What is blockchain?

Blockchain is a type of distributed ledger technology, which according to Dan Tapscott, "is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.”

Robin Chauhan, on their Medium, offers another interesting interpretation of blockchain:

“Blockchain is a record of transactions, spreading across the internet as more people use cryptocurrencies. Similarly, DNA is a record of genetic transactions and mutations that spread as life expanded across the earth. Both become more complicated over time as our DNA evolves and new blocks are added to the blockchain.

Each blockchain (Bitcoin, Ether, Ripple) is like a distinct species (human, chimpanzee, etc.). A blockchain can also be forked (like with Bitcoin Cash) to create a competing currency in the same way that two distinct species can share common ancestor. 

In terms of transactions, they are organized into a series of blocks, which is the blockchain. A new block is created once verified. It means that a new pool of encrypted transactions (possibly including yours!) have been added to the blockchain.

In Proof of Work, miners (imagine gold miners) get rewarded for processing transactions

 

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