Blockchain technology has showcased impressive results in terms of adoption, with new use cases in DeFi, NFTs, and Web3. The applications of blockchain technology have moved beyond the world of cryptocurrencies. It has offered a valuable tool for ensuring secure transactions on a decentralized network, which ensures transparency and empowers users.
You can read blockchain data and find details of all verified transactions on a public blockchain network. Some people may ask about the need for reading blockchain data and where it is stored. Most important of all, the big question of the hour points to the availability of tools for reading blockchain data and transaction history. The following discussion offers you an introduction to some of the proven tools for reading blockchain data and transaction history.
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The Evolution of a New Perspective on Data
Data is the most valuable asset in the global digital landscape right now. Big companies such as Amazon, Facebook, Google, and IBM have the infrastructure and resources to store and process massive volumes of data generated every day by users. Before the introduction of any blockchain data example, the big centralized corporations had complete control over the collection and utilization of user data. Blockchain technology presented an alternative future, where data would not be restricted to the walled ecosystems of a few specific organizations. It offered the solution for democratizing data accessibility and transparency.
Traditional data management practices did not offer the flexibility for using data to its full potential. The majority of data in the world is on centralized hard disks right now, which leads to problems of scalability and accessibility. At this point in time, the question ‘What is Blockchain Data?’ bears unparalleled importance in the field of data management. Storing data on blockchain networks helps in solving problems with transparency regarding the collection and use of data.
Definition of Blockchain Data
The doubts regarding the potential of blockchain data emerge from confusion regarding the creation and distribution of data across different nodes. You can find the importance of blockchain data analytics in the definition of blockchain data. Blockchain data is the on-chain data or information about transactions hosted on the blockchain network. It includes data from all blocks included in a complete blockchain, which is available to everyone. Blockchain records transaction data continuously with the validation of new transactions.
One of the best things about blockchain data is the assurance of immutability. As a result, the records are immune to any type of modification after validation. The immutability of the records provides assurance for the security and accuracy of the decentralized digital ledger. You can find different entries in a blockchain data examples list, such as miner fees, wallet addresses, smart contract codes, and transaction amounts. It can help blockchain developers and web3 developers determine whether a specific blockchain would suit their needs. Blockchain data refers to the information available about blocks, smart contracts, and transactions on a blockchain network.
Storage of Blockchain Data
The data on a blockchain network is stored across all nodes in the network. Blockchain is a distributed ledger of transactions, with a copy available to all nodes, which is updated with every transaction. Blocks are responsible for storing transaction data, which are connected to each other with the help of cryptography.
The blocks are an important aspect in retrieving blockchain transaction history and can help you understand how they store transaction data. You can find two parts in the blocks of a blockchain network, including the block header and block body. The block header takes responsibility for the storage of metadata, including everything from timestamp to block number. The block body contains the transaction data of the blockchain.
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What is the Importance of Blockchain Data Analytics?
Blockchain data offers a decentralized perspective on data management, with more safety and reliability. Public blockchain networks such as Bitcoin and Ethereum offer transparency into the transactions happening on the networks with reliable benefits. The definition of blockchain data analytics is the same as the conventional data analytics process, albeit with the addition of blockchain. Regulators, developers, and general users can rely on analytics of blockchain data for smart insights in real time. Such types of improvement in data management and analytics with blockchain can offer a credible advantage or leverage the full potential of data.
Organizations that are interested in adopting blockchain technology would need a comprehensive impression of every small detail in the blockchain ecosystem. Blockchain data serves as a vital input in the processes and strategies for maintaining compliance and efficiency of the system.
The responses to “Can anyone access blockchain data?” also prove that data analytics and accessible and transparent on the blockchain. It can help in faster identification of nodes involved in malicious activities and ensure better safeguards for the remaining system. Blockchain analytics offer powerful support for dealing with the massive volume and complexity associated with crypto transactions.
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How Can You Read Transaction History on Blockchain Networks?
The significance of blockchain data extends beyond simply getting a glimpse of transactions on a blockchain network. You can read blockchain data with the help of block explorers. Blockchain explorers or block explorers are the gateways for users to read all transactions registered on the blockchain network. It can help you find the balance on each address registered on the blockchain alongside the details of every transaction. The transparency of blockchain technology ensures flexible access to blockchain data.
A blockchain explorer helps in checking the balance in a specific address or the transaction details for a transaction ID. In the case of addresses, the block explorers offer details of outgoing and incoming transactions for a specific address ever on the blockchain network. Block explorers can provide information about the blockchain transaction history with the transaction ID.
It shows important transaction details such as sender of the transaction, amount sent in the transaction, fees for the transaction, and receiver of the transaction. Block explorers serve as a comprehensive outline of blockchain addresses and transactions, thereby supporting reviews of the history of a blockchain network.
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Best Practices for Choosing Block Explorers
The easier accessibility of blockchain data encourages better scope for monitoring the security and performance of a blockchain network. However, the answers to “Can anyone access blockchain data?” do not solve the problems of utilizing blockchain data. The different alternatives among block explorers can present confusing choices for users.
Most of the block explorers work for a single blockchain network only. For example, blockchain.com and Blockstream are the two popular Bitcoin blockchain explorers. In the case of XRP cryptocurrency, the blockchain explorer XRP Charts and Bithomp serve the ideal fit. The popular block explorer for Ethereum is Etherscan, which offers a more user-friendly interaction with its interface.
You should also look for the different tools in the block explorers which help you read blockchain data with comprehensive visualizations. However, the visualization tools might come at a premium cost, while you can use block explorers without any costs.
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Information Available on a Blockchain Explorer
The term ‘block explorer’ offers a clear impression of its usage in exploring the details of blockchain transactions in blocks. However, it is important to review a blockchain data example you would come across in a block explorer. You can review transactions on blockchain by learning about the important components in the results of using a block explorer. Here are the details you would find by using a block explorer for checking transaction history on blockchain networks.
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Transaction Hash ID
The transaction ID or the transaction hash serves as the identifier for the transaction you have searched. It is the code for the transaction and helps you check the details of the transaction anytime you want.
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Sending Addresses
The Sending Addresses section in blockchain transaction history would show the address which conducts the transaction and its details. You can find details about the amount of cryptocurrency sent by the address and view their incoming and outgoing transaction history.
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Transaction Fees
The applications of a blockchain explorer for reading blockchain data would also help in learning about transaction fees. Blockchain networks charge a transaction fee for approving and adding transactions to their network. The transaction fees can serve as a notable determinant for decisions to use a specific blockchain network.
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Receiving Addresses
Just like the Sending Addresses, you can also find information about the Receiving Addresses for a specific transaction through block explorer. You can click on the Receiving Addresses and check their transaction history.
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Transaction Status
Block explorers also offer a valuable use of blockchain data with transaction status. You can find out whether a transaction is complete and has been verified by participating nodes. Unconfirmed transactions could be canceled or classified as invalid in the future. Therefore, it can help in verifying the completion of transactions.
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Blockchain and Web3 Data APIs
The next promising solution for finding out more insights from a blockchain data example list points at web3 data APIs. You can find examples such as Moralis Web3 Data API and Moralis Streams API as the top choices for blockchain data APIs. The objective of Moralis Web3 Data APIs focuses on creating applications that can help in obtaining transaction data of blocks. On the other hand, the Moralis Streams API helps in setting up a stream to monitor the native transactions for a specific wallet. Here is an overview of the methods to utilize the tools for retrieving blockchain data with Web3 Data API and Streams API.
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Web3 Data API
The first blockchain data API by Moralis is the Web3 Data API, which helps you create a dedicated application to retrieve blockchain data. You can use the application to obtain all details about transaction history on the blockchain with its hash. Here are some of the simple steps to use Moralis Web3 Data APIs for creating a block explorer application.
The first step for creating a blockchain explorer application with data APIs starts with creating a NodeJS project. You can access a GitHub repository for block explorer project code and clone it on your local machine. After copying the project into your local directory, you have to make a few changes. First of all, you have to create a file titled ‘.env’ in the backend folder of the project. You can also introduce ‘MORALIS_API_KEY’ as a new environment variable.
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Streams API
The next addition to the data APIs for blockchain data refers to Moralis Streams API. It works by helping you create a unique stream for monitoring native wallet transactions. Streams API is an innovative blockchain data API, and you can set up a customized stream for your desired wallet or address by using it. In the first step, you would have to set up a server that can receive webhooks that contain the desired blockchain data. The webhook endpoint in the server serves as the destination for posting the streams.
In the second step of setting up Stream API, you have to create a webhook URL, after which you can create the web3 stream. You can explore the options for customizing the web3 stream with few imports and passing an API key for initializing Moralis. The ‘Web3 APIs’ section of Moralis helps in defining certain options, such as the network you want to monitor and the description of the stream.
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Conclusion
The significance of blockchain data analytics is one of the prominent highlights of the future of blockchain adoption. Investors need to make better-informed decisions, while regulators need to identify suitable areas for optimizing blockchain and web3 regulations. At this point in time, discussions about ‘what is blockchain data’ serve as a major push for attention toward the revision of data management practices. Blockchain can offer real-time access to data with the assurance of security and credibility. However, users need the right tools for utilizing blockchain data to their advantage.
Blockchain explorers and data APIs are the two most powerful solutions for finding out blockchain data. On the other hand, you can also find multiple data analytics tools in the market with unique functionalities. Learn more about blockchain technology and the best resources for pursuing a career in blockchain right now.
*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. 101 Blockchains shall not be responsible for any loss sustained by any person who relies on this article. Do your own research!
