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Blockchains are the underlying technology behind cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and Solana (SOL), although their functionality extends beyond crypto to applications such as supply chain management, decentralized finance (DeFi), voting systems, and more. These publicly distributed ledgers ensure all movements of crypto funds and transactions are transparently recorded and available for anyone to review. Whilst the movements themselves are visible, all senders and recipients are pseudonymous, identified only by their crypto wallet addresses, which do not inherently reveal personal identities.
So, how do crypto users, analysis, traders and investors actually check the blockchain for transactions?
How to check the blockchain for transactions
The best way to check the blockchain for crypto transitions is by using a blockchain explorer. This is the tool used by investors, traders and analysts to see all the information on a given blockchain, including transactions and addresses. For example, Etherscan allows users to read the Ethereum blockchain, and Solscan allows users to read the Solana blockchain. There are many reasons why someone might choose to check the blockchain, for example, to see the transaction history of any wallet address, unconfirmed transactions, orphaned blocks, who mined (or validated) a particular block, and so on.
The first page to load on a blockchain explorer is the homepage. The homepage contains all kinds of useful information regarding that specific blockchain and its native cryptocurrency, including price, consensus mechanism, circulating supply and block reward. Clicking on a specific block will open up more in-depth information, including all transaction IDs, the miner, average transaction value, the total value of all this block’s transactions, the size and difficulty of the block, etc. It is also possible to explore specific transitions and find wallet addresses, even going as far as to see the crypto balance held by that wallet.
Why is transaction history important?
Transaction history is a core feature of blockchain technology. It plays a crucial role in ensuring the transparency, trustworthiness and functionality of the crypto space by maintaining a publicly accessible ledger of transactions. Transaction history ensures all users are able to verify the validity of transactions and adherence to protocol rules, which builds confidence in decentralized systems, where no single entity has control, and fosters trust among users.
The blockchain’s immutable nature also enables accountability and fraud prevention. By providing an unalterable record of activity, it becomes almost impossible for malicious actors to erase or manipulate transactions on the blockchain. Regarding crypto payments, it also makes chargebacks impossible, providing an extra layer of confidence and security for merchants and businesses.
When to check the blockchain for transactions
The blockchain’s immutable transparency provides users in a wide range of sectors and applications the ability to revise, track, and verify transactions, ensuring funds have been moved and transferred to their intended recipients. This is highly useful for individuals making crypto payments, businesses moving funds, or investors making trades. However, blockchain technology can be harnessed for other sectors, such as supply chain management, where the blockchain is used to monitor the movement of goods, ensure authenticity and ethical sourcing, and help foster trust among participants and buyers.
In the world of financial services, blockchain technology is transforming how fraud detection and prevention mechanisms are designed and implemented. Not only does the blockchain allow users to check transaction history, but it also makes it possible to view transactions happening in real time. This can help prevent activities such as money laundering and ensure adherence to regulatory standards, which are crucial for maintaining the integrity of financial systems and preventing cybercrime.
Examples of blockchain explorers
Here are some examples of blockchain explorers for checking a given blockchain for transactions:
- Bitcoin (BTC) → Blockchain.com
- Ethereum (ETH) → Etherscan
- Ripple (XRP) → XRPScan
- Dogecoin (DOGE) → Dogechain
- Solana (SOL) → Solscan
- Tron (TRX) → Tronscan
- Polygon (MATIC) → Polygonscan
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