A blockchain wallet is a computer software or application that enables crypto users to preserve and conduct transactions with their cryptocurrencies by interacting with the native blockchain network. Every crypto transaction is recorded on the blockchain network. When it comes to the blockchain wallet, the transaction becomes much more encrypted and secure than other wallets. You may wonder what makes the bitcoin wallet development special for preserving the bitcoin or any other crypto coins! As for experts are concerned, security is the most aspiring feature of blockchain wallets.
Workflow Of Blockchain Wallet
The entire crypto community can access the blockchain network, and hence, the transactions are transparent and traceable. Blockchain is immutable; therefore, transactions once approved can’t be modified. The blockchain wallet transactions are based on two major cryptographic keys: Public and private keys.
Public keys are similar to email addresses, whereas private keys are close to our passcodes. Crypto owners share the blockchain wallet’s public keys to send or receive cryptocurrencies, but not private keys. When the crypto transaction occurs, the blockchain wallet’s private key matches with the public address of the particular cryptocurrency, and then it’s legally signed-off from the ownership. Once the transaction is complete, the crypto balance changes in the sender and recipient wallets.
Features Of Blockchain Wallet
- Multi-factor authentication
- Transaction history
- Send or receive cryptocurrencies
- Multi-signature approval, if required
- Elegant UI
- Push notifications
- Prevention of duplicate transaction
- Real-time price monitoring
You must opt for these features and functionalities while building a blockchain wallet to enhance the security of your crypto coins. Let me conclude this post by shooting the bullets on the benefits of blockchain wallet development!