Block Explorer
In short: A block explorer is an application, usually a website, that allows the user to view the details of a particular block on the blockchain, as well as the…
A block explorer is an application, usually a website, that allows the user to view the details of a particular block on the blockchain, as well as the transactions and addresses it contains. Block explorers are also called blockchain browsers.
Why it matters
Explorers make public blockchain data readable without running your own node. By pasting a transaction ID, you can see whether a transfer is pending or confirmed, how many confirmations it has, the fee paid and the addresses involved. This is useful while waiting for a deposit, since exchanges such as EX5 credit a deposit only after the network has added a set number of confirmations. An explorer only displays data, though; it cannot speed up, cancel or reverse a transaction.
Example
After sending coins from a personal wallet to an exchange, a user copies the transaction ID from the wallet and searches for it on an explorer for the same network, since each explorer covers specific blockchains. The page shows the block that contains the transaction, the receiving address, the amount and a confirmation count that grows as new blocks are added. When the count reaches the number the exchange requires, the deposit appears in the account.