Blockchain for Newbies

Blockchain is a revolutionary technology.
This is the most simple definition that I got.

The first definition of this term as per Wikipedia makes use of the words cryptography, Merkle Tree and cryptographic hash which l believe will cause you to do more research.

Image from Pixabay

Digital Ledger

Blockchain is a digital ledger.
The second simple definition I come upon, which I think will be relatable to baby boomers is that this is considered a revolutionary ledger or a digital ledger.
Blockchain is a digital ledger that records and verifies transactions. It can record these transactions even if you are on the other side of the world. It is closely similar to the ledger we have been using to record sales and purchases, using debit and credit columns.
The ledger will then be distributed across a vast network of computers which is called nodes.
A P2P (Peer-to-Peer) software is used technically. This makes the transaction more automatic and synchronizes the data.
It updates and makes every version of the ledger the same every time.

That seems the core concept behind blockchain. Who holds the ledger and who verifies the transactions makes blockchain unique.

image from pixabay

Unlike the ledgers we have been using for hundreds of years to record sales and purchases, that can be audited by the banks or be used to file your Income Tax Return.
Blockchain is considered more of a smart contract.
Every new transaction entered into a blockchain is first encrypted.
Which the government wants to decrypt for KYC and AML purposes. But then these ledgers are really open to everybody and I believe can be traced using the advanced algorithms which are already existing.
Where these algorithms already know what you want to watch or read. They can also offer advertisements which they know you will buy.

The block is made using the encrypted transaction

“The created block is then transmitted into the connected network of computers which is considered nodes. These nodes are then verified and approved, once approved, the block can then be added to the end of the ledger following the previously approved blocks. This is termed the chain.”
The term blockchain technology is defined by this system.

I do hope this makes sense.

Do we have a simple definition that we can provide in order to be pleasing to learn for our newbies from baby boomers and to our regulators who are skeptical about this technology?

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Again greetings to my friends here in Steemit.