What is Blockchain?

Blockchain as a paradigm is increasingly gaining more significance, with each passing day. We are beginning to hear so much about Blockchains as a new game changing technology which is going to immensely and irreversibly impact the modern life. While there is lot of buzz about Blockchains, the fact remains that the use and adoption of Blockchains is increasingly giving rise to a number of legal, policy and regulatory issues. It needs to be noted that at the time of writing, these are the early days and the legal, policy and regulatory issues concerning Blockchains are only beginning to evolve.