• Home
  • Our Books
  • Our Film
  • Games
  • Apps
  • About Us
  • Contact Us
  • Login

Perspectives on all eras of videogames, computers, technology, and pop culture since 2003

Login

Login
Armchair ArcadeArmchair Arcade
Armchair ArcadeArmchair Arcade
  • Home
  • Our Books
  • Our Film
  • Games
  • Apps
  • About Us
  • Contact Us
  • Login

Blockchain Technology and Its Benefits to the Financial World

Blockchain Technology and Its Benefits to the Financial World
Blockchain Technology and Its Benefits to the Financial World

Blockchain Technology and Its Benefits to the Financial World

February 22, 2019 Posted by Abigail Massimo Editorial No Comments

Blockchain technology might have lots of people asking two simple questions: what is it, and how does it work? Blockchain can’t be explained without mentioning Bitcoin, the best known electronic cryptocurrency.  

Bitcoin and Blockchain were developed in 2008, and Blockchain is the technology that runs Bitcoin. Blockchain is a distributed database that stores all Bitcoin transactions. Blockchain is a technology based on a virtual, digitized, decentralized, encrypted network with ‘blocks’ of information. Each block is connected virtually to other blocks, which is why it’s called a chain. The Blockchain is nearly akin to a distributed ledger.  When you add any information in the network, a financial transaction, for example, it’s added in all computers in the network. But if another user in this network adds their information and makes a new block after yours, you can’t modify your block. However, you can modify a block by a consensus from all computers in the network and make similar changes within minutes.

So let’s suppose person A wants to send money to person B. The transaction is placed on a ‘block’ online. The entire network of computers will know there has been a transaction, but won’t know who is involved in the transaction. Those in the network authorize the transaction. The block is added to the previous transactions before it, but cannot be changed. Person B receives the money a few minutes later.

In order to get custom blockchain, NFT and app development, businesses can consider using services like StartupCraft Inc that can find important solutions and help them advance their projects.

This brief read will tell you a bit more about the advantages financial institutes can gain from blockchain.

Fast transactions: It’s common in banks that transactions can take a couple of days. Blockchain runs 24/7, making all transactions much quicker with no delays for weekends, official holidays, or different time zones.

Transparency: Everyone shares the same document, and no changes can be made on it except through a consensus of everyone on the network. Nobody owns a private document, which makes it a transparent system.

Reduces costs: Because there is no middleman in this technology this automatically reduces costs. In traditional transactions between you and another party, the broker is the third party. This third party in Blockchain is effectively replaced by the distributed ledger, which is key to understanding this technology.

Decentralization: There is no central data hub in Blockchain and with Bitcoin you are in control of your own money. The protocol of Bitcoin means no one, banks or other authorities, can manipulate it.  

Hash encryption: Any transaction stored in Blockchain is encrypted. That means that everyone using the technology will see the transactions but no one will know who the account belongs to.  This is what is expected of banks, but Hash functions cannot be decrypted, making the entire system much safer than banks which are prone to hacks. Each input gives a totally different hash encryption.

Change is coming rapidly

There’s no denying that Block technology is changing the financial world in more ways than one. Last year, around this same time exactly, Forbes Magazine wrote that 15% of financial institutes were using Blockchain technology. Even in the career arena, Blockchain developers are in high demand now for this exciting technology.

Related

Tags: Bitcoinblockchaincryptocurrencyencryptionhash
No Comments
Share

About Abigail Massimo

Correspondent for Armchair Arcade.

You also might be interested in

5 Must-Read Tips On Investing In Alternative Cryptocurrencies
5 Must-Read Tips On Investing In Alternative Cryptocurrencies

5 Must-Read Tips On Investing In Alternative Cryptocurrencies

Nov 10, 2021

With the price of Bitcoin being a lot more expensive than it once was, a lot of people have decided to look for the next big thing. If you fall into this camp, read on to discover some useful tips that will help you when investing in alternative coins.

a black and white photo of a bunch of cubes
A blockchain concept.

NFT Games and Crypto Payments – How is the Gaming Industry Using Blockchain?

Jun 5, 2024

Blockchain and gaming are quickly merging. Click here to learn how.

Bitcoin Cryptocurrency
Compare NYC's crypto and tax laws.

NYC Crypto And Tax Laws: How Does it Compare to Other Regions?

Jul 24, 2024

This article delves into how NYC's crypto and tax laws compare, especially focusing on the implications for investors and everyday users.

Leave a CommentCancel reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recent Posts

  • OIYN Table Lamp (RGBICWW Smart Table Lamp) Quick Unboxing and Review
  • US vs AU Casino Bonuses: Key Differences and What Players Need to Know
  • The Unsung Consoles That Shaped Today’s Gaming Landscape
  • Beyond Spreadsheets: How to Unlock Your Team’s True Productivity
  • September deals at Loaded (formerly CDKeys) – Big savings on digital console and PC codes!
  • Updated CSGORoll Promo Code for 2025: Claim Free Cases & Bonuses
  • Nintendo Switch 2 named console with best game releases this year – where does your favorite rank?
  • Latency Kills Conversions: Why Storefront Performance Is an Integration Problem
  • How Trusted Injury Lawyers Handle Complex Claims
  • Here’s why Liquidity Matters More than Price for New Investors

Recent Comments

  • 12 Most Profitable Casino Games – World Forum on Rheumatic & Musculoskeletal Diseases on When Arcade Meets Casino: How Australian Gaming Venues Are Embracing Retro Slot Technology in 2025
  • Understanding Payouts For Evolution Games At Red18 on Real Dealers In SG? Explore The Best At Red18 Live Casino
  • Sharon Hill on Never before seen Hulk Hogan and Andre the Giant WWF photos from 1981!
  • leads dubai on Should You Be Focusing More On Local Marketing?
  • Aiodensghost on Official Game List for My Arcade Atari Gamestation Pro
  • keyboredom on Quick guide on how to play on the Internet Arcade
  • Bill Loguidice on Official Game List for My Arcade Atari Gamestation Pro
  • Melanie Levenstein on Official Game List for My Arcade Atari Gamestation Pro
  • George on How to Predict CS:GO/CS2 Skins Prices?
  • Bill Loguidice on Retro Games Ltd to release The Spectrum, fully working ZX Spectrum, and here’s the game list!

Archives

Categories

Explore

android (47) apple (37) ar (39) Arcade (172) Atari (77) atgames (173) book (99) books (98) casino (571) esports (48) firmware (43) Flashback (45) gambling (595) Gaming (41) home arcade (115) htc vive (42) humble bundle (282) humble store (67) ios (37) led (35) legends (40) legends arcade family (46) legends pinball (39) legends ultimate (71) Microsoft (43) Nintendo (76) PC (34) pc gamer (67) pc gaming (53) pinball (43) playstation (58) PS4 (37) retro (34) Sega (39) slots (93) sony (54) steam (147) switch (36) technology (36) update (42) virtual pinball (36) virtual reality (117) vive (34) viveport (42) vr (123)

Affiliates

+ Amazon

The everything store

+ Loaded (Formerly CDKeys)

Digital Games for PC and Console on Sale!

+ ACEMAGIC

Amazing PC, mini PC, and laptop deals

+ Planet Fitness

$1 down, no contract, great gyms everywhere!

+ Humble Bundle

Game deals, including name your price bundles

+ Playasia (Play-Asia.com)

Import games and collectibles

+ DJI Store

Amazing drones and related technology

+ Razer

Amazing PC gamer products!

fullSTEAMahead365 Your total news and information resource for all things Science, Technology, Engineering / Mathematics, Art, and Medicine / Health.

Human Advancement Never Stops.

Key Site Statistics

Posts published: 2,700
Latest publish date: October 5, 2025 @ 8:27 pm
Registered user count: 99,026

Contact Us

If you have a question, would like to provide feedback, or otherwise wish to get in touch with us, use this form.

Send Message

Blog Posts by Date

February 2019
M T W T F S S
 123
45678910
11121314151617
18192021222324
25262728  
« Jan   Mar »

Social Media and RSS

Support Armchair Arcade

All editorial content © 2003 - 2025 Armchair Arcade, Inc., an Armchair Creative Services, LLC, property. All rights reserved unless otherwise indicated. All trademarks and copyrights are retained by their respective owners. No content is to be removed or reused from the Armchair Arcade Website for commercial purposes without explicit permission from the principal Armchair Arcade staff, or the original trademark or copyright holders. Armchair Arcade, Inc., is not responsible for the content of any external sources or links. Further, endorsement of any external sources or links is neither implied nor suggested.

We thank you for your support and encourage you to contact us for any reason, including, but not limited to, questions, concerns, business endeavors, or praise. Especially praise.

Armchair Creative Services, LLC, may earn compensation for sales from links on posts through affiliate and other programs. Editorial rigor and objectivity standards are strictly adhered to and any compensation has no effect on coverage or opinions.

Prev Next