Blockchain comes from the combination of two English words: block and chain.
Blockchain is like a public ledger (or a public wallet) that everyone can see and share among all its users. It is the ultimate peer-to-peer network.
For their part, everyone using blockchain keeps the ledger (or secure account book) up to date. It is stored in a chain-like configuration, where the transaction history is stored in “blocks” and can only be built upon, not changed.
“Blockchain is like a public ledger that everyone can see and slovenia whatsapp resource share among all its users.”
For example, if someone tries to hack, everyone would notice this hack, because the ledger would be changed for all participants in the chain.
With the number of people already using it, that's almost impossible. Can you imagine how safe it will be when there is mass uptake of it?
By having this digital wallet registered on everyone's computer, it is decentralized. Which is different from a bank, where transactions are stored privately and handled only by the bank.
Blockchain is outside of any bank or government, meaning there is no central authority setting regulations on it. So you can say goodbye to the middleman who charges a commission (i.e. banks or other financial institutions).
In a report for the World Government Summit, ConsenSys provided a comprehensive summary of the key advantages of Blockchain:
Blockchain has no center, which means everything is equal (it is decentralized).
Transactions are protected by the immutable nature of the ledger, which provides greater cybersecurity.
There is no one in charge of the blockchain as a whole.
There are many ways smart, innovative companies are using blockchain, but the first one, and the one you’ve probably heard about the most, is Bitcoin. This is where cryptocurrencies come in.