Blockchain Innovation Spurs Demand For Cryptocurrency Wallets

Demand for blockchain technology is almost but assured to increase over the years as people come to realize how efficient it can be. Most notably, the blockchain removes the need for a middle man to oversee otherwise lengthy and frustrating transactions. Many people would be happy to finally have an ecosystem in place that eliminates banks and financial entities.

When the concept of blockchain technology and cryptocurrencies were first introduced, it wouldn’t be able to realize a large scale because of technological limitations. This is accurate for both the brand new blockchain itself and with the end-user.

Cell phone usage in the late 2000s was still extremely limited. After all, the first iPhone wasn’t introduced until 2007. Fast forward to the 2020s and cell phones are not only more widespread, but they offer much more computational power.

This makes it easy and straightforward for nearly anyone in the world to have access today to what could be the future of technology. The StormGain bitcoin wallet, for example, is a multi-currency wallet that offers an easy and secure way for anyone to manage and exchange funds whenever they want through a smartphone or other connected device.

There are now nearly 18 million digital wallet apps that people use worldwide and the relatively new concept implies there is still plenty of growth available over the coming years and decades.

Why A Wallet Is Safe

All cryptocurrency wallet applications make use of a blockchain to guarantee financial transactions are easy and private for users and don’t require an intermediate individual or company. Perhaps more important to some, a digital wallet attached to a blockchain doesn’t require a registration process with a government or financial agency.

The most important feature is safety as many uninformed people tend to associate blockchain or cryptocurrencies as being filled with fraud and theft. But this isn’t the case at all as each and every individual record on a blockchain, regardless of the size, comes with its own unique digital identity.

The digital identity could be registered for the public to see and would come with personal identifying information. Fortunately, the process is straightforward as app developers are able to create a digital ID management system so they can transact with banks and other financial institutions.

What Is A Smart Contract?

Since every transaction is recorded and could be made available for the world to see, trust is paramount for the ecosystem to thrive. One of the biggest concerns many users have is the slight possibility of a rogue party altering records for malicious purposes.

To address this problem, a blockchain makes use of what is called a smart contract. Simply put, a smart contract refers to computer code that is stored on the blockchain and will execute when all of the agreed-upon terms and conditions are satisfied.

Smart contracts can be used for transactions of all shapes and sizes. Even pricey transactions like a mortgage can be handled through a smart contract. And the best part is everyone involved will likely save time, money, and effort. In this case, the smart transaction can proceed without lawyers, real estate brokers, notaries, and other professionals that can charge exorbitant hourly fees.

A smart contract is an ideal feature for cryptocurrency wallet applications by validating and facilitating transactions between two parties. No matter where the two parties are in the world, they can securely transact with each other by pushing a few buttons on a phone app and have full confidence the post-transaction process is just as smooth.

Bottom Line: Embrace The Technology

Future innovations within blockchain technology over the coming years and decades will help spur demand for cryptocurrency wallet application developments. Improvements across transparency, ease of access, and speed will convince more people to part ways with their outdated and costly traditional banking solutions.