Many people assume that both blockchain and bitcoin are same, it’s not. Bitcoin one of the cryptocurrency using in the blockchain. One of my customers asked me to tell me blockchain in simple words – I said it’s like ” Buying a flat in Amazon website and paying through digital wallet”. People are buying and selling things in Amazon, customers are trusting amazon sellers based on reviews and trust in fraud management of Amazon. Similar way, if we trust information of any property or item is genuine then we are going to buy from anywhere.
The blockchain is the technology – where information will be stored in encrypted form in lakhs of computers in the encrypted format – every record update in every system independently. If anyone deletes/ edits data from one system, it’s not going to reflect in other systems. It makes data and information genuine. The people who are keeping records, called miners. The transaction will be completed by paying to end user – called cryptocurrency. that’s bitcoin.