How To Explain Blockchain Technology In Plain English

the ledger as a block of information. Each block contains a unique code called a hash that links it to the previous block in the chain, creating a chronological chain of transactions that can be traced back to the very first block.

Once a block is added to the chain, it cannot be altered or deleted without changing all subsequent blocks, making the ledger tamper-proof and transparent. This is because the network of computers works together to verify and validate each transaction before it is added to the chain.

Because of its decentralized nature, blockchain removes the need for intermediaries like banks or governments, making transactions faster, cheaper, and more secure. It also has potential applications beyond just financial transactions, such as supply chain management and voting systems.

In essence, blockchain is a secure, decentralized digital ledger that records transactions in a transparent and immutable way. It has the potential to revolutionize industries and change the way we do business, but it's important to understand its potential risks and challenges as well.