Block explorers allow users to view and track transactions on a blockchain network. They are search engines that provide a user-friendly interface to access detailed information about blocks including relevant addresses, time, and more on a blockchain.

The tool is tailored to specific cryptocurrencies, meaning users must select the appropriate explorer based on the digital currency they are interested in.

What is a block explorer? 

Block explorers provide detailed information about individual blocks on a blockchain. Such information includes:

• Network statistics: Total number of transactions, average or median transaction fee, the cryptocurrency's current price. 
• Block details: Block height, hash, timestamp of the block, block status (finalized or not), miner or mining pool that mined the block, number of transactions in the block, block reward, difficulty at the time of mining, block size.
• Transaction details: Latest transactions, transaction IDs, sender and receiver addresses, amount transferred, timestamp of the transaction, transaction fee.
• Historical data: Past block and transaction data, prior address activity.

Each blockchain network has its own block explorer. For instance, Ethereum transactions would require an Ethereum-focused block explorer like Etherscan. This specialization is crucial for accuracy and relevance, as each blockchain has its unique features and data structure. 

Why use block explorers?

When a transaction is made, it can be tracked in real-time on a block explorer as it gains confirmations. This provides users with a reliable means to monitor the progress of their transactions.

Block explorers also let people analyze blockchain activity for suspicious behavior. Users may want to know if a transaction has been successfully processed on-chain, or perhaps seek to monitor fund movement between addresses.

Block explorers can also offer pertinent information on historical or otherwise notable blocks. For instance, on the fourth bitcoin halving, users were interested in the Block 840,000, which ushered in the fifth bitcoin mining epoch.