What Is Block Explorer? What Does It For?

Block Explorer acts as a search engine where users can find information about individual blocks, public addresses, and transactions associated with a specific unit of cryptocurrency.

Blockchain technology is characterized by its transparency, and block explorers are an important part of that transparency. These useful tools provide information on every aspect of the blockchain's functioning, from the consensus mechanism to the transaction history, and are essential tools for navigating the ecosystem of the respective blockchain.

Each block browser contains information about a specific network. For instance, a Bitcoin block scanner only examines data related to the Bitcoin network. Today, there are also multi-block browsers that contain information on multiple blockchain networks.

Depending on the type of blockchain, block scanners also serve as a general information hub. For instance, the Ethereum blockchain has thousands of ERC-20 assets running on it, and users can view data about these assets by checking smart contracts through another Ethereum block browser.

Details often cover the amounts involved in transactions, the status of different transactions, as well as the sources and destinations of funds, helping users easily view all transactions on a public blockchain.

While the basic definition of a block scanner gives the tool a simpler meaning, the technical aspects of these tools are also important. From a technical perspective, a block scanner is a software that uses APIs and blockchain nodes to pull different types of data from the blockchain network. The block explorer uses the database to organize the data sought by users and present it to them in a comprehensible format.

Block explorers help search and discover data about recently mined blocks or recent transactions on the blockchain.

In addition, block explorers allow users to view instant block streams as well as data associated with blocks in the mining process.

Which Data Does a Block Explorer Provide?

A block explorer provides a wealth of real-time and historical data about a blockchain, including data on blocks, statistics, transactions, addresses, network hash rate, and more. Some block explorers also provide real-time statistics and market charts, as well as data on mining pools, pending transactions, network hash rate, rich lists, block validators, orphan blocks, hard forks, and more.

Block explorers are also useful for users waiting for block confirmations. For instance, many trading platforms provide users with the transaction ID of pending deposit or withdrawal requests on the network so that they can track the movement of their funds in real-time.

Who Uses Block Explorers?

Block explorers are typically used by cryptocurrency traders to check the status of their trades. After users initiate a transaction, they receive an automatically generated transaction hash. These hashes are used to retrieve the details of the payment in the browser and whether it was successful or not.

Miners need the block explorer to verify a block's activity, specifically to check whether they were successful in creating a particular block. This means they can check if they have received the block reward.

In the cryptocurrency field, block explorers can be used to monitor market activity such as the number of tokens in circulation, market capitalization, or the amount of energy required for mining.

How to Use Block Explorer?

Depending on the explorer and the blockchain, a block explorer site will usually have a main search bar that allows retrieval of certain types of information, such as wallet addresses, transaction hashes, and block numbers. Likewise, the home page of most block explorers usually displays data about the latest transactions and blocks.

To view data about a specific transaction, the transaction hash should be typed into the search bar. The transaction hash is given to the user by the wallet software when a transaction is initiated. The block explorer shows whether the transaction has been confirmed or pending. The transaction can also be viewed by searching for the address of the sending wallet. When searching, make sure to enter the public key address and not the private key address. It is not recommended to search for transactions by the blocks in which they are included.

Why Use Block Explorer?

A block explorer is used by traders, miners, verifiers, institutions, and businesses. Because it offers the user a more detailed control chance with the data it reflects. Transaction status can be checked for traders. All transaction details performed on the blockchain can be queried.

Miners use a block explorer. The block explorer allows miners to check a block after it has been created.

At the wallet address, data such as the total value of assets found and transaction history can be displayed and useful for users.

A lot of data is queried on the blockchain, such as the latest transactions, block difficulty, block height, and transaction fees. Miners, validators, and anyone else who wants to access the data they are looking for can use the block explorer to drill down to the technical details of the blockchain network.

What Can Be Done with a Block Explorer?

The purpose of a block explorer is to provide a transparent view of all the transactions made on the blockchain ecosystem. You don't need to receive confirmation that a transaction has been completed because the data can be viewed through the block explorer. Here are some of the data that can be viewed with block explorers:

Market Data
Mempool's Size
Estimated Hash Ratio
Last Block

Market Data

The block explorer provides an overview of cryptocurrencies. The data provided helps investors or analysts to monitor the performance of the respective cryptocurrency.

Mempool Size

Mempool stands for "waiting area". When a node transaction is confirmed, it remains in the mempool until a miner adds it to the block.

Estimated Hash Ratio

The estimated hash ratio can also provide information about the hashing methods miners use on the blockchain.

Last Block

The block explorer can provide information about the last verified block. The block explorer provides information about the properties of the verified blocks, such as size, height, and time.

What Are the Advantages of Block Explorer?

The block explorer provides transparency in the current account balance and spending management.
The wallet can be used to check address validity.
The block explorer detects inconsistencies in transactions.
Block explorers can be used in cryptocurrency wallets to help developers identify the need for additional functionality in their software.
A block explorer can help to make decisions regarding mining investments.

What Is MetaExplorer?

MetaExplorer is a customized block explorer that allows you to view all transactions and data made on the Metatime blockchain. MetaExplorer allows users to make queries specific to all projects belonging to the Metatime ecosystem. Users can easily track all the data of their accounts instantly by logging in to their accounts.