“Buzzword of the century, probably”

A simple explanation would be along the lines of:

"A blockchain is a database made up of blocks of information, that's shared across a number of computers, who make that work together to make sure the data isn't messed with by making constant checks"

• The transaction is saved in a record (or receipt, however you visualise it best).

• The computers in the network (known as nodes) look at the record (receipt) and make sure that it is an actual trade or transaction.

• This is a decentralised process that occurs among the different nodes of the network called consensus, which means the computers/nodes will reach a decision.

• As each transaction is verified and accepted as being real, it’s added to a block

• Each block contains a code called a hash that is unique to that block. The block carries two hashes; one for the current block and another for the previous block, making *drumroll* chain of blocks! That way we always know what order the blocks should be located in the chain.

• Once the block is complete it is added to the chain with the hashes. This means they are stored in the correct order.

After those explanations & the work of art, you might have a rudimentary idea of what a blockchain is & how it works … If not, welcome to the party where we are all clueless.

If you'd like to dig a little further, check out 👉 Blockchain | Part 2