Here is a simple explanation of blockchain in easy-to-understand words:
What is blockchain?
Blockchain is like a big digital notebook that everyone can see and use, but no one can change without the others' permission.
How does it work?
-Recording information
Every time someone does something important (like sending money), that action is written in the notebook.
-Creating blocks
These actions are grouped into "pages" called blocks.
-Chaining blocks
Each new page is linked to the previous one, forming a chain. That's why it's called a "blockchain."
-Verification by everyone
Before adding a new page, many people check that everything is correct.
-Impossible to cheat
Once a page is added, it's almost impossible to change it without everyone noticing.
Why is it useful?
-Security: It is very difficult for cheaters to change the information.
-Transparency: Everyone can see what is happening.
-No boss: There is no single person who controls everything.
-Reliability: Information can be trusted without the need for an intermediary.
Blockchain is used for cryptocurrencies like Bitcoin, but also for many other things like tracking where the products you buy come from or storing important contracts.
Here is a simple explanation of blockchain in easy-to-understand words:
What is blockchain?
Blockchain is like a big digital notebook that everyone can see and use, but no one can change without the others' permission.
How does it work?
-Recording information
Every time someone does something important (like sending money), that action is written in the notebook.
-Creating blocks
These actions are grouped into "pages" called blocks.
-Chaining blocks
Each new page is linked to the previous one, forming a chain. That's why it's called a "blockchain."
-Verification by everyone
Before adding a new page, many people check that everything is correct.
-Impossible to cheat
Once a page is added, it's almost impossible to change it without everyone noticing.
Why is it useful?
-Security: It is very difficult for cheaters to change the information.
-Transparency: Everyone can see what is happening.
-No boss: There is no single person who controls everything.
-Reliability: Information can be trusted without the need for an intermediary.
Blockchain is used for cryptocurrencies like Bitcoin, but also for many other things like tracking where the products you buy come from or storing important contracts.