Blockchain technology and how does it relate to Bitcoin?

Blockchain is a decentralized, digital ledger that records transactions on multiple computers in a secure and transparent manner. Once a transaction is recorded on the blockchain, it cannot be altered or deleted, providing an unalterable record of all transactions.

Bitcoin is a decentralized digital currency that uses blockchain technology to record and verify transactions. Bitcoin transactions are grouped together into blocks and added to the blockchain, where they can be verified and confirmed by multiple users in the network.

In the case of Bitcoin, the blockchain is used to track the ownership and transfer of the currency, making it possible to transfer value between individuals without the need for intermediaries like banks. This helps to ensure that transactions are secure and transparent, as each block in the chain contains a record of multiple transactions and is verified by multiple users in the network.

So, in short, Bitcoin is one application of blockchain technology, but blockchain has many other potential uses in fields such as supply chain management, voting systems, and digital identity verification.