Greetings Steemians.
I am excited to finally beat the criteria to participating in the crypto academy.
Homework Task-2.
(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)
(a) Define decentralization.
In a layman's understanding decentralization can be seen as the breaking down of authority into smaller constituents. Every computer connected to such a system are called nodes.
furthermore it can be defined as the procedures through which the operations of a company, mostly a blockchain is been portioned out and not been handled by a single authority. Every Decentralized system exists with no central authority. In every Decentralized system there is a break down of authority into smaller constituents. Transactions carried out are public and can be seen by every user of the platform for example the steemit platform.
(b) DESCRIBE THE ADVANTAGES AND DISADVANTAGES OF DECENTRALIZED SYSTEM.
Decentralized system has both advantages and disadvantages.
Advantages.
- Users are in full control of there data.
- Transactions are carried out whenever the user wants.
- Due to the transparency that exist on a Blockchain fraudulent activities are arrested.
- Users are not expected to abide by rules.
- No central authority.
- equity exists as authority is been distributed from the highest to the lowest user.
Disadvantages.
- Decisions will always lack professional knowledge as not every user of a Decentralized is a professional.
- It is very expensive to lunch.
- Abuse of funds.
In what areas of life can a decentralized blockchain be helpful?
- security of property as blockchain gears can be used to arrest fraudulent activities.
- Public health: Blockchains carry information so it can be used to transfer information concerning a patient from one place to another.
- Rigging free election: As information carried on a blockchain is temper proof or hack proof this would help erase the possibility of rigging an election.
Conclusion
In conclusion, Decentralization comes with a lot of benefits ranging from election to public health, security and so many other things.