In simple words, blockchain is just a database. Why is it different from any other database?
There are two key differentiators of blockchain:
1. Most blockchain networks are decentralized, which means that they are not controlled by one company or one group of people. They have millions of different computers that store information in different geographic locations and are operated by different people (just like torrents).
2. Decentralized blockchains are immutable, which means that the data entered is irreversible. For example, for Bitcoin, this means that transactions are permanently recorded and viewable to anyone. Most of the problems in the current world are created by a lack of trust. But what if you could have signed a contract which can not be changed later by the other signee? That’s exactly what blockchain does! Such contracts are called “smart contracts.” Blockchain technology appeared ten years ago and enabled many new innovative markets such as cryptocurrencies like Bitcoin and Ethereum, or the NFT art market.