After new transactions are verified, they are ordered and grouped into blocks, which are then linked to previous blocks. Each new block is built on top of the last block in chronological order.
Each of these blocks is a type of data structure containing information and, more precisely, transaction records. Generally, distributed databases can contain any kind of data, not just financial or economic data, but blockchain's security and design make it especially suitable to use for value exchanges. Hence, the expression that blockchain is the internet of value or the internet of money.
Transactions once put on the blockchain are normally irreversible and their record is permanent and immutable.
New blocks are created at regular intervals of time and are timestamped. Each new block is linked to the chain of previous blocks, hence the term blockchain.
We should note that Satoshi never mentioned blockchain in the original whitepaper. He mostly referred to the technology as a Proof-of-Work chain. The closest he came to saying blockchain was with phrases such as the next block in the chain or chain of blocks. The term blockchain was popularized by early Bitcoin companies, such as blockchain.info.
Next, we'll dig a bit deeper and discuss why blockchain has the potential to revolutionize the financial and industrial world and how it can improve the communication and informational asymmetries between trading partners.