Blockchain explained in 1 minute or less

 

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Blockchain is a technology for creating permanent, secure digital recordings that don’t rely on any single person or group.

Imagine the blockchain as a book of records. Each page in that book, is a block, and can record anything. Blocks are created one after another, chained to each other creating what we know as the blockchain.

Multiple blockchain records are maintained simultaneously by a large group of unrelated individuals and their computers, making it cloud storage on steroids. Updates are immediate and manipulation is extremely difficult.

The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”

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