OK! You’ve got the basics. A blockchain is a digital ledger. It records transactions on an immutable record, and cryptographically encodes the records of those transactions across a decentralized network. It’s impossible to hack because the records don’t exist in just one place, they are distributed throughout the network. Even if you have the ability to hack or alter one instance of the record, there’s no way you could change them all!
We know that blockchain can be used to verify transactions. Sent coin. Received coin. Got it. It’s smarter and faster than most banking systems. The Bitcoin proof-of-work system demonstrated that.
But imagine the technology takes a quantum leap forward. Imagine a blockchain hundreds of times faster than anything we’ve known before. You wouldn’t be limited to sending and receiving numerical transactions, you could shape all kinds of data: logins, gps coordinates, messages, status updates, digital images.
If a blockchain were fast enough, you could run an application on it. Imagine an application you already know, like Facebook, running on blockchain without a billion-dollar company controlling your information.