DO YOU KNOW? What is a BLOCKCHAIN WALLET?

Let me tell you ~
If you’re wondering what a blockchain wallet is, let’s start with what most people are familiar with: blockchain in the form of cryptocurrencies like Bitcoin. These are digital assets that work as a medium of exchange without the need for a central bank for verification.

But blockchain also has the potential to transform almost every aspect of society, including industries like cybersecurity, computing, shipping and education. Blockchain could even help us make our elections more secure.

Blockchain technology stores pieces of digital information in a public ledger that is verified and authenticated by thousands of independent nodes. Nodes are computers that receive a copy of the blockchain automatically as it is updated.

Each “block” stores transaction information, as well as information about who is performing the transaction. Every block is uniquely identified by a code called a “hash,” so when a block joins the public ledger — the “chain” — it is virtually impossible to edit or delete. This makes blockchain the perfect technology for authenticating financial transactions, but it could potentially be used to verify ship manifests, authenticate election results and perform a host of other security tasks.

*Blockchain Wallet?
A blockchain wallet is a type of software that allows users to manage, store and transfer their cryptocurrency. It usually takes the form of a digital wallet like a bank account or a digital transaction app you might have on your smartphone.

But unlike traditional wallets, a blockchain wallet doesn’t hold any assets. Instead, it may keep a record of cryptocurrency transactions, or it may simply store public and private keys that enable the user to make transactions.

These are known as “hot” wallets. They are usually driven by software and are the easiest type of wallet to use. However, they are also connected to the internet, making them more vulnerable to hacks and other types of cyberattacks.

But there are also “hardware” wallets that store keys on a physical device you can connect to a computer or smartphone. Other wallet platforms aren't connected to the internet, which keeps your keys safe from cybersecurity threats. These are known as “cold” wallets or "cold storage" because they act more like secure vaults — you can’t use them to pay for anything. You could even call a paper ledger of transactions and written key codes a "cold" blockchain wallet.