The concept of blockchain is as old as 1991 but it came into limelight after Satoshi Nakamoto published a whitepaper on it in 2008. As of today, there are as many as 3,000 blockchain companies listed on AngelList, and blockchain and cryptocurrency is one of the 6 most desirable industries for U.S. job seekers.
Given the immense popularity of this technology, still, only 50 million people in the world are using cryptocurrencies. On the other hand, a survey by Deloitte suggests that 26% of companies plan to invest between $1 million and $5 million in blockchain technology. Only 5% of companies are not ready for any blockchain investment, and this clearly shows most of the people can recognize the advantages this technology brings to the table.
Creeping slowly into our lives, the presence of blockchain is deeper in certain industries, and gambling is one of them. Malta, a country known for its gambling sector, is planning to legalize the use of cryptocurrencies in all online casinos. Currently, they are exploring the best options to pursue this idea as blockchain promises to revolutionize this particular industry.
The ease brought by cryptocurrencies
The foremost advantage of using cryptocurrencies is that the user can play anonymously! There is no need to hand over copies of documents or even create an account, but it varies according to the regulations of the platform.
Apart from this, the smaller transaction fee and real-time deposits have also made cryptocurrencies an ideal choice for participants. They have also facilitated the low-entry barrier for novice players encouraging small and medium movements.
Fair and square
We all know that the house wins as the casinos are reluctant to part with their money. That is why casinos are built – to generate immense profits in the long run. There are cases when the winners have to wait for weeks to get their pay-outs, and sometimes, they are blocked if they win really big.
Blockchain technology has provided somewhat a guarantee to the participants that the online casino is indeed playing by the rules. This will not magically transform the entire industry but can help in building trust in it to a certain extent.
Financial security and decentralization
Since it is almost impossible to hack blockchain technology, it provides a high level of security to both the casino and the gambler. The players have complete ownership of their money and this is already registered on the blockchain ledger, so it cannot be changed.
The blockchain technology helps gambling function the way the players would like it to function. The decentralization allows them to liquidate the playable money and enables player-to-player transactions.
The Bottom Line
Complete decentralization of such platforms is not only difficult but may also lead to other problems. The questions of money laundering, as well as licensing, taxation, and legal regulations in individual countries will always prevail.
Simply put, blockchain has come as a life-saver to several inherent problems faced by the society and economy. These problems are strongly present in the gambling sector and blockchain proves to be the only solution right now.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
22 Million Euros and New Investors for Finleap Connect
Finleap Connect had ventured into other European countries early on. Specifically, the Berlin-based company is active in France, Italy and...
Dakhla: a New Project for the Valorization of Pelagics
The Department of Maritime Fisheries continues the implementation of the development plan of small pelagic fisheries in the South Atlantic,...
Gold’s 15 Count: How Low Can it go Next Week?
This week, the FOMC has “injected” an additional $54.20 billion dollars of “liquidity” into the financial system. This is far...
A Stock Market Correction Appears to be Underway
We note the huge rise in money supply although not in our opening piece that looks at the Fed its...
Roche is Awarded the Distribution of Reagents in Soria for Two Million Euros
Roche will be the company to distribute reagents in Soria. According to the budget application, the amount for the supply...
Featured7 days ago
The Fintech Ecosystem in Colombia Exceeds 322 Companies
Biotech7 days ago
Genomcore Finalizes its Entry into the United Kingdom after Increasing its Turnover by 73% in 2021
Business7 days ago
Cybersecurity Rising Among America’s Infrastructure Priorities
Crowdfunding7 days ago
Valsabbina Bank and Siav Purchase 25% of MyCreditService