Decentralization

Decentralization is not a new concept. It has been used in strategy, management, and the government, for a long time. The basic idea of decentralization is to distribute control and authority to the peripheries of an organization instead of one central body being in full control of the organization. This configuration produces several benefits for organizations, such as increased efficiency, expedited decision making, better motivation, and a reduced burden on top management.

In this chapter, we will discuss the concept of decentralization in the context of blockchain. The fundamental basis of blockchain is that no single central authority is in control, and, in this chapter, we will present examples of various methods of decentralization and routes to achieve this. Furthermore, we will discuss the decentralization of the blockchain ecosystem, decentralized applications, and platforms for achieving decentralization, in detail. Also, we will introduce you to numerous exciting applications and ideas that emerge out of the decentralized blockchain technology.