10/05/2021 Other Services
How Blockchain based Crypto wallets Secures your online transactions? - Smart Contract MLM Software Chennai
Blockchain not only provides technology to build solutions for industries like financial services, healthcare, digital identity, digital contracts but also offers a platform for crypto wallet development and online payment solutions. Blockchain-powered crypto wallets ensure that users’ cryptocurrencies are safe from threats and hacks while enabling their exchange on different crypto trading platforms.A blockchain is a distributed database of records, or a public ledger of transactions or digital events that have been executed within the system. The premise of the underlying technology is that one centralised authority is not controlling or overseeing the transactions that take place and the record-keeping of those transactions rather, a network of participants verifies the transaction by consensus, and once entered into the ledger, the transaction is irreversible.Blockchain is the biggest innovation in this modern business world to make the payment gateway safer for users. If we talk about blockchain wallets or a blockchain wallet application, they are designed mainly for fast and secure online payment management. It has made the payment system easier than ever. Due to this fact, the demand and popularity of the blockchain wallet development have continuously increased.
How exactly an online transaction works?
It is a password protected payment method that authorizes transfer of funds over an electronic fund transfer(EFT).When you complete an online fund transaction through EFT by using your debit card with a personal identification number(PIN).
When the exchange of fund is completed through EFT network, the cost of these transactions typically amounts an inter charge fee. which means a fixed percentage of your total transaction cost.
How blockchain based crypto wallets secures online payments?
A blockchain wallet app consist of two keys namely public and private keys. The public key is shared with anyone, while the private key is kept secret. These keys work in a very similar way to the concept of blocking and key: the block (private key) and the keys (public key).No matter how many people have the keys, they can only be useful if they are used to open the correct block, that is, the private key corresponds correctly with the public key. Once you unlock the locker, you can easily see what is stored in it. Similarly, when the private and public keys used in a transaction match, users can see the value of their digital assets (Bitcoins, ICO tokens, etc.) in their wallet.
Understanding the concept of public and private keys that are on Blockchain for online payment is necessary. While the public key is available publicly for anyone, a user’s private key remains secret. These keys follow the same concept of lock and key: the lock (private key) and the keys (public key). Essentially, the private key needs to be correctly matched with the public key.When a private and a public key used in a transaction match, respective users can access the exchanged value of their digital assets (tokens) in their wallet.Based on how frequent online payment you make, you can choose between different types of blockchain wallets .
Types of blockchain based cryptocurrency wallets
1) Software wallets
This type of wallet is similar to a software. Therefor you can install it on your PC and in mobile phones.It secures and controls your crypto currency transactions.
2) Web/Hosted Wallets
This type of block chain wallets are like apps/platforms. mostly hosted by a third party.
3) Hardware Wallets
To use hardware wallets you have to connect these wallets to an internet enabled device. How ever It is one of the safest wallet in use. It stores privet keys for users on a hardware device. Above all these type of wallets have compatibility with multiple web interfaces. So it render support for multiple crypto currencies.
Paper wallets mostly works with software wallets for the purchase and sale of funds. The key pair ( Public and private) is induced using a software application and then printed to make a transaction process.
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