Ask for the definition of Blockchain and here's what you will get.

Blockchain is a decentralized digital ledger technology that is used for recording transactions and tracking assets in a trustworthy and tamper-proof manner.

Pause!

What was the first thing you saw?

"Decentralized"

Try it on your own, check for other definitions of Blockchain and definitely the term "decentralized" will not be left out.

Decentralization in blockchain is simply having a network of nodes that work together to maintain and update the blockchain. In a decentralized blockchain there is no central authority or middle man controlling the system.

And that is where the superiority of blockchain lies. You may have thought that power is greater when held by a central authority but blockchain beats that ideology to the ground.

Now how is Decentralization the key to blockchain superiority over the traditional systems?

Decentralization is a core feature of blockchain technology and it is important for several reasons:

1. Security: Decentralization makes the network more secure since there is no central point of failure. A decentralized network enables data to be spread across the network, making it harder for bad actors to attack the network.

2. Transparency: Decentralized blockchains offer greater transparency and immutability, removing the need for middlemen or intermediaries to validate transactions. Each node in the network has a copy of the entire ledger, and all transactions are recorded in real-time, making tampering or manipulation virtually impossible.

3. Trust: Decentralization builds trust in the network since there is no reliance on third-party institutions or intermediaries, eliminating the possibility of manipulation or corruption of data.

4. Inclusivity: Decentralization promotes inclusivity and empowers individuals to participate in the network. Anyone with an internet connection can access the network and participate in transactions, regardless of their geographical location or socio-economic status.

5. Immutability: Decentralization fosters blockchain immutability which means that once a transaction has been recorded on the blockchain it cannot be altered or deleted.

Decentralization remains an irrevocable part of the blockchain and one of the key reasons why blockchain remains the superior option. 🍷