Easily Monitor Native Blockchain Transactions

Are you trying to set up simple transaction monitoring for a specific blockchain? Here's the step-by-step guide on how to do it.
Written by
Tatum team
June 1, 2023
min. read

Monitoring native transactions on the blockchain is a crucial activity in the world of digital assets. Whether it's for enhancing security, informing business analytics, or ensuring regulatory compliance, tracking these transactions becomes of paramount importance. However, due to the decentralized nature of blockchain technology, this process is often complex. But with Tatum SDK, monitoring native transactions becomes a breeze. This article will focus on the importance of monitoring native transactions, challenges involved, and how Tatum SDK simplifies the entire process.

[.c-text-center]Get started with Tatum SDK for native transfer monitoring[.c-text-center]

[.c-text-center]Simplify the process of monitoring both incoming and outgoing native currency transfers with the Tatum SDK for efficient and reliable blockchain address monitoring.[.c-text-center]

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Importance of monitoring native transactions

Monitoring native transactions within a blockchain ecosystem offers various use cases and opportunities for developers. Let's explore some examples of how this feature can be utilized:

  • Security and Fraud Prevention: By monitoring native transactions, developers can detect and prevent fraudulent activities within the blockchain network. This feature allows for real-time monitoring of transaction activities, enabling the identification of suspicious or unauthorized transactions, enhancing the security of the ecosystem.
  • Business Intelligence and Analytics: Native transaction monitoring offers valuable data for business intelligence and analytics purposes. Developers can gather transaction data to gain insights into user behavior, transaction patterns, market trends, and user preferences. This data can inform business strategies, product development, and decision-making processes.
  • Wallet Integration and User Experience: Monitoring native transactions allows developers to integrate wallets and provide users with a comprehensive view of their transaction history. This feature enables users to track and manage their native transactions, view transaction details, and monitor their transactional activities, enhancing their overall user experience.
  • Tokenomics and Token Distribution: Monitoring native transactions helps developers gain insights into tokenomics and token distribution within the blockchain network. By analyzing transaction data, developers can assess token circulation, token holders, and token movement, facilitating better token management and distribution strategies.
  • Auditing and Transparency: Monitoring native transactions promotes auditing and transparency within the blockchain ecosystem. Developers can provide stakeholders, regulators, and users with transparent access to transaction data, ensuring accountability, and fostering trust among participants.

Challenges of monitoring native transactions

Despite it being crucial, monitoring native transactions on the blockchain is not without challenges. Each blockchain has its unique architecture and data format. Tracking and analyzing transactions across different blockchains can be a daunting task.

Using Tatum SDK to monitor native transactions

Tatum SDK offers a simple and effective solution for these challenges. It provides features to monitor both incoming and outgoing native transactions, sending a webhook notification every time a transaction occurs involving a specific address.

Setting up Native transaction monitoring with Tatum SDK

In this example, we initialize Tatum SDK for the Ethereum network and then use the `notification.subscribe.incomingNativeTx` and `notification.subscribe.outgoingNativeTx` methods to monitor incoming and outgoing native transactions respectively for a specific Ethereum address.

Monitoring native transactions on the blockchain is a vital task, whether it's for security, business analytics, or regulatory compliance. With Tatum SDK, you can easily keep track of these transactions, simplifying the process of monitoring native transactions on the blockchain.

By integrating the Tatum SDK into your project, you can ensure seamless integration with MetaMask, receive timely notifications, and enjoy the benefits of efficient blockchain address monitoring without the complexities of the direct RPC approach. Don't wait, get started with Tatum SDK today and supercharge your web3 app experience!

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