Crypto Wallets

Crypto wallets are wallets for digital currencies

The so-called crypto wallets are used in connection with blockchain systems to display and manage the crypto units, coins or tokens that belong to a specific address. A wallet contains addresses, to which the results of transactions are allocated. This sounds complicated, but it really isn't. A transaction within a blockchain is always a transfer of a crypto unit from one participant to another. More specifically, from one address to another. The participants can be sensors or other computer units. For instance, if the temperature in the room exceeds 29°C, then the system is told to close the blinds. You don't always need a blockchain for that, but it shows what types of value transfers can take place in our modern world.

Cars will have their own crypto wallets

The concept becomes even clearer if you imagine an electric car stopping at a red light and automatically being charged via the induction loop in the street. For a charging duration of 32 seconds, the car will then pay 1 mBTC (milli Bitcoin) to the street from its crypto wallets. This technology is already being tested and is therefore not a science fiction scenario. Obviously the participants can also be people that receive or transfer values. These values could be cryptocurrencies like Bitcoin, Ether & co. - or also a medical record or identity information, which is also valuable data that is worth protecting.


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