There are different types of blockchain wallets available on the market, for example, hardware wallets. These are devices such as USB pens that store private keys for a user. Furthermore, there are also software wallets such as desktop, online and mobile applications that store private keys for all transactions made.

What is a blockchain wallet needed for? Quite simply, the software program allows users to buy, sell and monitor their balances for digital currencies. It keeps a record of all transactions related to the currency in question and stores them on the blockchain.