Blockchain networks such as bitcoin contain the history of all the cryptocurrency transactions taking place in the network. Every time a crypto transaction occurs, it is logged into a blockchain. This distributed ledger technology works like a peer-to-peer network, making information available to the public in real-time.
However, that doesn’t mean that all users get an automatic update or notification about the transaction. The data is only stored in the distributed ledger, so anyone who wants to check the details can look for it. The question is, how do you access the data?
A blockchain explorer
A blockchain explorer is a sort of google platform for cryptocurrency transactions. Most blockchain explorers provide services for more than one blockchain, such as bitcoin, avalanche, Ethereum, Cardano, etc. In other words, a blockchain explorer is a search engine for a particular blockchain network allowing you to access information regarding transactions and wallet addresses.
You can obtain details about the status of different crypto transactions, amounts involved, sources, and destination of assets by simply conducting a blockchain search. A blockchain explorer displays all the data on the previous and current status of the blockchain network.
Some advantages of a blockchain explorer
- You can enter a searchable term, and the explorer will display results with matching transactions in table form.
- You can explore information regarding recently mined blocks and transactions.
- You can view the transaction history of any wallet address, which is what makes the blockchain transparent and secure.
- You can review the current transactions and amounts involved.
- You can view the biggest transaction of the day.
- You can examine mempool status, where all the legitimate transactions await confirmation by the network.
- You can see fees paid for transactions, hash rate, and blockchain difficulty.
- You can also review change addresses and receiving addresses. When you send a certain amount of cryptos to another address, the remainder of your funds is sent to a ‘change address’ and is not available for use until the network verifies the transaction.
Why use a blockchain explorer?
There are other alternatives for accessing data regarding a blockchain network, including a blockchain wallet that can provide different types of information. However, the data you can access with blockchain wallets is usually limited to information linked with the keys under the management of the wallet.
In contrast, a blockchain explorer allows you to access all the data associated with transactions on all wallets on a particular blockchain network. One of the perks of using blockchain explorers is that they help ensure the transparency of the network.
A blockchain explorer can help you review the expenditure and balance on smart contract addresses or even confirm whether a wallet address is legitimate before sending cryptos. It also comes in handy to verify whether the crypto you send has reached the intended address and know what is wrong if the transaction is not complete.
Furthermore, a blockchain explorer gives you more information about the fees incurred in a transaction so that you make an informed choice when transacting and investing in crypto.
A blockchain explorer helps you quickly access all the data related to transactions or wallets in a particular blockchain network.