A Guide by Cryptoscores.orgBlockchain’s name originates from the process of cryptocurrency transactions, in which a block refers to an incorruptible record of transactions that have just been initiated. Once each block of transactions has been completed, it is added to a chain of other similar blocks in a chain, where all transactions can be viewed by anyone. This transparency does not show the names of who is sending cryptocurrency to who, but rather the encrypted address and the specific value of each specific transaction.
A simple to understand metaphor below, from William Mougayar, author of The Business Blockchain will give a better, comprehensible insight within the blockchain universe.
Before Google Docs, if you wanted to collaborate on a piece of writing with someone online you had to create a Microsoft Word document, send it to them, and then ask them to edit it. Then you had to wait until they made those changes, saved the document, and sent it back to you. Google Docs fixed that by making it possible for multiple people to view and edit a document at the same time. However, most databases today still work like Microsoft Word: only one person can make changes at a time, locking everyone else out until their done. Blockchain fixes that by instantly updating any changes for everyone to see.
For banking, that means that any money transfers are simultaneously verified on both ends. Blockchain could also be used in the legal business or architecture planning— really any business where people need to collaborate on documents.