Crypto Academy Season 3 Beginners' course - Task 2 || Blockchain, Decentralization, Block Explorer || For Professor @yousafharoonkhan || Posted By @Preshdan || 100% Power-Up

It is indeed very pleasurable to be part of this season 3 beginners course task 2 presented by professor @yousafharoonkhan. The task is focused on Blockchain with emphasis on Decentralization.

The questions are as follows:

(1) Write the definition of blockchain. And how our data on Blockchain is protected from hackers. ? And write details about Data, Hash and Previous Hash tag and explain through screenshot.

OR
(2) 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)
OR
(3) What is a block explorer? And what is its purpose and use? Search for different cryptocurrency block explorers and list them below. At least five different crypyo currencies. Also explore the transaction of a crypto coin on block explorer and explain with the help of screenshot.

As the case may be, I will attempting question 2:

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 is the process by an organization that are involved in decision making and planning have their activities divided into portions and dispensed or committed to subordinates rather than a central control unit, group or authoritative location. It also refers to an explicit or definite form of organizational structure in which the top management commits the responsibility of decision-making and daily operations to subordinates regardless of level or status. Consequently, the top management focuses on major decisions with large scale abundance of time. In addition, decentralization can seen as an extension of delegation. Decentralization may also be said to be a state in which efforts are carried out using a planned, ordered procedures to delegate all authorities to the lowest levels except for those authorities that should be exercised at central points.

Unquestionably, decentralization is a matter of splitting up the managerial work and designating definite duties to the manifold executive skills thus, decentralization is interested in decentralizing the decision-making authority to the lower degrees in managerial hierarchy.

Advantages of Decentralized System

• Motivation of Subordinates

Decentralization brings about the improvement of the level of job satisfaction including employee morale, particularly among the lower level managers.
Additionally, it makes strenuous effort to satisfy the varying prerequisites for independence, status, and participation. Decentralization incites the spirit of group cohesiveness.

• Reliefs top Executives

Decentralization enables top executives to concentrate more on work at the executive level such as decision making and planning and allow the lower level employees assume all the responsibilities on their own. This therefore brings about relief of their workload which consequently results to the greater good of the organization.

• Facilitate Growth and Diversification

Under decentralization, each single product division accomplishes sufficient self-government to set into action or practice their creative flair. In this way, the superior management level can design healthy competition among various divisions.
It helps subordinates in setting into action their own judgment and develop managerial skills which helps in solving the succession problem and this ultimately guarantees organizational growth as well as continuity.

• Enhances Supervision and Control

The lower level managers can change the form or structure of production schedules and work assignments with fully sufficient authority. They can go as far taking disciplinary measures and also recommend the promotion of their peers, this results to greater efficiency in supervision. Therefore, the assessment of performance of each decentralized unit helps in putting into practice adequate control.

• Speedy Decision Making

By decentralization, decision making process is brought closer to the scene of action. This results to more rapid decision-making of the lower levels since decisions are not to be referred up by means the hierarchy.

• Ease of Expansion

Inertia could be added by decentralization to the process of expansion of a upcoming business. This possibly and usually result in the establishment of new business units in different geographical locations.
Decentralization releases the utmost potentials of the organization and can easily react to area-specific prerequisites.

• Satisfies Human Needs

Decentralization functions as an imperative tool for satisfying our primary need of independence, prestige, power, and status. A framework of satisfied manager is build up by this satisfaction as they feel responsible in the direction of the organization or platform’s betterment.

• Efficient Communication

The wider extent of management under decentralization precede fewer hierarchical degree and this influences the communication system making it more efficient as closely acquainted relationship develops between superiors and subordinates.

Disadvantages of Decentralized System

Decentralization to an extreme degree can be beneficial. But it can be dangerous except it is carefully constructed and frequently monitored for the good of the organization, platform or company at large.

• Difficult To Co-Ordinate

It is important to note that significantly great self-government is enjoyed by every sole division however, this results to difficulty in coordinating the overall activity. Decentralization of authority brings about problems of co-ordination as authority lies widely disseminated throughout the organization.

• Expensive

Decentralization requires the employment of experts or trained personnel to receive authority, and this involves more financial burden as such a small organization, platform or enterprise cannot afford to appoint such experts in different fields. Additionally, in decentralization, every employee accepts responsibility for the growth and advancement of the organization hence they work harder to accomplish all the organizational objectives. Consequently, they have to be paid more and this sometimes proves to be quite expensive for the company.

• Uniform policies not Followed

It is nearly to carry out in accordance to uniform policies and/or standardized procedures under decentralized blockchain as each manager will and as well devise policies harmonious to his talent.

• Conflict

Decentralization places more pressure on divisional heads to gain profits at all cost. However, meeting a new profit targets or plans often results to conflicts among managers.

• Require Qualified Personnel

In the absence pf competent and qualified personnel, decentralization becomes useless.

Some Areas of Life Where A Decentralized Blockchain Can Be Helpful

Undoubtedly, decentralized blockchain is important and helpful to numerous areas of life. The following are some of the areas of life where decentralized blockchain is seen to be helpful:

• In Government Sector - For Ensuring Safety Of Public Records

The government sector has been in an active manner trying to tap on the abounding potential and capability of blockchain technology. Each individual's largest record in a country is stored in the database of the country and is also the excellent and delightful target for hackers. It is quite crucial for government to mitigate hence, with the deployment of blockchain data structures for securing the storage of such data, governments can make the network security resistant thereby preventing any breach. It impairs the risk of single-point-of-failure and guarantees minimum cyber breach in the data.

By means of decentralization, blockchain can present more transparency in government operations. It can determine its people that there is zero putridity and they can look into and substantiate the data at any time they want. Furthermore, it also not achievable for any government to keep back huge chunks of resources in this. They need to make thorough or careful use of resources and reduce costs at all costs.

Blockchain can be put into practice to mitigate the redundancies in operations, modernizing it, and reducing any burden on audits. It could also accelerate the process of reconciling financial resources and other numerous government operations. The governments of many countries are already putting blockchain technologies into use in many of their operations.

• In Retail Industry - For Eliminating Third-Party Interference

The dynamic nature of technology has at every turn disrupted the retail industry. While everyone has been transformed into online shoppers by the e-commerce portals, technologies such as machine learning, predictive analytics, extended reality, etc., are on the other hand disrupting how we shop. However, going digital is accompanied by its setback and brought online frauds and cheats together with it at the same time. This is where the retail businesses as well as e-commerce companies are connecting into blockchain for.

The blockchain is being tapped on by popular players of the retail industry to make their operations secure thereby making it appear more worth-trusting to the shoppers. It can also be used to make transaction transparent and provide customers with the entire details about the product right from its production date to the use cases.

Furthermore, numerous retail businesses are also using blockchain to introduce the future of currencies, cryptocurrencies. In the future, retail might permit cryptocurrencies as a deposit for hard cash in order to obtain more business from across the borders. In addition, customer loyalty programs can be put into active service by retail people using blockchain.

On a distinct aspect, it also can help in eliminating the inefficiencies of logistics as well as supply chain management in the retail industry.

• In Financial Service - Cutting Back Costs & Reducing Fees

Numerous professionals have been looking into blockchains' potential with respect to financial services. In fact, more than 91% of banks globally have started making investments in blockchain solutions. It could be comfortably used to securely and efficiently carry out transactions via financial institutions. Acting as a ledger, blockchain can be used to record and store every financial transactions and not giving any one sole point of risk. The data would be routinely kept in multiple locations and an addition of a duplicate of new transactions would be made to each of the ledgers.

Where there is an attempt to hack or alter the data of financial transactions which is stored in these ledgers, getting into each ledger would be required, which practically would be impossible.

Aside securing these, blockchain can also be used to accelerate cross-border transactions, increase transparency in transactions, and as well allow digital identity verification.

• In Healthcare - For Managing Patient Database Authenticity

The healthcare and medicine industry is also getting revolutionized by blockchain technology. The decentralized system offered by blockchain would eliminate the central authority for storing medicine-related data. The transfer of patient medical records comes into being more transparent with blockchain technology. Patient data can encrypted which can be used in times of any outbreak of harmful disease.

Blockchain technology then also be efficient or effective in tracing and tracking medicine shipment. Through the encrypted system of blockchain, doctors can also transfer files including patient data, payer information, etc., when carrying out clinical trials.

Blockchain technology alongside smart contracts can also be used for connecting patients with healthcare for the provision of value-based healthcare.

Many companies are countering drug scams using blockchain through traceability and having knowledge of any counterfeits. In addition, they are getting in touch with web development companies in order to build software/app that can inform about medicines demonstrated to be false.

• In Real Estate - For Solving Land Registry Problems

Real estate marketing of distinct countries across the world is getting disrupted by blockchain. Without doubt, it is acting as the leading figure of digital transformation as long as this sector is concern. Its decentralized technology for record-keeping would help produce a level of vivid impression of trust amongst buyers property. Blockchain enables conducting due diligence on the property, title management, getting crowd-sourced investment as well as property purchase.

Tools such as blockchain-based property management software would be used by prodigious real estate to maintain possession of the ledger. Majority are conferring software development companies in order to get a blockchain functionality supported property app. The peer-to-peer network platform presented by the decentralized technology would also help put an end to fraudulence and corruption in this sector.

Property can be permitted by blockchain technology to be listed on a sole decentralized blockchain database to guarantee trustworthy data for listed properties provided, for financial estimation of property worth, tracking the aggregate of past event while endeavoring to keep away from any third-party contact. Besides, it males attainable a more transparent and rapid payment mode sans the involvement of any intermediaries.

Conclusion
Retail, healthcare, real estate, government and financial services are not the only sectors that are showing interest in blockchain technology to annex security, accountability and transparency to their operations. Manufacturing industry, tourism, supply chain management, transport, and many more sectors are also establishing communication with the top software development companies to connect into their futuristic technology.

It won’t be any wonder if cryptocurrencies are seen secured by blockchain, arriving at equal value with or even substituting the regular currencies for daily transactions. It would make things more transparent and secure as well as permit people to have the entire tab on their data sans really inducing worry about it getting hacked or manipulated.

This is my entry Professor @yousafharoonkhan, thanks for reading through.

Cc:.
@xkool24