In Hyperledger Fabric, client applications can subscribe to receive both chaincode events and block events using the peer's event service. Chaincode events are generated by the chaincode itself, typically based on specific conditions coded within the chaincode operations, and are used to notify applications of specific state changes or significant occurrences. Block events inform about the addition of new blocks to the ledger, which may contain multiple transactions. This dual capability allows client applications to effectively monitor transaction confirmations and specific chaincode outputs in real time, which is critical for applications that rely on up-to-date blockchain data for processing decisions.