This is a brief study on how Blockchain can be used in Smart wallets & how it works.

1. How Blockchain Can Be Used In
Smart Wallets & How It Works?

2. INTRODUCTION:
• Many use cases and applications are now made which use blockchain technology,
with several recent implementations and use cases described in our previous articles.
• All implementations of blockchain-based applications have the standard security
requirements for generating, storing and managing the user cryptographic keys.
• Also, they would benefit from convenient user access and use of their keys.
• The smart card chip or embedded secure element contains a secure microprocessor,
RAM, non-volatile memory, and a crypto-coprocessor.
• The memory and processors are protected physically, using a variety of software and
hardware security technologies.
• Implementing blockchain applications using a smart card and secure element
technology brings the following benefits: Generates and protects user cryptographic
keys.
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3. • Smart card and secure element technology are purpose-built to perform key pair
generation and other cryptographic operations quickly, with low power consumption.
• Because a hardware-based secure element is used, key pair generation is performed
securely and is efficiently protected, even from advanced attacks.
• Smart card and safe feature technology protect private keys in hardware with tamper-
resistant hardware security and interaction restricted to a limited set of commands
and responses.
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4. How does Smart Wallet work?
• Cryptocurrencies can be used to make money in two ways - Mining and investing.
• Cryptocurrency miners solve mathematical problems (mining) and are then awarded
tokens as a reward by the network.
• Through this process, a miner records a validated transaction into the Blockchain.
• Senders pay their fees for transactions to be made within the Blockchain.
• When invested in, cryptocurrencies are no different from any stock or currency on the
market.
• As with other products, cryptocurrencies are subject to market forces of demand and
supply.
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5. • Bitcoin investors face almost the same risk as their counterparts in the stock market,
given that they aren’t insured, and their values fluctuate.
• Bitcoin’s predefined algorithms, however, play a crucial role.
• The Digital Wallets are secure systems that store payment information and
passwords of users for a range of payment methods and websites and are designed
to hold and use your cryptocurrency.
• With the use of Near Field Communication technology, Digital wallets can be used to
complete purchases even more easily and quickly.
• Users can also create secure passwords without worrying about remembering them
later.
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6. • Some mobile payments have incorporated the use of Digital Wallets, which allows
users to pay for purchases directly from their Smartphones.
• Many digital wallets can also store digital coupons and loyalty card information.
• The Digital Wallets came into existence at the height of the dot-com boom.
• A variety of entrepreneurial companies developed early electronic payment programs
but failed because of poor publicization.
• Moreover, most of these early electronic payment programs were offered by small
and relatively unknown developers, and therefore had no aura of authority
commanded by consumers when dealing with financial information.
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7. • The first-generation programs came and went with little fanfare, sliding into limbo in
the wake of the turn-of-the-millennium collapse.
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training@blockchain-council.org
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THANK YOU FOR YOUR TIME
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