How does a blockchain work?

Satoshi Nakamoto mentioned the Bitcoin as a combinational integration of e-signatures. which can also be called “blockchain". The blockchain creates a chance for bitcoin transfer among users without a need for third parties (financial institutions). The illustration of the blockchain usage can be exemplified with the Bitcoin in Figure 1. The reason behind why the e-currencies are called "ciyptocurrencies” is that blockchains such as Bitcoin utilizes cryptography to regulate the transactions. Balance of the Bitcoin users are secured with a private key. The legal permission for transactions is given by a group of users known as “miners", they benefit from sharing database and distributing processing and receiving additional bitcoins in exchange.