Hello Steemians,
I hope you all are doing great in your life and learning from @cryptoacademy. It's a great platform for the growth of beginners. I am honored to be a part of this platform. Before I proceed with the task, I want to thank the professor @yousafharoonkhan for his efforts to make us learn a lot.
Define decentralization. Describe the advantages and disadvantages of a decentralized system?
Decentralization
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Below are some advantages of the decentralized machine.
Lower level of hierarchy can make decisions or have authority to make timely decisions which motivates them to contribute more towards the organisation's goals in a long run.
In protecting and keeping records. Decentralized blockchain platform is very strong.
Decentralized blockchain is user-friendly, this impact optimistically on customers.
The decentralized blockchain platform is hard to cheat, Hack and steal. Due to the strong Block chain decentralization system.
Moreover Decentralisation block chain structure having fast and efficient transaction process. So that an individual can easily made their transaction without any problems.
In a decentralized blockchain platform, trust in another person is not needed. Because every individual in a decentralized network has a duplicate or precisely the same information as a disseminated record.
Below are some disadvantages of the decentralized machine.
It may face difficulty to find out the problems in problematic areas and not be as effective in making corrections. Moreover Onwards decisions are removed from the top level in Decentralization.
It can be lacking in its uniformity of standards and policies implemented in the organisation units.
Duplication of work and efforts can happen.
The decentralized system sometimes can be risky in prices. because it can damage the customer as well.
Decentralized system is liable to be used. So a criminal thinker can misuse it. However, the system does not show the identity of the customer. So an individual can do the cash crimes.
In what regions of existence can a decentralized blockchain be useful? (write for your personal words)
As we know, the Block chain developed higher trust in the field of industries such as government, Health care and real estate. Decentralized blockchain is also used by online marketplaces and offer their customers the services purchased by cryptocurrencies.
Politics
Decentralized block chain works to secure the data as it plays a very vital role in the field of politics, as they use decentralized block chain networks in their machines. eventually there are a number of chances without that machine for corruption. It helps in securing money and the secured data helps to avoid corruption.
Trading
With an example of an individual seller. Selling his products to a buyer without revealing the identity of himself and his customer. This is how a decentralized Block chain works.
Media-Chain
Media chains use the advanced decentralized blockchain platform to get their musicians the pay they deserve by adding into the decentralized block chain. However, musicians and artists get paid full on time.
Medicines
As per the medical science life news, healthcare billing, 95% of health data, and 99% of prescription information is digitally maintained through blockchain.
It also plays a vital role in the services of medicines as decentralized blockchain helps patients and doctors to transfer their important and sensitive medical information by putting the informative medical file into the blockchain machine, of the patient affected by any severe disease. After putting a subjective file into blockchain, The doc will analyze the file and deliver the drugs according to the treatment.
Conclusion:-
I have learned a lot about the decentralization block chain network and their benefits in relation with professional fields such as Politics, Trading and media chain etc. I have also learned their cons. I am very thankful to the professor for making me understand and give the deep knowledge throughout this lecture.