What is Blockchain in simple terms?

Imagine you have a notebook that you share with your friends. Whenever someone wants to add a new piece of information to the notebook, everyone in the group needs to agree that it’s accurate before it’s written down. Once it’s written, it can’t be easily changed or erased. This notebook is your “blockchain.”

Now, let’s say you and your friends are using this notebook to keep track of transactions. Each time someone gives or receives something, like trading trading cards, you write it down in the notebook. But here’s the cool part: each new transaction is linked to the previous one, like a chain. This makes it really hard for anyone to change something in the past without everyone noticing, because they’d have to change everything that comes after it too.

Since everyone has a copy of the notebook, if someone tries to cheat or put in fake transactions, everyone else can catch them because their notebooks won’t match up. So, it’s like a big group of friends keeping each other honest by checking each other’s notebooks.

In the digital world, this “notebook” is a special kind of computer system that stores information securely and transparently. It’s used for things like keeping track of digital money (cryptocurrencies like Bitcoin), verifying the authenticity of digital documents, or even making sure that goods in a supply chain are really what they claim to be.

So, a blockchain is like a shared, unchangeable record that a group of people use to keep track of things, and it’s designed to make sure no one can easily cheat or manipulate the information.

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