On the blockchain video we can say that At its most basic, a blockchain is a computer file used for

storing data – information. Like any computer file it exists on a digital storage medium, such as a
computer hard drive. And it takes the form of a string of binary “bits”, ones and zeros, which can be
processed by computers to be made readable by humans. Blockchains, however, have three
properties which, while not unique individually, when put together mean they function very
differently than other types of computer files.

How is a blockchain structured?

The clue to this one is in the name a blockchain is a computer file consisting of blocks of data chained
together. Each block which can be any size depending on the type of blockchain contains a link to
the previous block hence forming a chain.

It also contains a timestamp to record when the information in that block was created or edited.
Finally, it contains the data itself which is whatever the blockchain is being used to record. This could
be the value of the block, in the case of blockchain currencies such as Bitcoin, transactional data
such as an exchange of goods or services between parties, or ownership rights, when the chain is
used as a record of who owns what.

What is blockchain used for?

So the first blockchain was created by someone known as Satoshi Nakamoto whose real identity
remains a mystery to this day and formed the foundation of the cryptocurrency, Bitcoin, in 2009.

Then a cryptocurrency is basically a currency which, rather than being issued and controlled by a
central bank, such as US dollars or British pounds, uses an encrypted, mathematical blockchain
model, as described above, to track exchange of value and ownership. Since then, thousands of
other cryptocurrencies based on the same principle have emerged.