How to track transaction on blockchain

Blockchain technology is still in its infancy, but it has already revolutionized the way we store and transfer data. One of the key features of blockchain is its immutable nature, which means that once a transaction is recorded on the network, it cannot be changed or deleted.

This makes it an ideal platform for tracking transactions and maintaining an audit trail. In this article, we will explore the different ways to track transactions on blockchain and how developers can use these methods to build more secure and transparent applications.

How Blockchain Enables Transaction Tracking

At its core, a blockchain is a decentralized ledger that records all transactions on a network. Each transaction is verified by multiple nodes in the network, which ensures that the data is accurate and trustworthy. Once a transaction is verified, it is added to the blockchain, where it becomes part of an immutable record that can be accessed by anyone on the network.

There are several ways to track transactions on blockchain:

1. Public Blockchains

Public blockchains are decentralized networks that are open to anyone who wants to participate. They are often used for cryptocurrencies, but they can also be used for other types of applications, such as supply chain management and voting systems. One of the key benefits of public blockchains is that they provide a transparent and immutable record of all transactions on the network.

For example, Bitcoin is a public blockchain that allows users to send and receive digital currency. Each transaction on the network is recorded on the blockchain, which means that anyone can view the history of all Bitcoin transactions. This transparency makes it easy for people to trust the system and ensures that everyone is playing by the same rules.

2. Private Blockchains

Private blockchains are decentralized networks that are only accessible to a select group of users. They are often used for enterprise applications, such as supply chain management and identity verification. Unlike public blockchains, private blockchains are not open to everyone, which means that they can be used to store sensitive information without the risk of it being exposed to the public.

For example, Walmart uses a private blockchain to track the movement of food products through its supply chain. The blockchain provides real-time visibility into the location and condition of each item, which helps Walmart to ensure that food is safe for consumption and meets quality standards. This use case demonstrates how private blockchains can be used to improve the efficiency and transparency of complex supply chain operations.

3. Hybrid Blockchains

Hybrid blockchains are decentralized networks that combine the best features of public and private blockchains. They provide the benefits of both types of blockchain, such as transparency and immutability, while also allowing for greater control over who has access to the data. Hybrid blockchains are often used for applications that require a balance between security and privacy.

For example, IBM’s Food Trust is a hybrid blockchain that allows food companies to share information about their products in a secure and transparent way. The blockchain provides real-time visibility into the location and condition of each item, while also allowing food companies to control who has access to the data. This use case demonstrates how hybrid blockchains can be used to improve the safety and efficiency of the food supply chain.

How to Track Transactions on Blockchain: A Step-by-Step Guide for Developers

Now that we have discussed the different ways to track transactions on blockchain, let’s look at how developers can implement these methods in their applications.

1. Public Blockchains

To track transactions on a public blockchain, developers need to integrate their application with the blockchain network. This involves creating a wallet that allows users to send and receive digital currency, as well as integrating the blockchain’s API into their application. Developers can then use the API to query the blockchain for transaction data and display it in their application.

2. Private Blockchains

Private blockchains are decentralized networks that are only accessible to a select group of users. They are often used for enterprise applications, such as supply chain management and identity verification. Unlike public blockchains, private block