How Does a Multisig Differ from a Hardware Wallet?

A multisig wallet is a smart contract or protocol that requires multiple independent private keys to authorize a transaction. Its security is based on distributed trust and consensus.

A hardware wallet is a physical electronic device that securely stores a single private key offline. Its security is based on isolation from the internet and a secure element.

A common security practice is to use a multisig wallet where each required key is stored on a separate hardware wallet.