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Blockchain is a digital database where transactions are cryptographically stored on linked sequential data groups (also known as blocks). Unlike conventional databases that store information on one server in one location, this decentralized and distributed ledger stores identical copies of data across a global peer-to-peer network. 

There are two types of blockchains:

Public blockchains allow everyone to participate in reading, writing, and auditing the data. No one authority oversees the blockchain.

Private blockchains are controlled by a single group that decides who can read, write, and audit the data.  Researchers Stuart Haber and Scott Stornetta originally introduced the concept of blockchains in 1991 as a technique to protect digital records from manipulation. The two also wrote a series of papers and filed patents related to this new technology.  In 2008, the technology entered the mainstream, when someone (or multiple people) operating under the pseudonym of Satoshi Nakamoto made improvements to the blockchain method of timestamping. With the technique refined, Nakamoto launched the cryptocurrency known as Bitcoin.  

The blockchain idea has turned out to be a platform that a huge range of applications can be built on top of. It’s still a new and rapidly developing technology, but many experts have described blockchain’s potential to change the way we live and work as being similar to the potential public internet protocols like HTML had in the early days of the World Wide Web.

The Bitcoin Cash and Litecoin blockchains work in a very similar way to the original Bitcoin blockchain. The Ethereum blockchain is a further evolution of the distributed ledger idea, because unlike the Bitcoin blockchain it’s not solely designed to manage a digital money. (That said Ethereum is a cryptocurrency and certainly can be used to send value to another person). Think of the Ethereum blockchain more like a powerful and highly flexible computing platform that allows coders to build all kinds of applications leveraging the blockchain.

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Here’s the basic process of how this distributed digital ledger works:

Step 1: A user initiates a transaction. 

Step 2: A network of peer-to-peer computers transmit the transaction. Each computer is referred to as a node.

Step 3: The network uses algorithms to verify that the transaction is both real and valid. In other words, it must be a genuine request, and the parties involved must be able to satisfy the transaction.  For instance, if User X is trying to send 100 bitcoins to User Y, the nodes have to verify that User X has the funds to make such a payment. If the user doesn’t, then the transaction gets canceled.

Step 4: If the nodes agree that the transaction is legitimate, it gets added to a block. Validated transactional data continues getting added to the block until it is filled. 

Step 5: The block receives: 

• A unique hash (a string of data)
• A record of the hash of the previous block
• A timestamp

It then joins the other blocks in the blockchain, which are stacked one on top of another in chronological order. This permanent, unalterable chain presents a clear timeline of all transactions.

Step 6: The transaction is complete.

They’re global: which means that cryptocurrencies can be sent across the planet

They’re open: Because every single transaction on cryptocurrency networks is published publicly in the form of the blockchain, anyone can scrutinize them. That leaves no room for manipulation of transactions, changing the money supply, or adjusting the rules mid-game. The software that constitutes the core of these currencies is free and open-source so anyone can review the code.