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Blockchain Explorers and Blockchain Data Analysis

Purpose of Blockchain Explorers​

A blockchain explorer is a specialized tool designed to view and analyze data stored on a blockchain. It provides a user-friendly interface for accessing public information about blocks, transactions, and addresses.

Explorers play a key role in ensuring blockchain transparency by allowing any network participant to independently locate and verify on-chain data.

What Data Is Available Through Explorers​

Using blockchain explorers, users can access the following types of information:

  • lists of blocks and their parameters (block number, timestamp, size),
  • transaction details and their status,
  • sender and recipient addresses,
  • transaction fees,
  • smart contract data (in supported networks).

All of this information is public and available for analysis.

How Blockchain Explorers Work​

Blockchain explorers obtain data either directly from network nodes or from their own indexed copies of the blockchain. They do not modify data and do not participate in the consensus process; instead, they visualize information that has already been confirmed by the network.

Thus, an explorer is not the sole source of truth, but rather a convenient tool for accessing data that is ultimately stored on the blockchain itself.

Different blockchain networks have specialized explorers. Among the most widely used are:

  • explorers for the Bitcoin network — Mempool Space,
  • explorers for the Ethereum network and compatible blockchains — Etherscan,
  • universal explorers that support multiple networks.

Each explorer offers a similar set of core features but may differ in interface design and additional functionality.

Practical Importance of Blockchain Data Analysis​

Blockchain data analysis is used for various purposes, including:

  • verifying transaction status,
  • auditing operations,
  • analyzing network activity,
  • monitoring smart contract execution,
  • studying participant behavior.

In professional environments, blockchain data is actively used in financial analysis, cybersecurity, and compliance. However, investigations of crypto-related crimes typically rely on specialized tools such as Chainanalysis. These tools enable KYT (Know Your Transaction) analysis to assess the risk level of specific transactions and/or addresses. In addition, they rely on proprietary databases that enrich raw blockchain data.

Limitations and Data Interpretation​

Despite the public nature of blockchain data, its interpretation requires caution. Addresses on a blockchain are generally not directly linked to specific individuals or legal entities.

As a result, blockchain data analysis often relies on probabilistic conclusions and supplementary sources of information.

Summary​

Blockchain explorers are an essential tool for studying and practically understanding how blockchains operate. They allow users to observe real processes taking place in decentralized systems and serve as a bridge between theory and practice.

The use of explorers helps develop a deeper understanding of blockchain fundamentals and prepares readers for analyzing more complex scenarios and applications.