Blockchain is a new kind of database - block or records connected to another block. That's the simplest explanation. However, I want to ask the hard question.
What are the limitations of blockchain? I know this is a really good innovation and I highly support it, not because I join the bandwagon, but because bitcoin will not exist if not because of it.... But I want to have a better understanding of the blockchain (in layman's terms please) if I want to get really serious about cryptocurrency and ICOs. My second question is, what are the things experts do to improve blockchain?
In my opinion the limitations of the blockchain is transactions times and miner fees, a year or 2 agao bitcoin was not as popular as it is right now, as the price started to grow nad people started knowing about it it got popular and this affected the traffic control in the blockchain netowrk which was reflected on the trnasaction time nad miner fees which have reached high values, blockchain was not ready for a situation where a large amount of transactions can be sent and confirmed at the same time, and probably that is its biggest flaw.