Blockchain has reinvented systems across many industries, which is why startups and even established firms flocked to leverage the blockchain technology and take advantage of its benefits. According to Statista, the number of blockchain wallets has reached over 44 million users at the end of 2019. At this point in time, the demand for blockchain-based wallets are still in demand and growing.

What is a blockchain e-wallet?

A blockchain-based e-wallet is a person’s first introduction into the world of digital assets. Essentially, it is a software program which enables users to buy, sell, and exchange digital assets. It does more than just store cryptocurrencies like BTC, ETH and other currencies. A Hackernoon blog states it best, claiming that “the digital wallet will be the primary gateway to all blockchain interactions and therefore all digital commerce in the near-term and all commerce and digital interaction in the long-term.”

How is a blockchain e-wallet better than a traditional one?

A blockchain e-wallet has a number of core features that makes it better than a regular e-wallet. It has:

  • A built-in “Security Center” to secure your account, prevents unauthorized access and backup funds.
  • A partnership with trusted exchanges enables you to easily buy or sell digital assets directly from your personal blockchain e-wallet.
  • You can flexibly adjust transaction fees in accordance with priorities.
  • All transactions are recorded in a distributed ledger.
  • Blockchain transactions are based on asymmetric cryptography which uses two types of keys: a private key and a public key
  • The e-wallet is designed with the highest security standards, and an additional layer of security and traceability using blockchain.
  • Your assets can be monitored and accessed anytime, anywhere through your laptop, desktop, or mobile device.

Conclusion

More and more companies are looking for new ways to reach customers and make their journey easier, seamless and personalised. Finterra is a FinTech organisation, offering blockchain-based products and services to the general public. It also has a blockchain-based next generation e-wallet called the FinVault, which is capable of handling both actual currencies and digital assets with the same ease, all without compromising on cybersecurity of the wallet. For more information, go to www.finterra.org.

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