Does blockchain need to be decentralized?

While blockchain technologies often make use of decentralized networks, a blockchain application itself cannot be categorized simply as being decentralized or not. Rather, decentralization is a sliding scale and should be applied to all aspects of a blockchain application.

What is decentralization in terms of blockchain technology?

Particularly in blockchain technology, decentralization means to transfer supervision and decision-making from a centralized association, including an individual, corporation, or group of people, to a vast dispersed network.

Are all blockchains decentralized?

So, not all blockchain are decentralized as the level of decentralization depends on its implementation. Let us look at the cryptocurrency space, which was solely responsible for bringing the decentralization concept to the masses. You May Also Read: Is A New Record On The Horizon For Bitcoin In 2021?

How could blockchain technology decentralize the energy grid?

To manage a grid under such rapid change over time and to manage all of the millions of additional transactions, blockchain provides the technology to track and transact all of those transactions with a distributed ledger and to be more efficient than a centralized intermediary.