Beeswax is a natural wax produced by bees. It has numerous functions in leather working, including leather finishing. It can be used to condition leather, and also applied as a protectant that provides water resistance and in some cases water proofing properties.
Beeswax can also be applied to the edges of leatherwork to form a strong barrier. It protects the underlying leather and provides a smooth finish. Warming the wax during application helps it flow into the leather for effective adhesion, while also allowing it to be shaped during burnishing.
This is a versatile finishing substance that most crafters will find use for depending on the project.