Understanding the term
Using a block explorer, anyone can locate a specific piece of information on the blockchain that includes searching and retrieving transactions, blocks, wallet addresses, and fee information. Block explorers also contain information about specific blockchains. For instance, one can use Etherscan to access Ethereum’s transaction data.
Block explorers can track the status of pending transactions or view wallet balances without using crypto wallets themselves, which helps traders, validators, miners, and businesses alike. In addition, they can be used to explore the genesis block, double-spend transactions, hash rate, history of wallet addresses, mining difficulty, block height, transaction volume, and more.
Depending on the blockchain architecture, the information contained in a block explorer may differ. For instance, a block explorer for a Proof-of-Work (PoW) blockchain displays information about miners.
Block explorers are similar to search engines that help users locate different information about blockchains, such as certain transaction details, wallet addresses, and information about blocks. It is crucial to use tools like block explorers to navigate the blockchain ecosystem, as they provide insight into all aspects of the blockchain, from consensus mechanisms to real-time blockchain data.