One reason why blockchain often emerges as an answer to many problems is that it is easy to imagine high-level use cases of blockchain technology. … While a database requires a central authority to maintain and manage data, blockchainoffers a decentralized approach to storage and verification of data

Blockchain systems use asymmetric cryptography to secure transactions between users. In these systems, each user has a public and private key. … This provides an increase in security and protects from hackers. Public keys can be shared with other users in the network because they give away no personal data.

A blockchain, as the name implies, is a chain of digital “blocks” that contain records of transactions. … Unfortunately for those ambitious hackers, blockchains are decentralized and distributed across peer-to-peer networks that are continually updated and kept in sync

blockchain is innately secure. … Private keys are even more secure as they are considerably longer. It is in this way that blockchain offers a greater level of security to the individual user as it removes the need for weak and easily compromised passwords and online identities.

They keep a record of all transactions (sell, buy, exchange) related to the currency and store them on Blockchain. A cryptocurrency wallet store private and public keys for a transaction. … These keys work very similar to the lock-and-key concept- your lock (private key) and keys (public key).