The ultimate 3500-word guide in plain English to understand Blockchain.

If you ever find someone feeling left behind and wondering, “WTF is the Blockchain?” you know where you can point them to.

Earlier the third-party/middleman gave us the trust that whatever they have written in the register will never be altered. In a distributed and decentralized system like ours, this seal will provide the trust instead.

Everyone who is the part of the Blockchain is eligible for rewards.

That’s how Bitcoin got into existence. It was the first currency to be transacted on a Blockchain (i.e. distributed registers). And in return, to keep the efforts going on in the network, people were awarded Bitcoins.

When enough people possess Bitcoins, they grow in value, making other people wanting Bitcoins; making Bitcoins grow in value even further; making even more people wanting Bitcoins; making them grow in value even further; and so on.

Source: WTF is The Blockchain? – Hacker Noon

Takeaway

Great explanation on how Blockchain works, including the game-theory that keeps it running.