Blockchain is Bitcoin’s underlying technology, and Bitcoin was its very first application. As mentioned before, each Bitcoin transaction is recorded on a decentralized ledger, which is the blockchain.

Using a physical ledger book as an analogy for blockchain, each block is like a page of the book. A new page is added to it every 10 minutes, and each page records the transactions that happened within that 10 minutes. The blocks are connected chronologically and added through cryptography, forming a chain-like structure, hence the name: Blockchain.

After the whitepaper “Bitcoin: A peer-to-peer Electronic Cash System” was released, major financial institutions at home and abroad have been studying Bitcoin’s underlying blockchain technology, developing practical use cases for various industries.

Posted by Huobi Blog