Repost: Crypto Academy Season 3 Beginners' course - Task 2: Blockchain, Decentralization, Block explorer || By @uzoma24
Hello dear friends in the academy, how are you doing, I trust you are Safe? It's my pleasure to be part of this interesting class by @yousafharoonkhan. I will attempt the second question below;
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) source
Centralized system:- this is a a system where decisions making is solely an exclusive right of the central booby.
Decentralized system:- Here decision making is shared amongst partners.
A Decentralized system is a system, where the activities, roles, planning and decision making in an organization is not allocated to one single authority, but distributed to component parts or groups of the organization otherwise known as Nodes. This means that in a Decentralized system, decision making is made collectively unlike in a centralized system where decisions are made by one central authority and communicated to the rest.
A Decentralized system is exactly the opposite of a centralized system. Here, decision making authority and responsibilities are shared amongst component parts, and it guarantees fairness and no one person's interest supercedes that of the rest.
Advantages:-
- A decentralized system is normally very fast and as a result, it is helpful since it has the ability to process transactions much more faster than a centralized system can ever be.
- It doesn't Fail: here, the failure of a node or nodes does not affect the end result.
- Decision making is not centralized. But It's the duty of all the component parts of the organization.
- Authority and responsibility is shared amongst the component parts.
- here, there is no middle man, transactions are conducting on a per-per basis.
- Security:- Decentralized systems have high security as the details and password of users are secured.
Disadvantages:-
- Privacy:- because all the transactions are stored in all nodes and accessible to the public, users don't have privacy.
- Here, for instance, once you consummate a transaction and letter discover you made a mistake either in the memo or the amount or the destination, you can't correct it.
- A decentralized systems is very expensive to maintain because of the high power consumption.
- another disadvantage of a decentralized system is it's scalability. This is because the prices are very flexible. Prise of coins can change by a very wide margin within a short period of time and may cause loss to some participants.
Below are areas decentralization can be implemented implemented in the health sector.
Ellection:- Decentralization will work perfectly if tried in an ellection since inputs can't be altered. In developing countries like Nigeria where ellection results are rigged after after elections, decentralization will be the best answer.
Census:- This is another area a decentralized system will work perfectly well in the society. If it's speed and inability to change details is brought into the census process of an Nation like Nigeria, it will solve issues of population padding as it have been reported in so many regions in Nigeria.
Security:- (Police and Judiciary):- decentralization will be very helpful in this sector. This is so because if anyone has a criminal history, all his criminal history will be available at the police and Judiciary once he enters his finger prints. It will also be available to embarcies to ascertain the level of risk an individual may pose to their country if allowed in.
Medical:- this is another vital area where a decentralized system will be very helpful. If adopted here, it will avail the doctors of all the medical history of a patient which includes the drugs that have been administered to him/her for his /her various helth conditions and then it will help the doctor know how he can come in.
In conclusion, the importance of a Decentralized system can't be ever over-emphasized as it is actually the answer to most of the problems we have in our society today. Imagine that I spend 4 hours 2 days ago at a bank because I wanted to deposit cash for a vendor from whom I bought an item from, but in a decentralized system, like steem, I can just transfer the exact value of steem to him from my wallet to his from the comfort of my house or office.
Attention @reminiscence01, @yousafharoonkhan and @steemcurator02, this is a repost, I had to repost it because it was not voted. Below is the assessment of the professor, kindly assist.
