The 22-year-old, who is nicknamed 'The Beast', came close to overcoming his compatriot at the Olympic Stadium in Stratford but had to settle for silver in the individual races, while Jamaica clinched a gold medal in the 4x100m relay.
"When we're in training [Bolt and I] compete with each other and a lot of people tried to break us up and send us to different camps," Blake told Sky Sports News.
"We have a wonderful chemistry, we're friends. I win in training because I don't like to see anyone in front of me. I know he wants to be a legend and he is right now.
"When I beat him in the Jamaica trials it gave me a lot of confidence coming into London but I knew that if he got a little fitness he is going to be great and hard to beat."
Blake also claimed that he gave up a possible career with the West Indies cricket team to pursue his track and field ambitions.