How do you Explain Blockchain Technology? Blockchain Technology Simple Explanation

Are you curious why it is so difficult to find a simple explanation of blockchain technology? This is because it is similar to asking for a simple explanation of the internet in 1995. [IMG](https://www.smartdatacollective.com/blockchain-technology-explained-powering-bitcoin/) As one of the originators or blockchain technology public research, our simple explanation of blockchain can be described as “distributed spreadsheets”. All participants in the particular blockchain network have access to this spreadsheet. Participants have access to the data on the spreadsheets, continually check the validity of data on those spreadsheets, add new spreadsheets to the overall chain of existing ones, and support the existence of all distributed spreadsheets through avenues such as mining. Providing a technical explanation of blockchain technology is ironically easier than providing a simplified one. A blockchain is a chain of chronological blocks. A block is an aggregated set of data that is collected and processed to fit inside it through the process of mining. Each block is identified via a cryptographic hash and timestamp. When a new block is formed, it will contain a hash of the previous block, so that blocks can form a chronologically ordered chain from the first block ever generated in the entire blockchain (also called the Genesis Block) to the newly formed block. This process is repeated over-and-over again to grow and maintain the network.