Blockchain, blockchain wallet, and how to make a wallet are essential to know amid the growing popularity of the blockchain world today.
Blockchain technology itself has recently become familiar among the general public and not only among the technology and information community.
So, to find more information, let’s look at the following review.
What Is Blockchain?
Blockchain is a technology used as a digital data storage/bank system connected to cryptography.
The use is inseparable from Bitcoin and other cryptocurrencies. However, other sectors can take advantage of developments in blockchain technology.
What is the difference between Blockchain and Crypto?
Please note blockchain and crypto are two different things. Crypto is a digital currency system that is secured using cryptography so irresponsible people cannot counterfeit the currency.
Well, this list of crypto assets uses a technology known as the blockchain. Therefore, the blockchain is a database that cannot be changed/changed. In short, blockchain is a technology that stores digital data linked by cryptography.
How Blockchains Work
How does this blockchain system work? Here’s an explanation.
- Record the transaction
The transaction shows the movement of physical/digital assets from one party to another on the blockchain network. These transactions are recorded as data blocks and can include details such as who was involved in the trade and how many conditions were met.
- Get consensus
Next, most participants in the distributed blockchain network must agree that the recorded transactions are valid. Depending on the type of network, the agreement rules may vary but are usually set at the start of the network.
- Link block
If the participants have reached a consensus, transactions on the blockchain will be written into blocks equivalent to ledger pages. The cryptographic hash is added to the new block along with the transaction.
As for this, the hash acts as a chain that connects the blocks. Suppose the contents of a block are changed intentionally or accidentally. In that case, the hash value changes and provides a way to detect data tampering so that the block and chain are securely linked, and you cannot edit them.
That being said, each additional block enforces the verification of the previous block and ultimately strengthens the entire blockchain.
- Share ledgers
Finally, the system will distribute updated copies of the central ledger to all participants.
Blockchain advantages
- Transparent transaction system: when making a transaction, there is public access that everyone can see without having to have login access.
- Has good data protection: there is a verification system by miners or miners before being executed on multiple computers.
- Efficiency and faster: in blockchain technology, transactions are more efficient, faster, and of course, safer.
- Guaranteed security: Blockchain has the advantage of encryption with cryptography, so transaction security is not a problem.
- Better audit system: related to audit capabilities, everyone can view and track transaction data so that it is possible to find out the audit trail of an asset.
What is Blockchain Wallet?
Blockchain Wallet is an e-wallet that allows everyone to store their cryptocurrency. In this Blockchain Wallet, ordinary users manage the balances of the two biggest cryptocurrencies, Bitcoin and Ether.
Creating an e-wallet with Blockchain Wallet is free, and the account setup is done online. In this case, each person provides an email address and password that will be used to manage the account. Later, the system will send an automatic email asking for the account to be verified.
Later, after the wallet is created, the user is given a Wallet ID, a unique identifier similar to a bank account number. Wallet holders can access their e-wallet by logging into the Blockchain website or downloading and accessing the mobile app.
For your information, the Blockchain Wallet interface will show the current wallet balance for Bitcoin and Ether tokens and display the latest user transactions. Users can also click on cryptocurrency balances which will display the value of funds in the user’s fiat/local currency.
How to Create a Blockchain Wallet?
- Visit Blockchain.com Site: please login to the blockchain.com site and click the “Create Your Wallet” button.
- Register: continue by filling in the email and password that you want to use
- Bitcoin Wallet Creation Completed: congratulations! You have a Bitcoin wallet now.
You can use this digital wallet to receive various types of crypto. However, it is also important to note that each wallet address is usually specific, only for one kind of crypto.
If you already have a crypto wallet, you can receive and send these digital assets from other users.
Thus a review of the blockchain wallet is essential to know. See articles about crypto assets, blockchain, and others only at Indodax Academy.
