Here’s my definitive guide on blockchain… for the dummies.

Don’t worry, I was right where you were a year ago! So consider me an Ex-dummy, I guess.
(Okay, seriously let’s get into it!)
Introduction.
Blockchain was merely a computer science word for the way that data is organized and shared. A blockchain is a type of data structure that enables the creation of digital ledgers of data and the sharing of such ledgers among a network of unrelated parties.
Well, today it has become another different narrative only that it uses the same tech and know-how around our usual day to day transactions.
Simple definition and explanation
I’m going to try and explain it in the simplest way possible for the newbies. Shall we?
So, imagine a scenario where Person X and Y are friends. X gets into a financial crisis and needs a hefty loan. Y seems to have it all together and X decides to approach him and ask for the money. Y decides to give him a good amount; say $100,000 USD. He says he needed it in cash so he goes and withdraws it all from the bank and gives it to him. They agree on a payment date and life went on as usual.
On the due date, Y asks for his money. X decides he won’t pay the loan and since he didn’t have any traces or record (database) of giving him the money, legal action cannot be taken against him. No paper trail or record of him receiving the money. The bank here being a centralized solution for its clients. This was already a single point of failure. No proof of any transaction to X but was withdrawn by Y.
Yikes!
However, if a decentralized solution such as blockchain would’ve been used, this would be a very easy fix. Let me take you through.
Suppose X and Y were on the same blockchain network and Y wanted his money sent to X, honoring his request. On this network, there is a group of trusted people who can foresee and verify the transaction that it did truly, get to X in case of any problem. They can then approve the request and not manipulate data or details of Y in any way. So that if something could go wrong, Y indeed has information of the person on the other side.
There are two positive outcomes or rather benefits of this:

1. Your data is completely safe and cannot be changed by anyone, not even the approvers or hackers unlike other distributed databases managed by a centralized institution (e.g Bank).
2. You can easily trace your transactions and history.

Hope you enjoyed my teenie weenie lesson, more coming.. let me know your thoughts.