The blockchain is a record of data that is managed by a network of computers, and not by a single centralised system. It is off this network that cryptocurrencies including Bitcoin and Ethereum run off.
The blockchain is structured differently. A blockchain collects information in groups, known as blocks, which hold information. These blocks all have certain storage capacities, when they are filled, they close and link to the previous block. These blocks all chain together and become a blockchain.
Once a block is closed, it becomes part of the timeline and can no longer be edited. The blockchain allows digital information to be recorded, distrusted but not edited.
How is the Blockchain Decentralised?
A database is maintained by many computers. For individual companies, they would likely own a server farm which allows them to be in control of all computers and thus all the data. What a blockchain does is that it allows the network to be spread among different nodes (a connection point in a network) around the world. The data from the blockchain and from any new transactions are recorded in all the different nodes.
One amazing feature of a blockchain is that if someone tried to alter a node, the other nodes would not be altered, and they would be able to cross reference each other and locate the node with the incorrect information.
There are many other features of the blockchain, but this is a very basic introduction as to what a blockchain is and how it functions.
Sources: Investopedia
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