> I know how the blockchain works, in some detail (the consensus algorithm, [...]) This alone shows that you don't. There's no such thing as "consensus algorit

> I know how the blockchain works, in some detail (the consensus algorithm, [...]) This alone shows that you don't. There's no such thing as "consensus algorithm" in blockchain. Blockchain does not work with distributed consensus problem. > How do I explain all of this in 5 to 10 minutes to someone who does not follow tech (for example, my grandparents), as simply as possible? Blockchain: a service that puts so called "timestamps" under documents, so you can tell which one of two related documents was issued earlier. Bitcoin: the documents that are timestamped by blockchain describe who sends how much to whom. (So kind of a ledger.)