The most effective basement wall waterproofing method is exterior waterproofing. See step by step exterior basement wall waterproofing process described by Toronto Master Plumber from A to Z plumbing.
Common Basement Wall Water Problems. Basement walls face a variety of water-related challenges, each requiring specific solutions.

Exterior waterproofing is designed to stop water before it enters your basement. This process may include excavation around the foundation, wall preparation, crack repair, waterproof membrane installation, drainage improvements, and backfilling once the work is complete.

Waterproof paint on basement walls, epoxy injection on hairline cracks, maybe some hydraulic cement patching around pipe penetrations. This is cosmetic moisture management, not real waterproofing. Works for minor dampness and condensation.

Furthermore, visual representations like the one above help us fully grasp the concept of Basement Wall Waterproofing With Wedges.
Your basement walls are exposed to exterior forces from the soil surrounding them as it expands and contracts, depending on its moisture content. Soils that retain more moisture, such as clay, get more saturated easily, resulting in significant swelling, followed by shrinking when it dries.