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)
Whenever we say Decentralization it is something which is not managed or controlled by certain people but rather it is managed by every user in the system.In the decentralization application system all the users in there are always included when it comes to decisions making wheather you have a higher or lower reputation every one has the ability to add their contributions.The decentralization applications system makes it possible for all users to make real transactions among users without the engagement of the mediators,Users has a peace of mind to run transactions anytime they want without any restrictions from the mediators.Decentralized application system differs from the centralized applications system because it is only managed or controlled by certain people,That is users with higher reputations and they are responsible for setting decisions for all users in the system to follow,Also users do not have peace of mind when it comes to transactions making,The mediators are also included before your transaction can be confirmed,For the decentralized system users have fully control in the system and they can run all activities without the engagement of mediators.With the decentralized application system all the users has a fully control over their data and it is very protected from all hackers since only the users are having an entrance to their own data when compared to their centralized application system where by users do not have a fully control over their data it is always managed by the mediators,Also in these days a lot of other blockchain are utilizing the decentralized application system in saving their users information,Because the system is not managed by anyone whenever you try to add your information to this block it will be very difficult for the other users to make an adjustment.
In the decentralized application system transactions fees is very less because it does not need any mediator before the user can make transactions,When compared to the centralized application system transactions fees is very high since it involves mediators when it comes to transactions.
The decentralized application system is not managed by any group but rather all the users in the system,This makes it possible for all users to contribute when it comes to decisions making.
Since in decentralized system users are having a fully control over their own assests it makes it very difficult to scammers or hackers.
Since the system is not managed by group of people but rather all the users,This helps in the development of the system very fast,since every user has the chance to run their own activities,It will help the users to make a righteous activities in the system in other to make enough profit and this is going to help improved the system.
All the transaction activities in the system is very clear,This is going to make it very difficult for any dishonest transactions activities in the system.
There is no any reversal in transactions once you try to make a wrong transaction.
For a user to participate in the decentralized application system he or she must be an expert and also commissions are very expensive.
Since in the decentralized application system decision making is not made by group of people but rather all the users in the system this is going to hold up the decision making because they need to take every user decision into account.
Since there is no any mediator to check all the transactions activities in the system,This can lead to wrong since the users is having a fully control when making transactions.
This is really going to helps users especially patients because whenever a patients visits the hospital all his or her information who be saved in the blockchain,Since there is a clarity in the decentralized application system,This is going to help physician from a different hospital to have a quick entry to the patients information to give him or her treatment without wasting time to ask the patients their problems.
This is really going to help users since they will be having a fully control over their assest and also they can make transactions anytime they want without any mediators and this may also speed up transactions.
This really going to help all politicians,Since whenever there is an election the one who always loses might have been complaining that there was a corruption in the voting,When the decentralized system in put in place to help cast the voting it will help reduces all corruptions since every activities is transparent and it cannot be changed.