What is Blockchain?

Introduction to Blockchain in Layman’s terms

A blockchain is basically a distributed database, in a private or public network, where each row (or transaction record or block) is connected to another rows forming a chain of records.

Each computer (or device or node) from where a row (or transaction record or block) is created / read / updated / deleted maintains a copy of the database. This makes blockchain a fault-tolerance and de-centralized distributed database over the network which is always available.

You can think of this as if your excel sheet is available, as a copy, on multiple devises inside your home or office network. And, whenever you make a change in it then this change is automatically available in these copies too.

The way a transaction is recorded in blockchain makes it very secure. Each and every node must verify and confirm the legitimacy of the new transaction before it gets added to the chain (or ledger).

This verification is named on type of the verification algorithm a blockchain follows, such as, Proof of Stake (PoS) etc.

Source - Euromoney

Why Blockchain has become so famous?

Blockchain being basically a database (or ledger of records) with properties such as secured, fault-tolerant, distributed, de-centralized, programmed, etc. has created many business and new-age industrial opportunities such as de-centralized banking, de-centralized across borders money transfer, etc. which has made it famous worldwide.

Crypto currencies is the best usage of Blockchain as of now. However, new business models in industries such as Education, Supply Chain, Real Estate, etc. are emerging.