Blockchain isn’t limited to just being a framework for coin exchanges, but rather has the capacity to be so much more. The underlying fundamental principles of blockchain such as decentralization of control, security, and accessibility help in its application across businesses. Read on to know more about ways we can fully utilize Blockchain technology and make it even more useful.

Sustainable Energy

Today’s world is continually talking about the need to conserve energy and switch to more green options for energy production. In such a scenario, it is interesting to look at how Blockchain can help commercialize solar power.

Solar power hasn’t yet become mainstream, because they’re expensive to install, require time to turn cash positive and are not very efficient. However, advancements in science and technology are helping in improving such solar devices. This will remove intermediary companies and reward rates, and make it easier for everyone to rely on more sustainable energy sources.

Cloud Storage

Cloud storage powers most modern businesses by granting unlimited storage space and security. We are all guilty of dragging and dropping files into cloud folders for later use. However, though most cloud servers have multiple back-ups and security checks, none of these are fool-proof.

Since all these functions come under the responsibility of a singular entity, their power is highly centralized. Therefore, by attacking a SaaS company, you can take down their entire cloud service. However, by using Blockchain technology, Storage is proving that security in place can be further improved. While most cloud servers utilize CDNs to cache files, usage of Blockchain can help take cloud computing to the next level.

Powerful Processing

The best way Blockchain can be used to derive processing power is illustrated by the supercomputer Golem. The machine has no central processing unit of its own, but rather derives its power from blockchain mining. The proof-of-work calculations that it does to verify transactions, may, in essence, be used to calculate just about anything.

Hence, the same power that makes Bitcoins possible helps Golem calculate physical values. Companies and research institutions both need enormous processing power to run their calculations. Hence, instead of investing in their own technology, they can make use of Blockchain to calculate things for them effectively.

Verification Tool

With everyone taking their lives digital, one of the biggest problems of the 21st century is identity theft. When so much regarding our lives is available online, making sure that data stays safe remains critical. We protect sensitive data using personal information, and then share things about us on social media.

Similarly, we store our most valuable and important documents on clouds, but try to keep them safe using the weakest of passwords. When miscreants get their hands on such data, they can cause severe damage to our lives. Blockchain can help us handle such lack of security, by adding another layer of encryption and verification.

All important actions, such as altering bank account details and governmental dealings may be decentralized via Blockchain. Such decentralization of identity proofs ensures a lack of a single point of failure which allows the compromising of data. Security company Civic accesses biometric data using blockchain, making it a secure process that does not need complex logins.

Gem Trading

In the business world, gem trading has quite a name for being one of the most unethical services due to the large influx of illegal money. The sheer distance separating buyers and dealers, coupled with the massive amounts of money involved, makes this business extremely risky and dirty. However, all this can change by introducing Blockchain into the mix.

By introducing a blockchain ledger into the mix, we will be able to access records regarding every transaction, helping to make everything more transparent. Moreover, the system would become extra robust and secure preventing any hacks and illegal takeovers. This is exactly what the Finnish company Everledger does in the field of the diamond trade. IBM project TrustChain wants to design a blockchain-enabled supply chain for the gems industry to track gems and precious metals.

Furthermore, people are relying on smart contracts at weddings and even funerals. Rather than using written documents attested with signatures, people are opting for smart contracts that are executed via software. Similarly, startups such as Votem, Follow My Vote and Democracy Earth, are bringing life to blockchain-powered voting platforms to eliminate fraud. Meanwhile, facial recognition startup Faceter is focusing on the prevention of crimes by using blockchain. Faceter aims to automatically trigger alarms as soon as crimes occur through facial recognition.

With businesses spending over $2.9 billion on Blockchain products, and with investments in the field set to cross $12.4 billion by 2022, it is safe to say that Blockchain is here to stay. Blockchain technology will slowly grow to have bigger roles to play in the fields of government services, healthcare, and even real estate. Right now, as you read this, more and more startups are starting to rely on blockchain-enabled platforms. Therefore, make sure you don’t get left behind and jump on in yourself.

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A Cryptocurrency Wallet is like an e-wallet or electronic wallet, that is used to buy, sell as well as manage the cryptocurrency balance by storing its private and public keys. To trade in cryptos, you are required to have a cryptocurrency wallet, as there has to be some medium to manage your digital currency. So cryptocurrency wallets do the task for you.

Most of the cryptocurrencies have their own crypto wallets, whereas there are many, that prefer using a third-party cryptocurrency wallet. The wallets that are owned by a single cryptocurrency can only trade that particular currency in exchange with similar cryptocurrency or with the fiat money. But the third-party cryptocurrency wallets allow you to trade in multiple digital currencies, along with the fiat currency. But not all the multiple-currency wallets support all the digital currencies.

Cryptocurrencies, like Bitcoin, Etherium, and Litecoin, have their own wallets, named Bitcoin Core Wallet, MyEther Wallet, and Litecoin Core Wallet, respectively. Whereas, the Coinomi wallet is the example of the wallet that supports multiple cryptocurrencies.

Though you can also keep your digital currency on the exchange, doing so is not secure for your cryptocurrency, as these are more are vulnerable to hacks. So using a wallet for the cryptocurrency is always best for you.

How do Cryptocurrency Wallets Work?

We all know that the digital currency or the cryptocurrency does not have a physical existence. It is electronic and is managed electronically. So the cryptocurrency wallet is the one that enables the users to carry out all the electronic operations related to the cryptocurrency.

So how does it actually work?

There are several types of cryptocurrency wallets out there, and every wallet works in almost a similar way. The wallets are not supposed to store the cryptocurrency but enable the users to send and receive the digital currency through a Blockchain exchange. For that, the wallet stores a secure digital code and public secure code. This secure digital code is none other than the private key and the other, as the name suggests, is the public key.

While sending the cryptocurrency, over a Blockchain exchange, to another person, you are sending the ownership of that particular crypto to that particular recipient. The private key acts as the secure code you will use to access your bank account (for instance) and the public key will act like the account number related to that secure code. When you transfer the crypto, the recipient should have the private key of the exact match as of your public key, in order to get the ownership of the crypto.

Like an important password, your private key should be secret, such that you are safe from any kind of theft or hack. The wallet also monitors the budget and keeps the record of every transaction you made through it. So it is also a kind of your ledger that keeps all the data related to your every transaction.

Types of Cryptocurrency Wallets: The cryptocurrency wallets are categorised into two types and that includes:

• Hot Wallet
• Cold Wallet

Hot Wallet: Hot wallets are the ones that are connected to a network and make use of the online platforms. These wallets are very common among the crypto owners, and the wallet providers are responsible for the security of the cryptocurrencies. These wallets can be run on a web browser or downloaded as an app on a smartphone. But, it is never safe to keep a large amount of digital currency in a hot wallet as these are always connected to the internet and are at high risk for hacking.

Most of the times, the hot wallets are free. These are easy to use and provides quick access.

Cold Wallet: Cold wallets are safer, as these are entirely offline. These can be a software or an app, that you can run on your smartphone, desktop or keep it in a plugin hardware device, like a USB. Since these are kept at a particular place, these do not provide instant access. To make transactions through a cold wallet, one needs to push a button which is not approachable for the hackers. Hence it becomes more secure than the hot wallet. The wallet is further secured by a pin or a password, enhancing the safety of the private and the public key stored in it. But since these provide the maximum security, these are expensive too.

There are following five types of cold and hot cryptocurrency wallets:

1. Online Wallet: The online or web wallets are cold wallets. These wallets are the most convenient as these reside in the cloud and can be accessed with the help of an internet connection, independent of the place and device you are using. But these are more vulnerable to theft and hacks. So you need to make sure you use extra security for these wallets.
2. Mobile Wallet: The mobile application that you download to your smartphone, and use to keep your private and the public key, is the mobile wallet. These can be both hot and cold wallets. If you are using an internet-connected mobile wallet, the security vulnerability is the same as for the hot wallet. But, if it is a cold wallet, these mobile wallets are more secure. These are quite handy too, as you can use them even at the physical stores to make payments.
3. Desktop Wallet: These are the cold wallets that you need to download and install on your PC. These are safer but not that convenient, as you need to open your desktop and use the installation device to use it to make even a single transaction. These can be at risk if your system is attacked by a virus or malware.
4. Hardware Wallet: The hardware wallets make use of the plugin devices to store the private and public keys for a cryptocurrency. These are the cold wallets, but when connected to the internet can act as the cold wallet as these are also compatible with the web. You can make both online and offline transactions using these wallets. These provide the maximum security to the crypto owners from any hack attacks, as these are also secure from the desktop viruses as well.
5. Paper Wallet: The paper wallets literally store the private and the public keys on a paper and are the safest to use. But since most of the cryptocurrencies do not offer the paper wallets, these are not that popular. Technically, the copy of your cryptocurrency is printed on a paper in the form of a QR code. When you want to make a transaction, you need to scan this QR code. So despite being the safest, these are not as convenient as the other wallets.

Atomic Wallet, Bread Wallet, Mycelium, Exodus, Copay, are few of the most popular cryptocurrency wallets. Before opting for a cryptocurrency wallet, you need to go through thorough research based on your requirements.

Xornor Technologies is a leading crypto exchange development services provider in India. If you need to know more about cryptocurrency, crypto wallets as well as crypto exchange development services, feel free to contact us.

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