How Blockchain works
It's a system which records each specified process on the chain of blocks. In other words all transaction of Bitcoin or another cryptocurrency (it depends).
Nowadays, we are witnesses of different block-chain versions.
The simplicity of the process provides a great solution for many industries - bank services, healthcare, transportation, and everything that requires tracking.
- data associated blocks
- chain using cryptographic principles
- no central authority
- unique and unchangeable
- each action or record requires confirmation
The Bitcoin ledger is designed for monetary transactions
All other blockchain technologies have different principles, also known as smart contracts. The confirmation may be proof of work, proof of stake, proof of burn, proof of capacity, or something else.
Each ledger has different settings, rules and principles.
Bitcoin has a public ledger, and it's possible to track any transaction and address. It's a public library with all current and previous records (confirmed and unconfirmed).
Currently Bitcoin uses different methods (like SegWit) to make its blockchain more scalable, more flexible, faster, cheaper.