How to read information on a Blockchain Explorer Bitcoin?

A blockchain explorer is an important tool for people who want to understand blockchain and cryptocurrencies. It is used to search for transactions, track the history of an address and analyze the blockchain.

Indeed, there are different types of blockchain explorer, depending on the cryptocurrency they serve. Some are free, while others require payment. Among the most popular blockchains explored, we can cite Etherscan for Ethereum, Blockchain.com for Bitcoin and Solscan for Solana for example.

Find out in this article how to read information on a blockchain explorer.

What is a blockchain?

Blockchain is a technology for storing and transmitting information in a transparent, secure and distributed manner. It consists of a data register, called a "chain of blocks", shared by a network of computers.

Each block on the chain contains information about a transaction, such as date, time, participants, and amount. The blocks are linked together using a hashing algorithm, which ensures data integrity.

How does a blockchain work?

Blockchain functions as a secure and transparent information storage and transmission technology. It is based on a distributed ledger, also called a ledger, which is accessible by all participants in the network. This register is immutable, which means that it cannot be modified without the consent of all participants.

Blockchain is made up of blocks, which are ordered and secure sets of data. Each block contains the following information:

• The hash of the previous block;
• Transactions carried out since the previous block;
• A digital signature.

Indeed, the hash is a mathematical function that allows you to generate a unique value from a data string. As for the digital signature, it is used to guarantee the authenticity of the data.

Furthermore, blocks are created by miners, who use their computers to solve complex mathematical problems. They are then rewarded for their work with cryptos, which represent the native currency of the blockchain.

To do this, miners must solve a complex mathematical problem in order to validate transactions. The first miner to solve the problem adds their transaction to the block and receives a reward.

Once a block has been created, it is validated by the network. Other network participants verify that the block data is valid and does not violate blockchain rules. If the block is valid, it is added to the distributed ledger.

In reality, blockchain is a promising technology that has many potential applications. It allows information to be stored and transmitted in a secure and transparent manner, to create decentralized payment systems, or to secure smart contracts.

Example of operation

Let's imagine that Anna wants to send 10 bitcoins to Ali. To do this, it creates a transaction that contains the following information:

• The amount of bitcoins to send;
• Ali's bitcoin address;
• His own digital signature.
• The details of the UTXO transactions

Anna then sends her transaction to the blockchain network. Miners start solving the complex math problem to add the transaction to the next block. The first miner to solve the problem adds the transaction to the block and receives a reward of 10 bitcoins. The block is then validated by the network and added to the distributed ledger.

Ali can now view the distributed ledger to see that his transaction has been confirmed. He can then use his bitcoins to make other transactions.

Benefits of Blockchain

Blockchain has many advantages over traditional information storage and transmission technologies. It is in particular:

• Secure : Data stored on a blockchain is immutable and secure against falsification;
• Transparent : Transactions carried out on a blockchain are visible to all participants in the network;
• Decentralized : A blockchain is not controlled by a central authority.

Blockchain applications

Blockchain has many potential applications in various fields, including:

• Finance : Blockchain can be used to create decentralized payment systems, such as cryptocurrencies;
• Le commerce : Blockchain can be used to secure commercial contracts and supply chains;
• The government : Blockchain can be used to improve the transparency and efficiency of government services ;
• The Healthcare : Blockchain can be used to secure medical records and research data.

However, this list is not exhaustive. Blockchain is an emerging technology that has the potential to revolutionize many other sectors.

The different elements of a blockchain explore

A blockchain explorer is a tool that allows you to explore a blockchain. It provides information about blocks, transactions, addresses and nodes.

Blocks

A block is a unit of data that contains transactions. The blocks are linked together by a hash, which guarantees the integrity of the blockchain. The following information is generally found there:

• The block identifier;
• The date and time of creation of the block;
• The size of the block;
• The hash of the previous block;
• The hash of the next block;
• The list of block transactions.

The transactions

A transaction is an operation that is carried out on the blockchain. It allows you to transfer funds, create smart contracts or record data. The following information is generally available for each transaction:

• The transaction identifier;
• The date and time of the transaction;
• The size of the transaction;
• The hash of the transaction;
• The addresses of senders and recipients;
• The value of the transaction;
• The transaction fees.

Wedding Suppliers

An address is a combination of letters and numbers that identifies a cryptocurrency wallet. Addresses are used to send and receive funds on the blockchain. For each address, we can identify a certain amount of information including:

• The address;
• The portfolio balance;
• Incoming and outgoing transactions.

–>Understand the different types of bitcoin addresses.

knots

A node is a computer that participates in the blockchain network. Nodes store the blockchain and validate transactions. The node often consists of some data such as:

• The IP address of the node;
• Wearing the knot;
• The status of the node;
• The software version of the node.

To summarize, blockchain explorers are valuable tools for blockchain users. They allow you to track transactions, check the state of the blockchain and learn more about how it works.

How to read a blockchain explorer?

A blockchain explorer allows you to visualize and analyze the data that makes up the blockchain. There are many blockchain explorers available, each with its own features and benefits. However, some explorers specialize in a particular blockchain, while others are multi-blockchain.

Search for a transaction

The most common function of a blockchain explorer is to search for a transaction. To do this, you must provide the transaction ID (or its hash). The transaction ID is a unique code that is generated for each transaction.

Once you provide the transaction ID, Explorer will display information about the transaction, including:

• The origin and destination addresses;
• The quantity of cryptocurrencies transferred;
• The timestamp of the transaction;
• Transaction fees.

Track the history of an address

You can also use a blockchain explorer to track the time chain and the history of an address. The history of an address is a list that shows all operations performed from an address.

So, To track the history of an address, you must provide the address of the blockchain you want to explore. Explorer will then display a list of all transactions made from that address.

Analyze the blockchain

Blockchain explorers can also help analyze the blockchain. This can be useful for a variety of reasons, including:

• Track activity on a blockchain;
• Identify suspicious transactions;
• Research blockchain.

Blockchain explorers offer a variety of analysis features, including:

• Graphs and tables that present data about the blockchain;
• Filtering tools that allow you to search for specific transactions;
• Search tools that allow you to search for information about the blockchain.

Conclusion

A blockchain explorer is a valuable tool for anyone who wants to understand and analyze blockchain. It provides essential information about blocks, transactions, addresses and nodes, which can be useful for various reasons, such as research, monitoring or troubleshooting.

When choosing a blockchain explorer, it is important to choose a reliable and secure tool. It is also important to understand the different elements of blockchain before using a blockchain explorer.

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Disclaimer: This is not investment advice. This is general information. Do your personal research before investing.

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