Cryptocurrency transactions are blockchain-based and all transactions are recorded on the blockchain. Block explorer refers to an online system that allows accessing information saved in the blockchain.]
What is Blockchain?
Blockchain technology works with a distributed ledger system. All transactions made on the blockchain are recorded in blocks. It is encrypted with encryption protocols and stored on the blockchain network. Once the data is processed on the blockchain, it cannot be changed in any way. All these transactions performed on the blockchain increase the security of users and data.
Blockchain technology trustlessness principle works and all transactions are recorded on the blockchain. Thus, transactions are carried out securely without the need for the approval of a third party. The fact that the transactions recorded on the blockchain are both accessible to everyone and unbreakable are the main elements that enable users to transact safely in the cryptocurrency ecosystem.
What is Block Explorer?
One of the answers to the question of how to access this information, which is stored on the blockchain and publicly available, is the block explorer. With the block explorer, it is possible to access transaction information recorded on the blockchain, such as last transactions, transaction volume, last block and hash rate.
Since all this information is anonymous on the blockchain and encrypted with cryptography, it is impossible to know who made the transactions while the transactions themselves can be viewed. In this way, it becomes possible for me to perform transactions securely without the need for the assurance of a third party.
In conclusion, the block explorer system is a tool that allows users to access transactions recorded on the blockchain. All transactions recorded on the blockchain can be accessed via the block explorer. At the same time, miners can also use the block explorer to check the blocks they have mined.
Since all transactions on the blockchain can be viewed, the wallet address known to belong to Satoshi Nakamoto is also displayed.