How Is A Blockchain Explorer Effective In Managing Transaction Cost
Recently, we have seen a lot of commotion about blockchain and what it can do for businesses around the world. It can democratize transactions. It can provide better security and safety to transactions. Blockchain transactions are more secure and reliable than the traditional methods using banks or other traditional institutes. Also, you don’t need to wait for days upon days to wait for your transaction to become fruitful. Blockchain transaction confirmation happens within minutes and you save a lot of time with it.
There are a lot of industries that have started using blockchain to enhance their performance and upgrade their efficiency quotient. This includes the healthcare industry, the manufacturing industry, the retail industry, and more.
Even though it is still in its infancy, blockchain technology is showing a lot of promise and more and more businesses are integrating their operations with blockchain to improve their productivity and offer their customers a better experience. Supply chain management industry is using blockchain to drive up the efficiency of their deliveries and make sure that the customers get what they want in less time and with better quality. Suffice it to say that blockchain is set to disrupt the industry in major ways and it has already begun.
You can use a blockchain explorer to track Bitcoin transactions. All you need is your Bitcoin transaction number and you can get all the details that you want about your transactions. Bitcoin is a blockchain-based cryptocurrency that makes your transactions more powerful and transparent. If you are interested in blockchain and Bitcoin, you should know about a blockchain explorer.
What is a Blockchain Explorer?
As the name suggests, a blockchain explorer is a software that uses a blockchain node and the relevant APIs to collect data and save it in the form of a database. This data is then displayed in the form of arranged and searchable format. When users input the transaction number or any other term for search purposes, the explorer will search for the term in the data that it has organized and then revert back to you. You can search and explore the data about the blocks that you have mined or transactions that you have recently done. You can also view a live feed of the blocks that you are mining and all the Bitcoin statistics related to it. One more thing that a blockchain explorer allows you to do is to view the status of unconfirmed transactions of Bitcoin.
You can easily contact a blockchain technology company and build an explorer for yourself if you want or you can use one of the explorers already available in the market.
What Can You Do With a Blockchain Explorer
Apart from this, you can also do the following activities with a blockchain explorer:
- Audit any wallet address by exploring the complete transaction history of that wallet. This allows you to improve the transparency of the wallet.
- Identify all the receiving addresses of transactions as well as any editing that has been done. Again, this enhances the transparency of the transaction and gives you better control.
- Find out the largest transaction of the day. Only a few blockchain explorers are capable of doing that. If you want your explorer to have this feature, you can contact your mobile application development company and let them know about your requirements.
- You can use the Mempool status to check on unconfirmed transactions of Bitcoin with the complete details.
- You can also check the status of orphaned and stale blocks. Orphaned blocks are blocks that are not attached after mining and their parent block is unknown. Stale blocks are those whose parent blocks are known but they are still not attached.
- You can also find out who mined a specific block. There are various individuals as well as mining blocks that are working to mine the blocks. Explorer enables you to find out who mined the block.
- You can also view the transaction fee of a blockchain transaction as well as the hash rate, the blockchain difficulty, as well as other important data.
Benefits of Using Blockchain Explorer
We have already seen the uses that we can put a blockchain explorer to. Now let’s see the benefits that we get if we use a blockchain explorer instead of a blockchain wallet.
A blockchain wallet does provide you with a plethora of information, but it is restricted to the keys that are managed by the wallet. You cannot view any other type of data through a blockchain wallet. When you use a blockchain explorer, however, you can view data about any transaction that was carried out by any wallet.
Also, you get 100 percent transparency with a blockchain explorer. You can check your spending on smart contracts as well as your balance. This is especially true if you are joining an Initial Coin Offering (ICO). The transparency factor goes much further than that. You can use the explorer to find out if a wallet is authentic before sending cryptocurrency to a person. You can check if the transaction has been successful or not. If a transaction is stuck, you can view it in the explorer and find out what is wrong with it.
There are a lot of benefits that you can avail if you start using a blockchain explorer. You can read blockchain transaction histories, you can check your own wallet and find out the balance, you can confirm the status of a transaction and more. You can also identify the mining pool as well as orphaned blocks and stale blocks.