Blockchain technology is the underlying technology of Bitcoin, and Bitcoin is the first application of blockchain. As mentioned earlier, the transaction information of Bitcoin is recorded in a decentralized ledger, which is the blockchain.

If we compare the blockchain to a physical account book, then each block is equivalent to a page in this account book, and a new account book is generated every 10 minute. Every page of the ledger records the transaction information of Bitcoin network 10 minutes. According to the principle of cryptography, each block is connected in sequence in time to form a chain structure, hence the name blockchain.

Since the birth of the white paper Bitcoin: Peer-to-Peer Electronic Cash System, major financial institutions at home and abroad are scrambling to study the underlying technology blockchain of Bitcoin and seek the practical application of blockchain technology.