We recently had a family get together and I had to take out time to work on my system for some time, that got the attention of my little cousin and he asked me to explain the concept of blockchain to him, I really did not know how I was going to explain the concept of blockchain to a teenage boy. I did my best to explain to him and I think he understood to an extent, I know that we might be in a position where we need to do some explanations to a young person also, let me share with you what I did.
We all have various experiences of failed bank transactions, double bank charges and unnecessary transfer charges which is very annoying and when there is a complaints made to the bank, the bank always has a story to tell us about the reason why our funds were deducted and even after a failed transaction the bank will ask us to wait for seven days before we have our funds returned to our account.
In order to solve these problems, cryptocurrency came as a solution to the numerous issues that we have been experiencing from the bank, with the blockchain there is no central authority that takes extra funds for transactions carried out, there is no room for fake transactions and it is surrounded by strong factors that makes it impossible for a fake transaction to occur.
The blockchain shows great atoms of transparency, everything that each individual on the blockchain owns is transparently recorded on each block which is visible to every user, the details of transactions carried out is also very clear on the blockchain. With the use of the blockchain, it becomes highly impossible for a hacker to get into the funds of users this is because the details of transactions is backed by an open ledger which is distributed between users and highly backed by complex algorithms.
Blockchain can be described as the collection of records linked to each other strongly resisting to alterations and detected using cryptography.
Each user with a blockchain account has two keys which is the private key and the public key, the private key is supposed to be highly confidential to the owner of the account alone since anyone who gets the access to this private key will be able to perform transactions on the account, when hackers gets hold of these private keys, it becomes very possible to move funds without the consent of the account owner and that is the more reason why it is highly advisable for every cryptocurrency user to secure their private keys properly.
After the explanation, he appeared a little bit relieved and he was glad that I took my time to give him the basics he required about the blockchain.