What is Blockchain?
Blockchain is like a big digital notebook that lots of people can write in, but nobody can erase or change what they wrote before. Think of it like a notebook at school that all your classmates share. Each page in the notebook is like one block in the blockchain, and all the pages are glued together in a chain, like links in a necklace.
Every time someone wants to add something new to the notebook, it has to be approved by most of the other people who are writing in the notebook. It's like when you raise your hand in class and the teacher has to say yes before you can speak. This is called a consensus, which is a fancy way of saying that most people agree on what's in the notebook.
When something gets written in the notebook, it stays there forever. It can't be erased, just like when you write with pen on paper you can't really erase it. This makes the notebook really secure and trustworthy, so people can use it to keep important information like money or secrets.
The notebook is also really good at keeping track of things, like when someone gives something to someone else, like money or candy. It records every time something is sent and received, and who did it. This is just like when you have a "I owe you" notebook, where you write down the names of who you owe and who owes you.
The notebook is not kept in one place, but it is copied many times and spread all around the world, so that everyone can have a copy and make sure it is safe. If someone tries to cheat by writing something different in their notebook, it will not match up with the rest of the notebooks and will be rejected.
That's a bit like how blockchain works! A blockchain is a digital notebook that lots of people can write in, but nobody can erase or change what they wrote before. It's very secure, trustworthy and can keep track of important things like money or secrets.
Real-World Use Cases of Blockchain
Just like how you use your notebook at school, people use blockchain for many different things. Here are a few examples of how blockchain is being used in the real world:
Sending Money
Blockchain technology can be used for sending and receiving money without the need for a bank or other financial institution to act as a intermediary. An example of this would be sending money to a friend or family member using a blockchain-based platform, similar to how you might send a message or photo through a messaging app, without the need to visit a physical location or use a traditional bank transfer.
Voting
Just like how you raise your hand in class to vote for what game you want to play, people use blockchain to vote for important things like who should be the leader of a country. It's like voting for what type of ice cream you want at a party, but with grown-up things.
Keeping Records Safe
There are many other ways people use blockchain too, like for keeping track of food at the grocery store, or for making sure your medical records are safe. It's like making sure the milk you bought is not expired and keeping track of your vaccinations.
In conclusion, blockchain is a digital notebook that lots of people can write in and it's very secure and trustworthy. People use it for many things like sending money, voting and keeping records safe, just like how you use your notebook at school.