Hello greetings to everyone out there ,I am called @chiabertrand and this is my submission of the homework post after going through a professor @yousafharoonkhan lessons . Before proceeding with my homework ,I fisrt give thanks to professor @yousafharoonkhan for providing us with his beautiful lessons because the lessons are very easy for some of us beginners to read and understand extremely well since he has Really taken out time to explain everything detaily.
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 general the word "Decentralization" can be defined as "the act or process by which activities of a certain Community or group of people are evenly shared to everyone directly from the Central point
Then defining decentralization in terms of blockchain ,we first of all have to know that Blockchain is a type of data base that accept information and stores it In the form of electronic using a device call a computer
So base on my own knowledge in Blockchain, I can say decentralization is the process where by powers and functionings are evenly distributed directly from a central authority
b) Describe the advantages and disadvantages of a decentralized system
Now we all know that this decentralized system has both advantages and disadvantages ,I will be giving my own thoughts below 👇
Advantages of decentralization
1) quick decision making
Here ,the authorities and members takes and implement decisions,so it's very fast when making decisions because everyone is in control
2) Human satisfaction
Decentralization leads to human satisfaction in the sense that everyone is independent and can make decisions ,he or she halso has powers and prestige inside the decentralized system
3) reduces stress in top executives
Since decision making and and setting out some rules and authorities doesn't really requires only those at the top as everyone can make a decision .So it hence reduces stress and burden to the top executives
4)good motivation
Since everyone is entitled to make a decision,this motivation everyoneone as everyone can make a decision and this can leads to the expansion of the decentralized system
5)there is Transparency
Here all transactions are seen by every member and there is no hidden transactions .so if a member does a transaction, any other members can see all the details of the transactions
Disadvantages of Decentralized system
1) very expensive
Since everyone has to make decisions and set out rules in a decentralized system,so he or she will take responsibility for a good and better organization and will end up spending much to see how it functions smoothly
2) Poor coordination
Since everyone is entitled to coordinate and make decisions ,it is really be difficult to manage and coordinate a decentralized system since everyone is entitled to make his or her own decisions
3) Lost of Master key leads to lost of your blockchain account for life
When you lost your master keys,you can't longer recover it and this will lead to the Lost of your own Blockchain account
4)Lack of trust
For example ,when money is mistakenly transfered to a different account,there is no way the money can be re-covered onless the it is being send back by the person whom the transfer was mistakenly send to his account
c) In what areas of life can a decentralized blockchain be helpful?
1) Election purposes
My country cameroon has a population of almost 29Million inhabitants which is bilingual in nature (French and English language) and it has only been the French ruling parties that wins the election ,so with the implementation of a Blockchain decentralized system,I think voting process can be transparent and visible for everyone to see the election results so that everyone can rule our nation wether francophone or anglophone
2) in Administrative purposes
I take my country as an example again because of too much embezzlement that is going on .So the implementation of the use of Blockchain in all accounting units will help reduce or eventually stop embezzlement since every transaction details in any accounting unit will be visible and seen by everyone
3) For Educational purposes
Applying the use of a decentralized system in education will eased higher personells in companies to have access to students account who are seeking for jobs and see if they truely deserve the grades they say they are having before offering them jobs
4) security purposes
If Blockchain is implemented in security purposes,it will reduce the rate of criminal act as the use of Blockchain can be able to monitor and track each and everyone's movement
CONCLUSION
After reading and Understanding all about this Blockchain decentralized system, I think it's the best idea this world needs to implement in every aspect of our day to day activities so as to avoid criminal act and hence encourages transparency . A Blockchain decentralized system have to also be implemented in family's and njangi groups so as to avoid unnecessary problems due to lack of transparency
It was a pleasure reading and learning new concepts about Blockchain decentralized system from your lectures professor @yousafharoonkhan .I'm really ever whelmed and fully loaded with after going through your lessons