What is Blockchain?

What is Blockchain?

I've heard the word and immediately was scared of the subject matter as being so complicated so as to back off from it; coupled with the now ever-present bitcoin I'd turn my attention back only to feign ignorance to say "What?".

But now is a time as good as any to find out what this enigma is.

Within the cryptocurrency (What?) language a 'block' is a record of new transactions, put these 'blocks' into the 'chain' you have made a chain of blocks - a blockchain.

These blocks could hold anything from voting numbers, medical records, and the location of cryptocurrency. With its encryption that grows increasingly mathematically complicated with the more blocks that are added to the chain those that solve these sums are given cryptocurrency.

If you have cryptocurrency what you actually have is the private key to where it is located on the blockchain. You can use it to withdraw currency to use but if you lose it you can't get your money back.

You'd think that all this would be behind some big corporation or global superpower but its not. The blockchain is visible to the public as well as any transactions that are made, every account has a public key which lets other people conduct transactions with you, and that it doesn't depend on a single computer or server