Hello Friends , At this Time, I have Participated in TASK 2 (Blockchain, Decentralization, Block Explorer) , Which is given by Professor @yousafharoonkhan
(2) 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)
Decentralization
A decentralized system is one during which all the actors or participants have the power and the autonomy in terms of the functions they perform at intervals it, the amount of the participation and importance is determined by their capacities once concluding their operate, like for the instance, in an exceedingly chain of blocks the there square measure endless nodes that don't rely upon a central server, these nodes the square measure those that the square measure accountable of severally however with the constant objective of maintaining the network, everybody World Health Organization joins a sequence of Blocks can become a brand the new node, the data on the activities applied are visible to everybody and can't be altered, the operations have applied are irreversible.
The essence of a decentralised system is predicated on autonomy, not relying exclusively on a central power supported it, this represents an excellent advance in each sense of the word, because it doesn't rely on a central entity, either a central power to level of state or one central server at the technological and money level, an excellent chance for independence and autonomy is made in terms of the functions and safeguarding of knowledge of all the participants concerned.
If we tend to mention social networks we are able to realize that there's an excellent distinction between the quite common and recognized ones like Facebook, Instagram, Twitter and YouTube that are a part of centralized social networks and suburbanized networks like our surprise called Steemit, and this can be why within the {most popularmost we tend toll liked most well-liked or centralized till these days we don't own our accounts or have total management over our info, at an equivalent time we are able to be a victim of censorship of our content, that is that the opposite once living on a social network like steemit
Here, Solely we tend to are the homeowners of our account and our info, we tend to are an energetic half taking part as nodes, we can grow looking on our performance and attitudes and that we will never be a victim of censorship in our content . Regarding the national economy, an equivalent case is bestowed, the centralized money entities that rely on a central power and might be ruled by laws and specific governments are insulant behind in terms of the decentralized system
This can be as a result of they gift restrictions associate degreed difficulties like that of that to open an account it's to be head to head, the wants are quite few, however what makes it most detracts from it's the limitation of having the ability to transfer cash from one country to a different, that is, lets say that we tend to are in Republic of Venezuela and that we ought to transfer cash to a relative that is in continent, this might represent an oversized commission charge and also the cash, if potential, its transfer would take around five days to achieve the ultimate recipient, whereas within the decentralized or scientific discipline national economy, gap associate degree account is extraordinarily straightforward, you'll have intercourse while not age limits and while not several needs from anyplace with web access and you'll transfer cash in an exceedingly matter of seconds from one aspect of the planet to a different, though not everything is rosy, there are bound disadvantages however we'll observe this later.
Describe the advantages and disadvantages of a decentralized system.
Advantages
In a decentralized system it's characterized by being safe, quick and clear.
In a centralized system, all participants have a similar rights to specific themselves associate degreed to own an opinion concerning the selections that may be created.
The data and data that are entered can not be altered or deleted by a dominant or central entity.
At a money level, if a decentralized system like a blockchain is employed, you may be ready to build transactions quickly and directly, from person to person, with low commission prices while not looking on the approval of a bank, as well as international operations, aside from this is often associate degree inclusive system, wherever anyone will produce their account while not distinction mature, sex or race and in a neater approach than within the typical system.
Regarding social networks, there's freedom of expression, you're the owner of your account therefore neither your publications nor your accounts are often closed or expurgated.
The creation of quality and original content is inspired, for this the creators are rewarded.
It is a worldwide system, because it doesn't depend upon a government or a central server, each in communications and financially, borders disappear, associate degree example is that money are often sent from one place to a different quickly and while not restrictions.
The long government officials processes and necessities that are ordinarily needed to attend for the approval of a central entity are reduced, because it could be a quick and reliable system, everything is finished in an exceedingly quicker and safer approach.
Disadvantages
Although it's a secure system as a result of you're the only owner of your account, losing access would represent the loss of it, this is often as a result of there's no server or central power that features a record of your access information.
If you perform associate degree operation like transferring assets with wrong or wrong information, this has no method of being reversed since, as i discussed before, they're unalterable, the sole method is that whoever received the cash by mistake decides to come back it.
Being a free call system, an excellent disadvantage is that it is used for hiding because of the liberty to transfer funds to whoever need you would like you wish} and after you want while not restriction.
As all participants have active participation and freedom of expression, it's troublesome to manage inappropriate behaviors of people or teams.
In what areas of life can a decentralized blockchain be helpful?
Best Exchange& Trade Division
In this decentralization traders will sell their assets to a different person whenever they require. They even have the total right to shop for no matter they require from somebody else. thereto can't be influenced to external parties.
Health Sector
This is one amongst the foremost sensitive sectors, during which i feel that it might be terribly helpful and vital to implement a blockchain, it might collect patient information in addition as treatments notwithstanding that medical institution the patient is directed to, be it in any city, town or country, having this information in a very decentralized blockchain would facilitate its fast attention while not having to resort to playing tests that have antecedently been done and even additional therefore in emergencies once unconscious patients enter while not the accompaniment of relatives, the blockchain would mechanically mirror the information Doctors of that patient like if he's allergic to any medication or if he's underneath some variety of treatment to mirror if he suffers from a selected malady, this may beyond any doubt save plenty of your time and limit several conflicts.
Social Media
Social networks on blockchain like steemit represent Associate in Nursing improvement in several aspects over those already called Facebook and Twitter, in steemit you'll be able to publish your content while not censorship, the creation of original content is promoted, you own your account and have total and absolute management on that, except for this you receive financial gain for your activity that is Associate in Nursing improvement in terms of victimization alternative centralized ones, i believe that decentralized social networks area unit the longer term and with some enhancements they're going to shortly get on par and why not? surpass those already identified.
conclusion
A blockchain suggests that a good advance looking on the case wherever it's applied, we are able to see however the arrival of cryptocurrencies gave a helpful flip in terms of a way to invest and transfer cash, that's why its adoption might improve several senses of our way of life, in person i believe that an improved dissemination of data concerning advantages} and benefits of a suburbanized system, can facilitate a quicker acceptance by society, its implementation would bring nice enhancements to the planet, thus its nice importance.