Hello There,
Thank you for taking the time to read the write — up! I appreciate it!
Today’s content is going to be on understanding ‘decentralization’ a term which we are keep on hearing in the context of Blockchain.
The content is completely based on my personal experiences & knowledge in cybersecurity, interactions with incredible people in the Cybersecurity realm, Application Development, Founders, SMEs, Micro-SMEs, Large Organisations, lots of reading and practical interest towards understanding/implementing Blockchain Technology, writing code and how it is developed and secured from adversaries.
My aim is to simplify the content in basics. I’m sure that readers will have their own thoughts and comments, and I welcome any feedback & discussion.
Views / Comments / Opinions / Writings / Thoughts are my own and not of my past / current employer.
What is ‘Decentralization’ mean in Blockchain?
Decentralization, in the context of Blockchain, means that there is no centralized body/organization/authority that makes the decision or in other words controls the system/transaction.
There is no central administrator / server in charge of running the network within a decentralized blockchain. The users/participants ( node ) in the blockchain network have the same copy of the blockchain ledger. When a record ( transaction ) is added into the blockchain, it notifies all nodes into in the blockchain network. They must reach a consensus ( vertify the transaction ) and confirm the transactions as everyone has an equal say and decision-making and then it gets added into their own copies.
The implementation via decentralization makes the systems more secured and resilient against various cyber / fraud attacks.
Per my view, some of the top 5 Benefits of ‘Decentralization’ in Blockchain?
Security — Ownership — Availability — Immutable—Transparency ( SOAIT )
- Not vulnerable to a single point of failure. If one of the nodes in the chain is attacked, the network can still operate as it is distributed across multiple nodes — Security
- Individuals on a decentralized blockchain control their data — Ownership
- High availability of the system on a decentralized blockchain as the network is distributed — Availability
- Data ( Transaction ) once added on the blockchain, cannot be altered or manipulated. Keeps the integrity of the record — Immutable
- Everything is recorded within the ledger and can be viewed. And this limits the opportunity to commit a fraud — Transparency
Decentralization has its own importance and sets the foundation for web3.
In my next article, i’ll write a brief on web3 and its security :)
Comments / Feedback are always welcomed! Source write-up: My own experience in cybersecurity, writing sample blockchain code for personal learning, meeting people across sectors around the world, paraphrasing the content from multiple online websites, DALL.E, Developer, Open AI and NLP tools.
I love to connect with people and engage in conversations around multiple domains across the world, so add me up on LinkedIn
