Hello steemians how are you? I hope you all are fit and fine in this pandemic time. Today I read about season 3 of the crypto academy and I found it a really interesting and creative way to increase quality content and knowledge.
I also have decided to take part in the first beginner's course then in upcoming courses.
So, Here I am submitting my homework post
HOMEWORK POST
Question :-
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).
Answer :-
Decentralization
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The exchange of power and duty regarding public capacities from the focal government to subordinate or semi-free government associations and additionally the private area—is a complex multi-layered idea.
It implies the allowance of forces at staggered of the executives and square chain. The board treat each representative and individual similarly and offer the opportunity to share their perspectives and thoughts.
I might want to share one proclamation by Henry fayol.
He said that
"an organization should not be brought together or decentralized."
In any case, if we talk about cryptographic money trade.
Incorporated trade is those where client or customer information is put away in the data set of an association whereas in decentralized trade client can deal with his information.
The decentralized framework deals with blockchain security and can't be hacked while the concentrated framework consistently has the danger of digital assaults and information misfortune.
Brought together framework has a high progression of cash since a considerable lot of us working there in an exceptionally enormous number and with a huge sum. Whereas in decentralized design low clients are dynamic and work with limited quantity.
As indicated by me decentralized and concentrated both have their particular manner of working yet if we talk about security decentralized blockchain security dominates the race.
ADVANTAGES AND DISADVANTAGES
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Advantages
Equally division of power at the multi-level allow a self-confident and user-friendly environment in a company or a sector.
As it is highly Secured by blockchain security chance of hacking is 0%. Hence the user can trust decentralised systems.
Give self-control confidence and create a working atmosphere for the user. I will increase employment, income and vision of a company to grow more in the upcoming years.
No one can edit user data. So the user is free to secure its data in a decentralised manner and live a healthy lifestyle without stress about its data.
Reduce stress on top authorities and also employees also don't feel stress while working. It creates a perfect user and employees relationship.
Disadvantages
Due to the identified nature of decentralized blockchain crime chances increase, social and political threats may lead to a serious crime.
Due to price fluctuation of cryptocurrencies user is always be confused about whether the user has to hold or trade its currency. cryptocurrency work in decentralised blockchain.
Emergency decision making is very slow due to the division of powers. No single authority can make power but it is a decision of multi-level power. So it takes time to make a perfect call.
To work on decentralized system learning password it is a great challenge. A decentralized system is secured by highly secured passwords no one can learn them easily so it's important to save them which may create a threat of loss.
The decentralised system has low liquidity. As it has less number of users, employees and less amount of circulation.
Uses of decentralisation
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There are many different fields in which we can use decentralization and where decentralization can help us a lot. Let's see a few of them :-
Political Decentralization :-
Supporters of political decentralization accept that choices made with more noteworthy cooperation will be better educated and more applicable to different interests in the public arena than those made exclusively by public political specialists. The idea suggests that the choice of delegates from neighbourhood discretionary wards permits residents to know better their political agents and permits chose authorities to know better the requirements and wants of their constituents.
Through decentralized voting system one can vote their representative easily and also so it will help to secure the data of the user as well as the casted vote. It will stop money laundering and other type of misuse of offline voting system.
Financial Decentralization :-
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True financial decentralization country can provide protection to user income and data which will provide a environment in favour of user. I will increase self-financing or cost recuperation through client charges. co-financing or co-creation plans through which the clients take part in offering types of assistance and framework through money related or work commitment. It will increase trust in financial sector and also reduce the market risk as highly secured system and servers are used to make user data secure under decentralisation process . It will also tackle with the middle man and reduce the corruption in the country in every sector from banking sector to ministry sector and also in Cooperative sector .
Market Decentrailzation :-
As per the government and normal people market decentralization consists of two main type of decentralization that is privatisation and deregulation.
privatisation :-
Privatisation is a type of decentralization that help to provide better goods and services to the user, build better infrastructure work on different and better contracts which helps the company e as well as the government to get better profits. It will also help employees to think broadly and give better results to a company.Deregulation :-
Independence reduces the lawful limitations on private interest in employment arrangement or permits contest among private providers for administrations that in the past had been given by the public authority or by directed imposing business models. Lately, privatization and independence have become more attractive options in contrast to governments in non-industrial nations. Nearby governments are likewise private by contracting out help arrangement or organization.
Heath Decentralization :
Through health decentralization a patient can easily access its health reports and medical report in any country at any time when he or she is getting a treatment. It will reduce stress and burden on doctor Hospital as well as patient. It will reduce paperwork and save environment. From life till that every patient can access there data easily.
This is all about my homework post. Hope you like it and understand more about decentralisation through it.
THANKYOU