Understanding Blockchain for beginners

Ok so before you say those WTF words, understand that the fact that you are here on steemit.com does not necessarily mean you know it all, I meant all about block chain and cryptocurrencies.
Ok don't ask for mi neck coz my head needs it as a seat. This post is typically for the novice who are desperately in need of a simple way to understanding Blockchain so as to explores it's potentials.
So what's Blockchain? Shouldn't we discuss that before venturing into what cryptocurrency is... Bring your hand let me guide you in your journey to acquire new knowledge.
Again what is Blockchain? Blockchain is a digital ledger that records transactions made in electronic, encrypted currencies — just like Bitcoin. It is has simple as that. But wait a minute, is that all ??? No. That's not all. Blockchain can be used for more than just financial transactions — it can also be used to record and verify who owns assets. Plus it can be used to do a million of other things which programmers are still exploring.

Check up this image from financial times for even better understanding.
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