A blockchain in its simplest term is a transparent database accessible to anyone on a network. In cryptocurrencies, it is used as a digital ledger to display transactions that have occurred since the inception of a particular coin. They exist on the internet and are dubbed "decentralised" indicating that the ledger is shared throughout the world, and not in a central location.
Blockchains, as the name suggests is made up of multiple blocks, chained together in a sequentially order. The longer a block has existed on the blockchain, the harder it is to corrupt the data within it. Anyone with access to the blockchain can bow the data within the blocks, thus creating a transparent environment.
Each block contains transactional data from users grouped together according to their timestamp. A new block is added to the chain after being verified by "miners" after a set time, irregardless of the number of transactions within it. These set times are usually determined by the hashing power of the specific blockchain and thus can vary.
Each block is encrypted by a mathematical algorithm, and then added to the chain. The longer a block has been on the chain, the more difficult it is to corrupt. Since multiple computers on the network store this ledger which is made up of all the blocks since existence, it is difficult to corrupt one block without someone knowing.
Blockchain brings a high level of trust to its users and that is why it's value is extremely high. Blockchain is well known for being used in cryptocurrencies, but it can also be used in identity verification, real estate, supply chain and other industries.
Blockchain is the future. Where will you be in this revolution?
Let me know in the comments how you think blockchain can disrupt current industries!