Understanding blockchain in few minutes

A blockchain is a decentralized, distributed and public digital ledger that is used to record transactions across many computers so that the record cannot be altered retroactively without the alteration of all subsequent blocks and the collusion of the network. Is it easy to understand?

 

The blockchain. A continuously growing list of records

Even the people who’ve never mined a cryptocurrency or understand how it works, are talking about Bitcoins and Blockchain. Here you can find an amazing explanation written in plain english that any regular Internet user can understand. More fast and easily, you can watch the video above, a not technical video designed to make understanding easy for anyone why blockchain matters in 3.5 minutes.

“The practical consequence […is…] for the first time, a way for one Internet user to transfer a unique piece of digital property to another Internet user, such that the transfer is guaranteed to be safe and secure, everyone knows that the transfer has taken place, and nobody can challenge the legitimacy of the transfer. The consequences of this breakthrough are hard to overstate.”

– Marc Andreessen

The first blockchain was conceptualized in 2008 by a person or group known as Satoshi Nakamoto and implemented in 2009 as a core component of bitcoin where it serves as the public ledger for all transactions. The invention of the blockchain for bitcoin made it the first digital currency to solve the double spending problem without the need of a trusted authority or central server. The bitcoin design has been the inspiration for other applications.

Here the Wikipedia explanation of Blockchain.

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