Centralized & decentralized are 2 types of organisational structures companies, governments etc. use to help operate day to day business
Centralization is keeping power at the top of the organisation, top management control everything
Decentralization is giving the power to everyone in the organisation, all levels of management have authority
Blockchain technology was created to be decentralized
In society nearly everything is centralized such as banks, energy providers etc. You need permission to go to the bank and withdraw money, in the same way as you need permission to be able to use the internet, water, electricity
Blockchain technology is revolutionary in that it aims to decentralize many of these things i.e. you don’t need ask a bank when you can access your money, the power lies in your own hands to control your own money etc.
The big centralized data players in the market include Google, Facebook etc. who control and own all your data. In recent times this doesn’t sit well with people as privacy has been questioned
People are looking for ways to be more private and control their own data and blockchain technology allows this to happen
Adoption and implementation of blockchain has the potential to create a platform for efficiency and transparency for multiple businesses and organisations.