Crypto Academy Season 3 Beginners' course - Homework Post for Task 2: [Decentralization] given professor @yousafharoonkhan
Greetings to you all Steemians. It's my pleasure to be a participant of this week Cryptoacademy lessons that was given by professor @yousafharoonkhan . In this post I have give a detail discussion about Decentralized blockchain. Cheer as you read.
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 can be defined as a system whereby decision making and other activities are share among all levels of management in an organization. It is the type of organizational system that allow every department whether top or lower level to take part in decisions making process.
Advantages of decentralised system
Some of the advantages of decentralized system are;
Decentralized System gives everyone equal opportunities in making decisions. I can easily here that since there is equal rights in this type of system it can easily lead to flexibility.
Decentralized System help to boost productivity in and organization since there is much ideas given in Decentralized System it can lead to high productivity.
Decentralized System brings about accurate speed when process transaction or information because of the high technologies that is been used.
Decentralized System can't be easily hacks by hackers since it doesn't deal with third parties. Everyone is entitled to his own private keys.
Disadvantages of Decentralized System
Some of the Disadvantages of Decentralized System are given below;
Decentralized System is too expensive to maintain die to the high cost of technology that is been installed and also it requires high technical skills in operating on decentralized system.
Decentralized System is not regulated by laws which make it the system to lost trust by the public.
Decentralized System can not be run by small company as it requires high Technical skills and technology which are too expensive to maintain.
In what areas of life can a decentralized blockchain be helpful? (write in own words)
Decentralized blockchain can be very much help in the following areas of life below;
Politics, elections and voting
Decentralized System will be very helpful if integrated into politics, like for voting process because it will stop electoral malpractice. All vote will be counted and it will give everyone equal rights. It will even help bring about massive turn up in elections because everyone will vote with the assurance that they vote will be count.
Healthcare Sector is another good area where decentralized blockchain can be integrated as I will keep patient data safe and secure from from third party. If a decentralized blockchain is been interagted every patient will have his/her own private keys when accessing they data.
Decentralized blockchain can help bring upliftment into the banking sector as transaction can be process within 10minute. Customers can easily Transfers funds at the convinces of they home to abroad without the support of third party. It will also make transaction fees to be lesser.
Today people are fighting seriously because of land due to how documents are been kept also been forge since is just paper. A decentralized blockchain can bring a change to this issue when integrated as tenant will have a private key to where they documents is.