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Blockchain Layman Terms

BLOCKCHAIN

What is BlockChain?
BlockChain in Plain English?
BlockChain for theNewbie


BLOCKCHAIN in simple terms is a decentralized, shared record book that notes down the details of an entity and makes multiple copies of the same record book consisting of the details of the entities. 
The details of the entity are usually the one who sends the entity, the scale or weight of the entity and the one who receives the entity. 

The record book is called a ledger. Decentralized means no single authority can manipulate the entity. Similar to a dictionary no one can change the meanings of the word 'book', since all dictionary have a similar definition.



Centralized Ledgers like the FRS, wikipedia, etc. have a autocratic authority, its controlled and can be manipulated at will by the central authority and any discrepancy  will pose a problem in the functioning of the whole system. This anomaly is evaded in the BlockChain Technology, hence making it more reliable, for if one node i.e., ledger fails there are many other nodes availabe to execute the process, similar to the internet no one can shutdown the internet entirely provided that its backed by power supply.

Bitcoin uses the Blockchain technology to execute its transactions and these transactions are recorded by bitcoin miners who validate the bitcoin transactions by bitcoin mining,  once validated the transaction is recorded in the Blockchain Ledger which anyone who has a copy of this Ledger can see. The messages are in encoded forms so identities of the sender and receiver are anonymous, only the value sent can be seen.

In Bitcoin interface the Blockchain records the Address or the sender and receiver and the entity is the amount of Bitcoin in BTC. 
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