Crypto Academy Contest / S1W3 – Reviewing Blockchain through the concepts. by @kingworldline

Good day everyone. It is my pleasure once again to be part of this engagement on steemit cryptoacademy for the ongoing challenge contest across several communities. I welcome you to my post on the Reviewing Blockchain through the concept.
I welcome everyone.
Am @kingworldline.

Blockchain Through the Concept

The blockchain is really important concept Which is really broad viewing it from the angle of blockchain technology, blockchain is programed to keep and as record information according to the date of the information entry, hence this is a secured means of keeping transaction and other vital information secure without the concept of any third party, which make it so difficult to be hack or to to be compromised by the fraudsters.

Hence is so important in keeping of personal information secure, because of the high rate of hacking and others, this is where the blockchain has solve the issue and problem the human is having over securing of information, hence this is quite reliable and trusted, and also the blockchain was able to bring solution to and answer to that of the the puzzle.

Therefore a blockchain, as the name and it's function implies, is a digit record book functioning as transaction book which is circulated across the blockchain network, hence this is known as a chains of blocked which are interlinked and as well highly not defiled or depraved and as well free from errors, hence this keeps accurate validated transactions carried out by the various node across the network, it as well keep entries of new transaction in the ledger, according to the user in the system network.

Hence the blockchain is made to secure transactions, and as well eliminate the centralised issued which involves intermediaries of which many financial institute are into, the blockchain is well systematize in way that any verified block can't be deleted, both can accommodates more blocks for more information de​pos​i​to​ry.

The blockchain has a lot which are associated with it, with a lot of concepts surrounding it which are so imperious that it has different attributes to the networking system which are as follows.

Decentralized

The knowledge behind this words is the independency structure of the system, which has to do with the exclusion of the intermediary which is the third party in keeping entries of transactions made in the system which is obtained in each node found across the blockchain

Decentralized Consensus

The basic concept behind this is the mechanism, principle and as well techniques which grants participants the distributed network in order to make convention over database issues.

Mining

The word mining in the blockchain is the process of research for a specific data in a large scale of information which also involves the process of additional information in the blockchain.

Smart Contract

This is actually a programmed transaction protocol which automatically carryout, control, and as well documents legalised relevant information in accordance with terms and conditions reached by different users in the blockchain.

Proof of work (PoW)

This is a means by which new block of transaction are being added in the blockchain, but on this case there is generation of hash which is known as the (lengthy string characters) which is in correspondent of the current block, meanwhile as a consensus mechanism, it was actually used firstly by cryptocurrency (Bitcoin) which was the first currency to exist.

Hence this concept is found as one of the blockchain consensus algorithms of which others include Proof of State (PoS), Proof of Elapsed Time (PoET) and as well practical Byzantine Fault Tolerance (PBFT).

Tell us about your favorite concept or term related to blockchain, try to be explanatory and make sure to give your opinion. (For example: Decentralized, Genesis Block, Hard Fork, Proof of Stake.)

The concept associated with the blockchain technology that stands for me is that of the decentralization of the blockchain technology.

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What is Decentralization of Blockchain technology?

Hence in a blockchain, the Decentralization of the blockchain is referred as the change of control of the decision making which is actually transferred the centralised entity like the individual, group or organization to distributed network technology, meanwhile the Decentralized network is after the interdependence of individual control which exert authority in order to enhance the functionality of the system network.

Hence the third party activity as the intermediary is quite an issue to the centralized ecosystem in carrying out transactions, in the sense that his attention is always needed before a successful transaction, of which the third party serves as the middle man or bridge in-between the two opponent, of which they can have there personal term and condition for any successful transaction.

For an example if a man wants to buy an asset that Whot $300 in the market, then due to the present and the interest of the the intermediary changes the price tag from the $300 to $390, of which $90 could have being saved in the transaction if at all is decentralized.

Decentralized blockchain is after the decision enforcement from that of the centralized body which can be an individual, companies, groups and others to a distribution network where decisions can be made without the concept of the third party, of which the primary aim of this network is to reduce the rate dependency at which man trust each other in business settlement.

The Advantages of Decentralization

The decentralised nature of the blockchain actually has a lot of benefits to offer to man, of which some of the benefits are shown below.

•It provides a well trustless environment

In a Decentralized blockchain technology, it is program in such a way no one knows each other in the blockchain, it was made for each user or member to have the same data which is in form of the distributed ledger across the nodes, of which any corrupted ledger will be rejected by others member the system. Hence this brings self reliance without depending on any dealing which could be a burden sometimes.

•The decentralized blockchain Improves data reconciliation

This has actually enhanced the means by which data can be arranged in formats so that data can be easily called up when it is needed, and strictly saved in data silos, hence by having the Decentralized data store actually gives entity access to the real-time, and also prevent data loss.

•It reduces points of weakness

This can actually reduce the points of where failure or weakness in the systems, where there could be much dependency on the actors, hence this can actually lead to the systematic errors and failure in provision of service due to the fact that there is a lack of resources.

•Optimizes resource distribution

Decentralization can actually help to optimize the service in the distribution of the resources, thereby providing better performance and as well consistency, and as well reduces the catastrophic errors.

Why do you think it is important in the blockchain?

The Decentralization of the blockchain is so unique and very important base on the service it can offer, for an example, in the centralised sector, any serious issue, can equally affect all the system, meanwhile in the Decentralized system the case is different since every sector is self independent, in this case of any error, it actually affect only that particular node, there by keeping other safe, but in centralised the entire system is affected.

Decentralization actually shows transparency due to the fact that system is programed to be opened for interaction, of which the internet is one of it, on internet everyone is free to connect to publish his or her own article which is verified by some one in different location, meanwhile this is equally the same to the cryptocurrency

The Decentralization of the blockchain network is quite inclusive in respect to any one, of which one can be part of the system irrespective of the location, age and background, hence the blockchain has united people all over the world in carrying out transactions without real physical engagement.

Do you think that the existence of the blockchain would be possible without this concept? Is there an alternative or similar term?

As for me I can say that the blockchain can exist much better without decentralization due to the fact that it is programmed to function as the decentralized and as well centralized.

So as I said that it can function as the centralised and decentralized blockchain actually depends on the the activities done on the ledger which actually works based on how it is configure it programmed, in the Centralised blockchain are only made for those who has a qualified identify before engaging in any transaction, meanwhile the Decentralized blockchain network is made in such a way that any one can perform transaction with the ledger.

Hence the concept of Decentralization is actually the same with that of the centralization, hence is alternative to that of the Decentralization in the blockchain.

Do you think it is possible to improve this term in some way? Explain us how

Yes is possible to make improvements, hence I would like make it a beat centralised, of which any system lacking centralisation lacks coordination, which could lead to mismanagement issues, hence with the centralised body it could be easy manage and as well to maintain the system in order to ensure that the activities are being carried out properly.

Hence centralization can actually eliminate some inexperienced and unqualified users in the system, hence this can make things retrievable when a mistake is made of which the Decentralized nature cannot tolerate. Hence with this point of my in centralizing a beat of this, can add more welcome service to that of the Decentralized system.

Therefore let me use this opportunity to invite @wealthmarry, @gabikay to join this contest.

Thanks for your kindly review
Am: @kingworldline

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