What is blockchain in simple words

Description

Contrary to the popular fallacy, the Blockchain is not a new concept that has become the hot passion of the day in the form of cryptocurrency. The very first time blockchain was used, dates back to 1982 when a cryptographer ( David Chaum), first proposed a blockchain-like protocol in his dissertation “Computer Systems Established, Maintained, and Trusted by Mutually Suspicious Groups”. More works on blockchain were described in 1991 by Stuart Haber and W. Scott Stornetta. However, none of these efforts were related to monetary or financial systems, rather, they were the kinds of efforts that would not allow the document timestamps to be manipulated or damaged by a third party and this was made possible by the means of Blockchain protocols. In 2008, for the first time, an anonymous group or a person called Satoshi Nakamoto proposed a hash-cash-like method to timestamp blocks without requiring a third party to sign them and introduced a new parameter called difficulty which is the rate at which the blocks are added to the chain and is good for the stability of the system. If you haven’t understood many of the terms and expressions up to now, don’t worry cause in this article, we will explain everything from scratch.