Blockchain In Simple Terms?

[NatureMoves]

I've read some articles on it, watched some youtube videos, I still am confused about blockchain. From what I gather, blockchain technology gets rid of the middleman and allows for peer to peer transaction. I watched a video where a guy explained how with Uber, you don't get the money directly, some of it has to go to Uber before you can get it. But with blockchain, you get the money directly. I mean I can see this being great for people who know how to market themselves well and don't need the middle man. Maybe I just don't understand it.... Can someone kindly explain in simple terms what exactly is blockchain technology?

[WalkerIVIV]

When you are doing a direct transaction use blockchain to your friend or someone else and you can send it directly to him/her without a 3rd party. Blockchain is helping you to interact with him directly through the network. It's different when you are using 3rd party just like paypal, visa or something else. What you need to own is just the wallet to store your funds and you can send it anywhere as long as the receiver has the wallet address too. Blockchain has no control over your fund. It's different when you are sending it through 3rd party and the 3rd party will be owning your fund before it will be sending to your friend.
Be your own bank

[goaldigger]

Blockchain technology serves as the place to list all the records and transactions on this market so there's no need to complicate things under this one, because its too complicated if you'll focus on this one. When you transact P2P, your records will automatically put in a blockchain technology so if you need to get back on that transactions, you'll get the answer, this is my simple understanding about blockchain.

[OcTradism]

In my simple words:
- Blockchain are chain of blocks with each blocks contain our transactions. Current block is linked with previous blocks and later it will be linked with later blocks.
- Blockchain is created to be a public ledger with full transparency and decentralization but with adaption, more private blockchains were created as Monero.

You can grab some documents from Bitcoin Wiki.

Bitcoin Blockchain: https://en.wikipedia.org/wiki/Bitcoin

The bitcoin blockchain is a public ledger that records bitcoin transactions.[102] It is implemented as a chain of blocks, each block containing a hash of the previous block up to the genesis block[d] of the chain. A network of communicating nodes running bitcoin software maintains the blockchain.

For broader coverage of this topic, see Blockchain.

A blockchain,[1][2][3] originally block chain,[4][5] is a growing list of records, called blocks, that are linked using cryptography.[1][6] Each block contains a cryptographic hash of the previous block,[6] a timestamp, and transaction data (generally represented as a Merkle tree). By design, a blockchain is resistant to modification of its data. This is because once recorded, the data in any given block cannot be altered retroactively without alteration of all subsequent blocks.

For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for inter-node communication and validating new blocks. Although blockchain records are not unalterable, blockchains may be considered secure by design and exemplify a distributed computing system with high Byzantine fault tolerance. The blockchain has been described as "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way".[7]

The blockchain was invented by a person (or group of people) using the name Satoshi Nakamoto in 2008 to serve as the public transaction ledger of the cryptocurrency bitcoin.[1] The identity of Satoshi Nakamoto remains unknown to date. The invention of the blockchain for bitcoin made it the first digital currency to solve the double-spending problem without the need of a trusted authority or central server. The bitcoin design has inspired other applications[1][3] and blockchains that are readable by the public and are widely used by cryptocurrencies. The blockchain is considered a type of payment rail.[8] Private blockchains have been proposed for business use but Computerworld called the marketing of such privatized blockchains without a proper security model "snake oil".[9] However, others have argued that permissioned blockchains, if carefully designed, may be more decentralized in practice than permissionless ones.[10]

[pakhitheboss]

Blockchain technology is best known for its transparency and decentralization. Through it you can send money in the form of cryptocurrency without the interference of a middle man. Every transaction done using it is open to all and gets recorded. Once it gets recorded it cannot be deleted or amended. I hope you are able to understand it now.

[cryptoaddictchie]

If gonna put it on simple explanation of mine.

It served as a temporary alternative for money (fiat) but not yet widely used. Technology evolves and most of the products and services nowadays need faster and convenient way to sort out payments and blockchain has the potential to do it.

There are deeper technical explanation for it but the idea is something like that. Difference is its decentralized and no party can have some rules about it. ( except those centralized blockchain)

[Dave1]

It's just a database really, but it is decentralised, that's why this technology is a game changer. P2P or peer to peer, from the word itself, you transact directly from person A to person B, that's why it doesn't need a middle man. And then everything is recorded on this database, which is immutable (cannot be altered by anyone because there is no system admin that can change the record, so it's permanent).

[dihari]

don't be discouraged. i learn it since 2016 and i still thingking i am a noob until now. you don't need to understand all the experts explanation about blockchain technology. you only need to understand how it works.
the one simple term i can understand is "you don't need a bank, you can be your own bank".

[gwdf1]

Blockchain is the constant addition of data about transactions, deals and contracts in cryptographic form. All blocks are lined up and they are interconnected. For a new block to appear, information about the old blocks is required. All new information in the blockchain is accumulated and forms a constantly updated database.

It is impossible to delete anything from the received base or to replace the block. The base has no limits, it can be supplemented endlessly. This is the biggest advantage of blockchain. 

[shantos carora]

A blockchain is a digital record of transactions. The name comes from its structure, in which individual records, called blocks, are linked together in single list, called a chain. Blockchains are used for recording transactions made with cryptocurrencies, such as Bitcoin, and have many other applications.

Each transaction added to a blockchain is validated by multiple computers on the Internet. These systems, which are configured to monitor specific types of blockchain transactions, form a peer-to-peer network. They work together to ensure each transaction is valid before it is added to the blockchain. This decentralized network of computers ensures a single system cannot add invalid blocks to the chain.

When a new block is added to a blockchain, it is linked to the previous block using a cryptographic hash generated from the contents of the previous block. This ensures the chain is never broken and that each block is permanently recorded. It is also intentionally difficult to alter past transactions in blockchain since all the subsequent blocks must be altered first.

[tbct_mt2]

The simplest method to explain blockchain can be used by kid and this beautiful kid can be one of such.
Meet Lily, the 3-Year-Old Girl Who Explains How Bitcoin Works With Sweets

The explanation for adults: Blockchain (Bitcoin Wiki)

[maxreish]

It's a system we need to make transactions possible inside the chain. Transactions need to verify and to validate to make transaction become successful. If you are still confused,
These five terms you need to remember for you be able to simplified and easily understand it.




Or reading explanation here will also be helpful for you.

[blockman]

don't be discouraged. i learn it since 2016 and i still thingking i am a noob until now. you don't need to understand all the experts explanation about blockchain technology. you only need to understand how it works.
the one simple term i can understand is "you don't need a bank, you can be your own bank".

That's a good start to understand how it works since talking technically isn't going to be used all the time and in simple terms and explanation, one can understand it.

It is impossible to delete anything from the received base or to replace the block. The base has no limits, it can be supplemented endlessly. This is the biggest advantage of blockchain. 

Yes, blockchain is immutable. No one can delete or edit what's already stored in it.

[jrrsparkles]

I've read some articles on it, watched some youtube videos, I still am confused about blockchain. From what I gather, blockchain technology gets rid of the middleman and allows for peer to peer transaction. I watched a video where a guy explained how with Uber, you don't get the money directly, some of it has to go to Uber before you can get it. But with blockchain, you get the money directly. I mean I can see this being great for people who know how to market themselves well and don't need the middle man. Maybe I just don't understand it.... Can someone kindly explain in simple terms what exactly is blockchain technology?

First you need to know the blockchain then start relating it with crypto currency.

Blockchain network is a transparent ledger where no data can be altered or deleted, so you need the miners to solve the blocks or in cryptos we call it as mining, so when the transaction gets included into the blocks it will transfer directly to the receiver and no middle men is involved in this.

[aysg76]

In simple language blockchain is a digital and decentralised ledger which keeps record of all the transactions that are prompted across the network and then validated by the miner and added to the block mined by him.All the transactions are recorded in the blocks which are piled one over other.



You can have access to the records but you cannot alter it.Each and every transaction is public and full nodes require access to the blockchain whenever transaction is generated to check the previous output.Each and every participant is connected in the blockchain.

The technique is intended to timestamp digital documents so that it's not possible to backdate them or temper them. The purpose of blockchain is to solve the double records problem without the need of a central server.It could not work in absence of internet as it is required to connect to the servers.In Technical terms it has deep meanings which you will understand if you learn about it.

Source: https://www.guru99.com/blockchain-tutorial.html

[Ucy]

I would use this simple analogy below to explain it:
It could be seen as an expandible transparent Book (with coins or assets) used by people to record transactions amongst themselves. Everyone can have a copy of the Book(Blockchain) To keep it decentralized, To transact with other users (p2p transactions), To fully control his/her funds, For verifying network transactions,  To take part in consensus, For privacy reason, etc