Blockchain and Decentralization
What is Blockchain?

Blockchain is a cryptocurrency blockchain explorer service, as well as a cryptocurrency wallet and a cryptocurrency exchange supporting Bitcoin, Bitcoin Cash, and Ethereum. They also provide Bitcoin data charts, stats, and market information.

What is Decentralization?

Decentralisation 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 in Blockchain

In blockchain, decentralization refers to the transfer of control and decision-making from a centralized entity (individual, organization, or group thereof) to a distributed network.

The whole idea is about decentralization issue which first give the benefit by making sure no entity will be able to make any changes to the transaction once its done and approved and added to the chain ,this leaves no need for them .

Bitcoin

Bitcoin was the first example blockchain implemented on , so Bitcoin is just an example to start with and it’s not the whole idea of blockchain , blockchain will be used for all sectors at the end for example in the medical field now there are some researches to use blockchain to be benefit from for patients , researchers and the government or insurance companies at the same time .

Importance

In a decentralized blockchain network, no one has to know or trust anyone else. Each member in the network has a copy of the exact same data in the form of a distributed ledger.

CAN IT BE HACKED???

On the surface, blockchain seems to be a solid and transparent system immune to fraud or deception. In reality, MIT reports that hackers have stolen nearly $2 billion worth of cryptocurrency since 2017. The methods for the thievery varies, but a technique that points to a theoretically weakness in blockchain is know as a “51% Attack.”

Smart Contracts

A multi-university report says Smart Contracts can be vulnerable. Smart Contracts are used to assure transparent and secure interactions in the blockchain. They run a program that executes items related to contract agreements.

For example, there might be an if then statement that releases to another person money if a form is signed. The exchange is controlled by a set automated process. The contracts are integrated into the blockchain to ensure transparency. However, even Smart Contracts are vulnerable. Bugs can exist in the code, either intentionally or inadvertently.

The errors cause incorrect actions to occur in the contract. These errors have led to over $70 million in loses in recent years. There is no accurate tools available for testing and detecting these vulnerabilities. No system is perfect. Knowing the fallible nature of technology frameworks can give users the insight to look out for errors and be vigilant.
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['Decentralized Exchange', 'Hacking', 'Blockchain', 'Decentralization', 'Blockchain Technology']