Blockchain at its core provides a digital overview of transactions. Currently, this is mainly about transaction records for cryptocurrencies such as Bitcoin (BTC). A database of records called blocks is often touted for its transparency and stability. But what do these features really mean? To analyze a blockchain transaction, you must first know how to use blockchain explorer.
What is Block Explorer?
Block explorer is an important tool in the cryptocurrency and blockchain user’s toolbox. Similar to browsers that allow users to browse the web, blockchain or blockchain browsers allow users to navigate the blockchain.
Sometimes referred to in the cryptocurrency community as “Google of Cryptography and Blockchain”, the block explorer allows users to extract important crypto transaction data such as addresses and fees.
Block explorer is a web application, usually available online via a web browser, that provides various data from a particular blockchain.
Each blockchain has its own blockchain researchers.
There are many block explorers out there, as each cryptocurrency or blockchain has its own. This means that you cannot track Ether (ETH) transactions using Bitcoin Block Explorer.
Some popular cryptocurrencies such as Bitcoin and Ether also have a large number of block explorer offerings. For example, there are dozens of Bitcoin researchers, the most famous of which are Blockchain.com, Blockchair, BlockCypher and Tokenview. Similarly, there is a group of Ethereum researchers, including Etherscan and Ethplorer.
To find a block explorer for a particular cryptocurrency, google a “block explorer” and a specific cryptocurrency, or just check the Explorers section for the required cryptocurrency on a large site like CoinMarketCap or CoinGecko.
It is noteworthy that there are blockchain researchers from the public and private sectors, depending on the type of blockchain used. On public or unlicensed blockchains such as Bitcoin or Ethereum, anyone can read and write to the general ledger. But in a private or authorized blockchain, only certain objects can read and write to the registry.
What can you do with the block explorer?
You can do a lot with the blockchain explorer, including keeping track of recently recovered blocks, transaction history and network bandwidth, and finding the first block in a given blockchain, or so-called blockchain.
It’s always easier when there’s a good reason to use block explorer, so let’s go through some simple examples of how to use block explorer.
Use the Block Explorer to track the source of your cryptocurrency.
Transaction history is without a doubt one of the most exciting opportunities that blockchain researchers open up. While traditional payment services only allow users to track their private transactions, the public blockchain allows users to track almost any wallet.
To verify your bitcoin address, copy and paste your bitcoin address into the search box of a block explorer such as Blockchain.com. You will then be taken to a page with all the information associated with your Bitcoin address, including the total number of incoming and outgoing transactions, the total amount of BTC received and sent, and the final dollar balance.
Screenshot of Seans Outpost Pensacola Homeless Outreach bitcoin address. Source: Blockchain.com
Scroll down to check an overview of all transactions associated with your BTC address, and you will get more information about each transaction, including transaction ID or retail ID, amount and sender and recipient. Click on the return address to see more information about the address from which the encryption came.
Track the status of the transaction
Block explorer can be used to check the status of pending and completed transactions by entering the number of network confirmations. Confirmation means that the transaction was processed by the network and is unlikely to be canceled.
To check the status of the transaction, just enter the transaction ID in the search box and see how many transactions there are.
Each cryptocurrency has the number of verifications required to complete a transaction, which may vary. For example, US cryptocurrency exchange platform Coinbase requires at least three confirmations to complete a BTC transaction and at least 35 confirmations to complete an ETH transaction.
With Blockchain Explorer, you can also see the number of unconfirmed transactions in any blockchain by checking the Unconfirmed Transactions section of Blockchain.com Explorer or the Pending Transactions section of Etherscan.
Check the amount of Bitcoin in circulation now
Block researchers provide all the necessary data not only about transactions and addresses, but also about the state of a particular blockchain as a whole. In this way,