How to simply explain blockchain?

Blockchain technology is a revolutionary concept that revolutionizes the way transactions are recorded and secured. It is a digital ledger that maintains a tamper-proof record of all transactions made on a network.

The transactions on a blockchain are grouped into blocks, which are then linked together in a sequential manner, forming a chain. This structure ensures that once a transaction is recorded, it cannot be altered or deleted, making it highly secure and transparent.

Each block in the blockchain contains a unique identifier known as a hash, which is generated using complex cryptographic algorithms. This hash is linked to the hash of the previous block, creating a chain of blocks that are interconnected and secure.

Cryptocurrency plays a crucial role in blockchain technology. It serves as the medium of exchange within the blockchain network, facilitating secure and seamless transactions between parties.

The transactions on a blockchain are verified and validated by a network of participants known as miners. Miners use their computing power to solve complex mathematical problems, which are necessary to add new blocks to the blockchain.