answered
2017-12-01 21:43:04 +0200
Sorry, but @lakutalo's anwser - though it is not wrong - IMO does still not help on a basic understanding level.
The blockchain is a secure chain of values where additional values can be added. It gets longer and longer, like a log file. But an encrypted and thus secure one. It hasn't be cracked so far. What has been added to the blockchain cannot be manipulated anymore. This is the "technical" power of the blockchain.
This can be used, for example, for verifying transactions between two business partners. A transaction of a currency which is connected to the blockchain is performed and "logged" in the block chain. This transaction is therefore done and cannot be doubted anymore. The person receiving the money has a guarantee that the transaction isn't redrawn by the person paying and thus screwing him.
The security part in transactions - the role of the trustee - is performed by banks at the moment. Everyone trusts the bank in a way, that if you see the incoming payment, the money is really yours. This job can now be done by the blockchain, meaning there is no centralized organization (taking fees...) needed for financial transactions anymore. This is why they talk about decentralized economy or whatever now when talking about the blockchain.
Payments are one example for using the blockchain. A crypto currency (Bitcoin, Ethereum, ...) is created using the chain's secure logging, basically just to have a virtual unit. But I am sure there are many more examples of using this technology.
In three words, you could also call the blockchain a "decentralized secure trustee".
I hope that helped. And at that point we can jump to @lakutalo's answer.
Sounds like the contribution to a serious round of bullshit bingo to me.
Venty ( 2017-12-01 14:17:41 +0200 )editdang. not knowing what blockchain is my first thought was a phone made of blocks. like that googlebara or whatever it is called. guess you always have to look twice.
kaktux ( 2017-12-01 14:50:59 +0200 )edit