. We also learnt how decentralisation can help impact in our daily lives and indeed, the introduction of Decentralised blockchain technology would help to reduce corruption and also help to encourage efficiency in the entire process. This would definitely help to make the world a better place.

Well, this is where i drop the mic for today. Thanks for reading.