If we have to pick the most distributed technology in recent years, then it has to be Blockchain. It started as the underlying technology for Bitcoin exchange, but over the years, Blockchain has made a mark for itself as the self-sustaining technology that aids other business processes like healthcare, medical, finance, education and others. But the focus of this article is not on how Blockchain is adding to the different business segments. We are highlighting how Blockchain is helpful in creating safe storage for cryptocurrencies. Yes, we are going to discuss Blockchain wallet.

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It has to be Blockchain if we have to choose the most distributed technology in recent
years. Blockchain began as the underlying infrastructure for Bitcoin trading, but it has
since evolved into a self-sustaining technology that aids other business processes such as
healthcare, medical, finance, education, and others. However, the focus of this article is
not on how Blockchain is benefiting various business sectors. We're focusing on how
Blockchain can help create safe cryptocurrency storage. Yes, we'll talk about Blockchain
wallets.
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What is a Blockchain wallet?
We have been dependent on the traditional banking system until now. However, it is
true that, despite many technological developments and digitization, it is not infallible.
Furthermore, data security and double payment are two major problems that plague the
digital banking system. Furthermore, the transaction system's functionality is jeopardised
by its reliance on third-party validation and appearance. For this, a blockchain wallet is
the best choice.
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A Blockchain wallet, in simple terms, is a cryptocurrency wallet that is used to store
various types of cryptocurrency. The aim of a Blockchain wallet is to make transaction
processing easier. Since all transactions are cryptographically secured, blockchain
provides data protection, making it easier to share data and information without fear of
data breach or threat issues.
When it comes to the front-end functionality of the Blockchain wallet, it functions
similarly to any other payment network we use, such as PayPal. There are a number of
companies that have entered this market. Blockchain.info, Jaxx, Samurai, Bitcoin Paper
Wallet, and others are some of the most common examples.
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You must understand the public and private keys before you can use a Blockchain wallet.
Public key: It is like your email ID or bank account number that you share with others.
Private key: This is a top-secret one. You have to keep it with you. It is the same as a
password to your email ID, and hence it must be kept safely.
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Types of Blockchain Wallet:
The two major types of Blockchain wallets are:
1. Hot wallet- These are online wallets which are used for the exchange of money—for
example, Coinbase and Blockchain.info.
2. Cold wallet- Unlike hot wallets, these are offline. They are not shared on the cloud,
and one has to keep them securely. Its examples include Trezor and Ledger.
This was the fundamental knowledge about Blockchain wallet. You can choose the
appropriate form based on your presence and ease of use. Transactions are made
simpler and quicker with a blockchain wallet.
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What's next?
The growth of Blockchain is attracting a lot of interest. According to Gartner, Blockchain
will contribute approximately $3.1 trillion to business growth by 2030. This increasing
number suggests that Blockchain technology is becoming more widely accepted, which
would contribute to an increase in the demand for Blockchain professionals. Connect
with the Blockchain Council today if you want to pursue a career as a Blockchain
developer.
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Blockchain Council Certifications
You can check out our certifications, and kick start your career in the Blockchain
space today.
● Certified Blockchain Expert
● Certified Blockchain Developer
● Certified Smart Contract Developer
● Certified Solidity Developer
● Certified Ethereum Developer
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Any questions?
You can mail us at
hello@blockchain-council.org
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