From Gregory Go,
Your Guide to Online Business / Hosting.
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Definition:

A journal-like website that displays its entries in reverse chronological order. Common characteristics of blogs include an informal writing style, frequent updates, and a focus on strong community interactions between blog writers (known as bloggers).

Blogs started as a form of online diary. Today, blogs are used for very diverse purposes. For example:

• Experts use blogs to provide news and commentary on specific subject areas.
• Businesses use blogs to promote their goods and services.
• Mainstream media and journalists use blogs to provide real time coverage of breaking news events.

Blogging is now one of the most popular forms of Web publishing. According to blog search engine Technorati, there are over 112 million blogs online. While most people started blogging as a hobby, the growing popularity of blogs has made professional blogging possible for many talented bloggers.

Also Known As: Web log, weblog, online journal, livejournal

Examples: Popular group blogs -- blogs written by multiple writers -- include Lifehacker and The Huffington Post.