The blockchain is the public ledger that monitors and records every bitcoin transaction. These transactions are all bundled into a batch called a block which links to the previous block using a hashing algorithm.
Blockchain technology is intrinsically linked to Bitcoin cryptocurrency and is the software that allows the digital currency to function. Blockchain technology has been praised by many. “This is the distributed trust network that the Internet always needed and never had.”- Marc Andreessen
Block chain technology has been described as a distributed consensus where all transactions online are able to be verified now and in future as information can never be erased which is achieved without compromising the privacy of parties and digital assets involved.
Blockchain technology outside cryptocurrency:
It is important to note that although block chain technology was introduced with bitcoin cryptocurrency and can be explained by explaining how bitcoin works, it also exists outside of cryptocurrency. For example, it can be used in the operation of smart contracts and used as a framework. Smart contracts and block chain technology can easily work together to trigger a payment when a preprogramed condition of a contract is met. Hence, Blockchain technology can work outside of cryptocurrency altogether.