The World is Betting on Blockchain

Online gambling has been, and continues to be, a highly interactive and enjoyable hobby for millions of people across the globe.

13:58 19 November 2018

Understanding the Past

Online gambling has been, and continues to be, a highly interactive and enjoyable hobby for millions of people across the globe. The ability to partake in the excitement and euphoria connected to taking a risk and leveraging a bet is something people of all walks of life have been able to do without setting foot in a brick-and-mortar casino. This form of recreation is available to everyone, anywhere, even if gambling is not particularly legal in that geographic location. Reputable online casinos offer betting with betchain bitcoins, an attractive and safe alternative.

Due to the popularity and demand for online gambling, and the reluctancy of traditional payment services such as banks and digital wallets to support online gambling, specialized payment means such as cryptocurrency have come about. Bitcoin, the original cryptocurrency, has been the gambling industry go-to currency, allowing the customer to gamble anonymously, without documentation, and more security in collecting winnings than by using cash. One thing that was missing from the online world of gambling was trust that the “house”, or virtual casino, was being 100% honest with their clients.

Betting on the Future

It seems nothing in our world changes faster than technology, and nothing is more valuable in the business world than speed and accuracy. Throughout the world of commerce—literally throughout the world—businesses exchange goods, services, information, data, and currency every second of every day.

Just as humans leave trails of DNA that can be tracked by forensics as they go about the basic operations of their daily lives, our digital lives can also be tracked. Blockchain is now allowing all facets of digital transactions to be indisputably encoded. This ability to create transparency and accuracy is changing many facets of the business world, including the world of online gambling.

Inc. Magazine suggests that blockchain could redefine the sports betting experience. Easier funding and payouts, more trustworthy insights, and transparent betting are just a few of the predicted outcomes suggested.

Waging a Bet on Blockchain

One risk online gamblers take is not knowing if the casino is playing by the rules. This can hurt online gambling sites because potential customers may shy away from doing business with them. With Blockchain transactions, records cannot be altered. What does this mean to the online gambler? They have proof that a transaction has taken place and that transaction cannot be copied or deleted. Blockchain also has the potential to allow players to verify how winnings are being distributed, or if they’re being paid out at all.

Because blockchain collects information from all sources relevant to a transaction, and is not controlled by a single user, it is nearly impossible to alter any underlying data. That translates to a fair playing field and customer assurance.

Blockchain Technology Lottery

For many in the business world blockchain technology could be considered “winning the technology lottery.” Blockchain can process transactions faster because it doesn’t use a centralized infrastructure. And while no system is 100% secure from cyberattacks, the distributed nature of blockchain provides an unprecedented level of trust. The unchangeable properties of blockchain make it invaluable in public and private ledgers—any user of the system can query transactions on a real time basis.

Blockchain sounds like a winner to me.