Blockchain for beginners
Blockchain explained very simply. Bitcoin has made it possible to handle financial transactions between two parties directly without having a middleman in between to control this. And who ultimately controls this transaction? All participants in the Bitcoin network control the transaction and thus the bank is eliminated. This is only possible because there have been advances in network technology and all transactions are no longer centrally located on a server (the bank), but all information is simultaneously available on all computers in the network.
Consensus decides, as in democracy
So you can no longer cheat a single instance, but would have to corrupt the whole network and this is not possible today. This is why we also speak of decentralized regulation. The majority decides which transactions are approved. At Bitcoin, this is done via the Konsenus Proof of Work. and is made by the miners. The power lies with all and no longer with the individual. Actually nothing else theoretical than in a direct democracy.
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