Bitcoin is the first and currently the largest application of blockchain. Blockchain is the underlying technology of Bitcoin, and blockchain cannot be created without Bitcoin. Development of Blockchain lies in crypto and blockchain. It's applied to crypto currency, commodity traceability, and smart contracts.
Bitcoin transaction information is recorded in a decentralized ledger, or blockchain, where each block records bitcoin transaction information and is then linked back and forth through hashing operations based on cryptography principles.
Blockchain is a new type of bookkeeping that is not a single technology, but a collection of technologies that includes asymmetric cryptography, timestamps, consensus mechanisms and more.
The essence of blockchain is a time-stamped distributed database with distributed computing, storage, and tamper-evident features.
In the Bitcoin network, to get Bitcoin you need to first use the arithmetic power of your own server to compete for the bookkeeping rights. Once the bookkeeping rights are credited, the miner needs to record all the transactions that happened within 10 minutes in chronological order in the ledger and then report them to all users on this network.
Distributed bookkeeping requires parties to pay for arithmetic resources, so Bitcoin was designed to reward through tokens, which became the application model for the blockchain cryptocurrency community. In the bitcoin system, a bitcoin address is equivalent to an account, and the number of bitcoins is equivalent to an amount.