A cryptocurrency is a network-based digital currency that is scattered across a large number of computers. The decentralized cryptocurrency system makes transferring money faster and cheaper. It doesn't crumble at a single point of failure. A blockchain is a decentralized record of all transactions on a peer-to-peer network.
With this technology, participants can confirm transactions without the need for a central clearing authority. Possible applications can include fund transfers, settling transactions, voting, and many other issues.