Blockchain: Simple explanation

Blockchain is a revolutionary technology which can be used more than currency. It is a decentralized technology. So a single person can not control it. For a transparent system which is most necessary is Blockchain.

So what is Blockchain? It is chain of block or it is a digital ledger which contains records or information. Each Block contains some data and linked with previous block. No one can change a block when it is already added to Blockchain. If anyone wants to change one block, need to change all previous block which is practically impossible.

https://anders.com/blockchain/blockchain.html

How Blockchain works?
Blockchain can work for every transaction which involve value like money, goods or property. There is no middle man or third party. Suppose A wants to send some money to B. When A sends the money to B, the transaction is broadcast as a block into the Network. After the transaction is being approved by the network, a new block is added to the network. The transaction is done and B got the money.

Blockchian can be used in many other sector. It is still in early stage. When blockchain goes mainstream, anyone will be able to use it to make transaction.

More about cryptocurrency : https://nextcurrency.blogspot.com/

I tried to explain Blockchain in a simple way. If you find anything wrong in my post, please comments. Better and more simple explanation will be highly appreciated.