Bitcoin blockchain a large, distributed or shared database which is encrypted. It contains different list of bitcoin addresses paired the amount of bitcoin balances they all contain. But something happens everytime a transaction takes place;everytime, a new transaction occurs, the list of addresses are continuously updated with their new bitcoin balances. Bitcoin blockchain is like an open book where transactions are recorded, verified and distributed to be accessible or available to everybody. It helps solve the issue of double spending.
It uses the addresses of the parties transacting for individual recognition without exposing personal information like names, ages and other vital information.This makes it anonymous. Bitcoin. Blockchain can also be said to be similar Bank Statement but with higher privacy and security. It groups and updates transactions in blocks. These blocks are arranged in order of transactions.