Blockchain Progress In Gambling Activity

Blockchain Progress In Gambling Activity

With blockchain applications taking new forms and spreading to new industries on a near-daily basis at this point, it can be difficult to keep track of where the greatest impact is being felt. In another few years, however, it will be no surprise if gambling industries are near the top of the list. While they may not be as important as many other applications (such as blockchain applications in health care, to name one), gambling industries account for billions of dollars exchanged around the world in any given year. And there’s a reason to believe a significant portion of this activity will be taking place on the blockchain in a short time.

The gaming side of these industries has perhaps gotten the most attention on this front to date. Blockference did a write-up this past spring of the third annual Crypto Games Conference at which gambling and casino executives were present to discuss some of the latest uses of blockchain and cryptocurrencies in the creation of modern iGaming experiences. That these ideas are being discussed alongside the more mainstream topics of cryptos and blockchain in ordinary gaming speaks to the idea that gambling-related businesses are indeed on board with blockchain innovation.

Broadly speaking, this innovation is likely to take a fairly simple form in casino gaming. Whereas other industries are using the blockchain as a fundamental blueprint to create new means of conducting business, casino gaming may rope in the blockchain primarily through the use of cryptocurrencies. Right now, most of the top online casino gaming sites exist in places like England, Australia, and Canada, and get by with conventional deposit and withdrawal methods. Sites driven by PayPal are some of the most sought after, and most if not all major platforms will also accept credit card payments from major providers. Cryptos are making a dent beneath the surface though, and are being accepted by more and more sites. The thinking is that as gamers learn to recognize the added accountability and security of crypto- and blockchain-based transactions, the currencies will take over and thus the blockchain will assume a natural and vital place in casino gaming.

On the betting side of the gambling industry - which is to say the one on which people wager on sports and various other events - blockchain adoption may be more about the ideas behind the technology than about any specific cryptocurrency integration. That doesn’t mean we won’t see bitcoin and other leading cryptos applied to betting platforms (this has already happened), but because this has been less of a focus in betting than at online casinos, the blockchain itself may take the lead. It’s been discussed at numerous publications and by various industry experts that blockchain technology can provide solutions to problems that persist in the business: the need for anonymity, for openness and security, for reliable payouts and upheld deals, etc. It could be that even conventional payment methods can be used for bets that are recorded and carried out via blockchain-like applications so that bettors can feel more secure about their activity.

Really, it’s all a version of the same basic fact: that blockchain tech can hold casino and betting providers accountable and make this whole activity more exact and more secure. And though progress has been somewhat slow, as it has been in so many areas relating to cryptocurrency and the blockchain, various developments and ideas across multiple aspects of the gambling industry are making it clear where things are headed.

Posted by Blockference.com