Decentralization and Blockchain
Here, we want to describe a common term that is more than a buzzword nowadays: “Decentralization”. So What the heck is Decentralization anyway?
According to Wikipedia, Decentralization is the process by which the activities of an organization, particularly those regarding planning and decision making, are distributed or delegated away from a central, authoritative location or group. Decentralization means that the complete authority of any system is not with a central or a single entity. It means that the power and control are distributed across a network of participants on the basis of consensus.
Let us suppose that there is a search engine equally powerful as Google. What Google does is that it records a user’s activity that is linked to his/her Gmail account. If we replace the role of Gmail here with a unique id that a person is identified by like a 16 digit unique number then we can store our search information with that ID. The whole purpose of our decentralized search would be to fetch data corresponding to that 16 digit ID and show us the search results. And the most important thing is that the data will be stored in a decentralized and immutable manner.
The above example shows that a person can have complete accountability of his personal data without having a central authority to store or use that data for their own benefits.
The data can be stored in a decentralized manner with the help of a technology called Blockchain where it stays unchanged forever.
Decentralization is the future as rage against monopolies has already started stirring up. We will surely witness the rise of Web3.0 to the massive adoption of what Web2.0 is now.
We try to present blockchain & crypto concepts in as few words as possible. Our motto is to ignite & inspire the thirst for crypto knowledge by writing on key topics which are not available in mainstream articles.
This article is co-authored by Abhishek and dhruvbodani.
