BLOCKCHAIN & THE CRYPTO CURRENCY EXPLAINED AS A 5-YEAR-OLD
They say that you have only understood a complex concept when you are able to explain to a 5 year old. So, the below is the explanation of a Blockchain as a 5-year-old.
Imagine you have a special notebook that you and your friends can write in, but once you write something in it, you can't erase it or change it.
Now, imagine that notebook is shared with all your friends and their friends, so everyone has a copy of it.
That's kind of like a blockchain! It's a special digital notebook that lots of people can share and write in, but once something is written in it, it can't be changed.
This makes it really good for keeping track of important things, like how much money (Crypto Currency or digital currency) someone has, or who owns a special toy (NFT or digital asset)
And just like you and your friends need to agree on what you write in your notebook, lots of people who use the blockchain need to agree on what gets written in it.
Now imagine you have friends not only in your school but all over the word who write the same information you are writing in your notebook.
That way everyone can be sure that the information is correct, accurate and nobody is cheating.
This is the simplified version of what a blockchain, there are several concepts and definitions that are missing, but for our purpose to simplify the concept only the above is necessary.