Can blocks being exist and displayed without being stored in blocks table?
Homeblock is actually not storing the data in block, it is actually inserting the data in its own custom table, like homeblock_users. 

  $data = new stdClass();
  $data-&gt;uid = $user-&gt;uid;
  $data-&gt;name = $page-&gt;name;
  $data-&gt;settings = $blocks;
  drupal_write_record('homebox_users', $data);


It is saving block data in hoemblock_users table. It is creating only one Block i.e. Homebox custom block.

homebox_prepare_block


Above is the function through which dynamic block is created for a page, and all the variables are assigned to it.