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.
To understand the process of cryptocurrency transactions in a blockchain wallet, let’s have a glance at its workflow!
Workflow Of Blockchain Wallet
Blockchain is a distributed ledger that logs transactions with timestamps in chronological order. Every cryptocurrency has its native blockchain network to record the transactions. The transactions are stored in data blocks of the blockchain comprising of pre-hash, hash, nounce, and data values. Every transaction is verified and approved by the community peers called miner nodes before adding into the blockchain ledger.
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.
You have various options of blockchain wallet in the crypto market space to store your crypto coins. Let’s scrutinize the types of blockchain wallets available in the market to preserve the crypto assets!
Let me conclude this post by shooting the bullets on the benefits of blockchain wallet development!
Benefits Of Blockchain Wallet
- Rapid cross-border transactions
- P2P transaction model without any intermediary
- Reduced transaction charges
- Cryptographically encrypted transactions
- Devoid of central governance, intermediaries
If you’re striving to leverage these benefits by building customized blockchain wallets, our team will then pack the features and functionalities required in the application!