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A Simple Explanation
Imagine a group of friends trying to manage a shared expense list
Type #1
Type #2
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Type #1.Centralized System
Traditionally, one friend (the "central authority") would keep track of all the expenses. Everyone trusts this friend to maintain accurate records. But, what if that friend loses the list, or makes a mistake? The whole group is affected.
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Type #2.Decentralized System
In a decentralized system, every friend has a copy of the expense list. When someone adds an expense, they share it with everyone. Each friend verifies the new expense and adds it to their copy.
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Key points
No single point of failure:** If one friend's copy is lost or corrupted, the others can still access the correct information.
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Transparency
Everyone can see the entire expense list, ensuring fairness and accountability.
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Blockchain To
It uses cryptography to secure the data and ensure trust among participants.
In essence, a decentralized system is like a shared digital ledger where everyone has a copy and can verify the information
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