Block Explorer: Definition, Functions, and How to Use It

Bittime - Cryptocurrencies have influenced the global financial landscape. With Bitcoin leading the way, digital currencies have become increasingly popular and widely accepted. However, behind the glitter of the crypto market, there is a technology that supports it which is often overlooked, namely blockchain. 

In the blockchain, there is a very useful element, namely the block explorer. What is a block explorer and why is it important in the cryptocurrency ecosystem? How do you use block explorer?

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What is Block Explorer?

Block explorer is an online tool that allows users to explore and analyze blockchain in detail. The concept is like a dedicated search engine for blockchain, which allows users to view transactions, account balances and other information related to various crypto coins and tokens. With the block explorer, you can check transaction status, verify payments, and even research the flow of funds.

Block Explorer function

Here are some reasons why the block explore function is very important.

1. Transaction Data Transparency

Block explorer provides direct access to transaction data recorded in the blockchain. Because every transaction is recorded permanently and cannot be changed, the level of transparency is quite high. Users can easily verify the validity of transactions without having to rely on a central authority.

2. Transaction Verification

Using block explorer, users can verify the status and details of certain transactions. This is very important to avoid fraud or errors in the payment process. For example, by checking the transaction number, users can ensure that the payment was received or forwarded correctly.

3. Fund Tracking

Block explorer allows tracking the flow of funds from one address to another. This allows users to better track the source and destination of funds, as well as monitor suspicious or unwanted activity. For example, in a donation project, users can track how funds are distributed and used.

4. Blockchain Analysis

Block explorer also allows in-depth analysis of overall blockchain behavior. Users can view statistics on number of transactions, hash rate, coin distribution, and more. This is useful for research, monitoring network health, and better understanding market trends.

5. Security Oversight

In a security context, users can use block explorer to check network security and suspicious activity. They can track suspicious transactions or potential attacks, as well as identify addresses involved in suspicious activity.

6. Project and Token Monitoring

For investors and developers, block explorers are important for monitoring the health of specific projects and tokens. By examining transaction activity, token distribution, and user adoption, they can make better investment decisions and measure project performance more accurately.

7. Application Development

For developers, block explorers are a valuable resource in building blockchain-based applications. They can use transaction data and other blockchain information to develop innovative applications and better meet user needs.

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How to Use Block Explorer?

After knowing the importance of using a block explorer, here's how to use a block explorer that you need to know.

1. Choose the Right Block Explorer

First of all, you need to choose a block explorer that suits the blockchain or crypto coin you want to explore. Each blockchain usually has several block explorer options available. For example, for Bitcoin, you can use a block explorer such as Blockchain.info, Blockstream.info, or Block Explorer from the official Bitcoin website.

2. Enter the Required Data

Once you have selected the block explorer, the next step is to enter the relevant data. The data that can be entered varies depending on the type of information you want to search for. This could be a transaction number, wallet address, specific block, or other keywords depending on the features provided by the block explorer you are using.

3. Browse Results

After you enter the required data, the block explorer will display the search results in an easy-to-understand form. For example, if you search for a transaction number, you'll see details about the transaction, including the amount sent, sender and recipient addresses, transaction time, and more. If you search for a wallet address, you'll see the current balance, transaction history, and possibly additional information such as labels or notes.

4. Explore Additional Features

In addition to the basic features of searching for transactions or addresses, many block explorers also provide additional useful features. For example, you might be able to view historical price charts, blockchain statistics, or technical analysis tools. Take advantage of these features to gain a deeper understanding of the blockchain you are exploring and related market trends.

5. Use Filters and Advanced Search

Some block explorers also provide advanced search or filter features that allow you to filter the data according to your needs. For example, you may be able to filter transactions based on a specific time range, amount, or transaction type. Use these features to investigate further information or narrow your search results.

6. Update and Record Data

Lastly, be sure to update and record the data you find as needed. Transaction data or blockchain information may change over time, so it is important to check back periodically or keep records for future reference.

Also Read: What is a Block and How it Works in Blockchain

Conclusion

Based on the explanation above, using a block explorer is an important step in understanding and interacting with blockchain. That's because block explorers provide transparency, enable transaction verification, and enable in-depth analysis of blockchain behavior.

By effectively utilizing block explorers, you can have greater control over your crypto assets and better understand how this revolutionary technology works. Feel free to explore block explorer and dig deeper into the exciting world of blockchain!

How to Buy Crypto with Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet . For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH ), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also Read:

What Are Crypto Wallets?

What are Smart Contracts?

What is Bitcoin and How Does It Work?

DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.