1A. DEFINE DECENTRALIZATION.

B. DESCRIBE THE ADVANTAGES AND DISADVANTAGES OF A DECENTRALIZED SYSTEM.

C. IN WHAT AREAS OF LIFE CAN A DECENTRALIZED BLOCKCHAIN BE HELPFUL? (WRITE IN OWN WORDS).

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1A. DEFINE DECENTRALIZATION.

Decentralization can simply be said to be a system in which the absolute governance and control of the affairs of that system is not done by any authority. Rather, individuals which made up the system is said to have full control. The opposite of this is the word “centralization” which is defined as a system governed by a single or central body or organizations. An example of a cenralized organization is facebook. They manage and controls the affairs of everything that happens in their as well as having access to the user’s personal details and what ever is being said in DMs and chat rooms.
In decentralized organization, the regulation, cordination, control and management of the system is dispersed or transferred to members. It is like an extension of delegation in which a part of the work of the system is delegated to others. It is secure, free, significatly free and spreads to the least level of the organisation in control

Moving further, the users in the a decentralized system have the chance to communicate with one another without the involvement of any third party. They have full control over everything beause they have the power to do so. So, it is safe to say that in a decentralizd system, no authority controls the affairs of it and they have the maximum power to control every management aspect of the system including the decision making.

An example of a decentralized system is the internet which deals with cryptocurrencies, blockchains and the likes. In this system, management are fully controlled by users involved. They also possess the opportunity to communicate with one another.
This makes the system of decentralizattion recommendable to companies and organizations as they add value and helps improve their standards.

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B. DESCRIBE THE ADVANTAGES AND DISADVANTAGES OF A DECENTRALIZED SYSTEM.

ADVANTAGES

∆ • TRANPARENCY

Everything that happens in a decentralized system is seen clearly by all the users i. e. you cannot hide anything from anyone. Steemit platform is a perfect example of a decentralized system. On steemit, everything that happens on it with your account is visible to other users of the blockchain. This goes down to your notifications and the memos you send using your wallet. This transparency makes it that power is shared equally amongst member and no one is given the free will to do anything that could harm other members

∆ • SECURITY

The level of security in a decentralized system cannot be compared to that of a centralized system. Every users of the system have their unique keys and passworks that is full safeguarded and free from hackers to control the activity of the accounts. This helps each users to maintain their power of having full control over their account and the decisions that they make.

∆ • LESS FEE OF TRANSACTIONS

There is ussually a very low rate to perform transactions unlike in a centralized system. Looking at steemit, it could be said that it could be as low as free as there is no fee at all required to transfer one token from one account to another. This makes it a very big advantage for the decentralized system.

∆ • FREEDOM OF EXPRESSIONS

Since it is not controlled by any authority and users have their freewill with their account, there is absolutely freedom of expressions. Since there is no one at all to tell you what to do, users have the freedom to take whatever steps they like.

∆ • INCREASED LEVEL OF ACOUNTABILITY BETWEEN USERS.

Since everything on the platform is transparent, faults or mistakes can easily be traced to its root. This hereby gives the opportunity for the member concerned to take full responsibility and be accountable for everything that happens.

DISADVANTAGES

∆ • DELAY IN DECISION MAKING

Since power is shared and everyone point of view has to be taken into consideration to carry out some decisions in a decentralized system, thi might delay the process of decision making considering that the number may be large.

∆ • COST INTENSIVE

As a result of how the special the system is, it’s establishment is ussually difficult and requires a lot of money. The equipments needed for the construction are quite expensive too. It also requires a well skilled labour.

∆ • LOST OF FUNDS IN CASE OF ANY ERROR OR MISTAKE

In a situation whereby an individuall mistakenly transfer to a certain address, the funds are ussually lost forever and not retrieved.
Lack of coordination and orderliness
Since there is division of power to individuals, the general coordination of the system might be difficult.

∆ • LACK OF SPECIALIZATION

Since power is given to anyone who wants to be involved, there is the likeliness that it gets to people who lacks the basic skills of operation. The system might become complicated for them and moving forward could become difficult.

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C. IN WHAT AREAS OF LIFE CAN A DECENTRALIZED BLOCKCHAIN BE HELPFUL? (WRITE IN OWN WORDS).

Decentralized blockchain can be of great importance in various aspects of life we find ourselves. It might render a lof of help and support and give the impact needed for the future.

∆ • EDUCATION

There is lack of transparency in the education sector and it is now not what it use to be. Datas of students are easily manipulated and institution have full control. But with decentralization, the basic information of individual is fully displayed without any manipulation.

∆ • POLITICS

The issue of corruption, embezlement and several other vices are very rampant in modern governments which has caused severe damage to a lot of nations. Transparency of government operations could be a major solution and this is absolutely what decentralized systems offers.

∆ • HEALTH SECTORS

This is a very important sector or industry as every that happens there are very vital to out lifes. A decentralized system can make it for healthworkers and medical to have eassy communication with patients as well as everyone being transparnt with the health status of the patients that visit the health facility. Doctors can easily discuss about the various effects and causes of diseases without any hinderance as a result of decentralization. This would help build trusts between both the health workers and the patients creating easy access and communication for everyone.

∆ • BANKING

Banks are institutions that keeps huge amount of money for different people. This could require a lot of thorough management and maintenance. Decentralizaion would make that so easy because it would help individuals keep their assets. This would be done by everyone having the secret pins to open their various accounts with no one having access to it. As a result of how fast the transaction of a decentralized systems are, this would make it quite safe and secure.

CONCLUSIONS

Thinking about the merits of decentralization, it obviously outgrow the demerits. This lecture has made it very easy to understand what decentralization is all about. Many sectors of life are now gradually adapting to the decentralized ways which would help them improve their standards. I am therefor grateful to @yousafharoonkhan for the lecture, I really learnt a lot.
Thank you.