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I would like to develop an application using the web3j. However, it needs to be just one wallet that multiple users will deposit and withdraw from. The allowances are kept in a centralized database. My concern is safety of this approach, since the private key must be kept safe and used only by the wallet application.

I am thinking about creating a separate micro-service and put the read-only restriction to an encrypted file containing the key, while allowing only a certain application to communicate with the wallet.

What do you think would be the best approach ? Please note that I must use the single wallet and a single secret-key.

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In your case, I would research multi-sing wallets. (Wallets that require a multitude of private keys). Therefore if one is stolen, it is still not possible to access the wallet on your own.

Using a single private key in such a case is simply asking for trouble. A single point of failure is never a good thing in a design.

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