Centralization:
Pros: Potential for faster transaction throughput, a focal point of control and regulation, easier to implement changes and updates.
Cons: Risk of a single point of failure, susceptibility to censorship, a tendency towards monopolization.
Hold up there, I don't think "easier to implement changes and updates " is a pro. In the first place, changing a process means there's something wrong with it and/or a 3rd party intervention is necessary. This shouldn't necessarily be needed since it leaves room for access in a process that shouldn't be changed in the first place. If there's a change that needs to be made, it shouldn't be "easy", at least imo. Well I guess if it was a pretty shitty system then implementing changes easily can be a pro, but that just goes to show that it's, well, "shitty".