Well, as far as I believe trust is the key factor for relying on anything, where it is the current system that we are working on where people trust the third party, or it is Blockchain where we ditch the third party, and the person has to trust on the technology itself.
Let me try to elaborate it for you, for example, if there is a trade between two parties and there is a transaction that needs to be done, in the current scenario, they need to trust the third party platform which could be the bank or any wallet. However, if we bring Blockchain into the picture, then we eliminate the need for the third party. Blockchain allows peer-to-peer transactions which mean there is no need of the third party, the two people deal with each, and they trust the technology to go ahead and do the transaction. An important point to note here is that all these transactions are uploaded in the digital ledger called Blockchain and is easily auditable.
This brings me to define the term Blockchain for you. The Blockchain is the digital distributed ledger. It is a platform on which the transaction takes place, and the information gets uploaded on the digital ledger.