blockchain in simple terms

IWhat really is a blockchain? I have tried so much to explain it to people and so I decided to do a post about the question “what is blockchain?”. It was also quite gray for me too even if I have been aware of crypto sice 2016. A lot of times people confuse bitcoin with blockchain and I must say they are not the same. Bitcoin is a cryptocurrency while blockchain is a record system, more like a database. No cryptocurrency can run without a blockchain as blockchain is the backbone of record keeping for any cryptocurrency.

Story time…..

Once upon a time, Mr A wanted to send funds to Mr B. Mr A didn’t want to use fiat currency (the conventional dollar, pounds) due to the charges and the time it might take. He then decided to send steemto MrB which he got in three seconds. This transaction was recorded and other people started using steem. As different transactions were executed, the transaction information were kept in different collections. This collection of information was stored in a database.
The collections are called blocks and the database is the chain.

What is Blockchain?

A blockchain is, in the simplest of terms, a time-stamped series of immutable records of data that is managed by a collection of computers not owned by any single entity. What does this even mean? So let’s take it step by step. Blockchain is time-stamped meaning that it gives the date and time of the transaction (most times up to milliseconds). Block chain being immutable means it is not subject to change. This immutability helps to ensure safety and security of funds. The block chain is managed by a cluster of computers which shows every transaction and this allows for transparency.

Bringing everything together,

1. a blockchain is a series of records of transactions
2. These records are properly dated and timed
3. These records are not susceptible to alterations
4. This series of data is managed by a cluster of computers.
   Blockchain could also be referred to as a chain of blocks write. Simple right? However blocks refers to the digital data which includes the transaction, date and time. Chain refers to a public database which refers to the colllection of computer in the definition above. So when a block is put in a public database this is called a blockchain.
   It can be to be a chain or records stored in the forms of blocks which are controlled by no single authority. When something is not controlled by a single authority, this phenomenon is called decentralization. Decentralization means everyone has access to it not like the central bank which is controlled by the government. This is my easiest way of explaining what blockchain is.

This post was written with the aim of educating newbies and outsiders about blockchain. I will be answering what I can about the subject of the day on twitter.

Thank you for reading my blog

References
Blockgeeks
Invsstopedia