What is Blockchain technology?
I am sure that by now you must have come across the word Blockchain and you are probably wondering what that is. Blockchain is a tamper-proof digital ledger that is distributed across a network of host computers and is usually decentralized. At the basic level, it allows a community of users to record transactions permanently in a general ledger on the network. One of its key features is anonymity, through the cryptographic encryption all Blockchain users can enjoy conducting anonymous transactions.
Transparency has to be the biggest reason why this technology is arousing keen interest in itself. The ledger updates are decentralized hence ensuring greater transparency.
Key characteristics of Blockchain.
-It has increased the computer-network capacity.
-Offers Improved security.
-It has increased the transaction speeds
-Operates on a Decentralized system.
-It is inviolable
-It is accessible to all and anonymous
-Operates on a consensus mechanism
Applications of Blockchain
-Management of identity.
-Gambling and casinos
Ever since its inception in 2009, the Blockchain technology has evolved rapidly. This technology that was at some point thought of as yet another craze could potentially change the face of technology. It has evolved into something much bigger than its intended purpose.
In the beginning, it was merely the technology that supported Bitcoin transactions. that beginning produced the following
-Decentralization of financial transactions/currency
-Decentralization of data
-Elimination of intermediaries in financial transactions
-De-corruption of organizations
-Introduction of the Proof of Work (PoW) consensus method verifies all transactions before recording on the ledger.
After Blockchain was introduced, experts analyzed it and realized that it offered so much more than was needed by the Bitcoin. These experts further realized that Blockchain was causing a radical change within the internet sphere. At that point, they thought it wise to make it an independent platform with its applications. The experts wanted to implement smart contracts with simulated human behavior and process.
Unfortunately, the Bitcoin-based Blockchain could not fulfill all the expectations that these experts had. This led to the development of the Ethereum-Blockchain which could be used for payments and implement smart contracts at the same time. This Blockchain also made it possible for the users to run decentralized applications on their Blockchains. The users could also conduct micro-payments which are essential for the survival of small businesses. With the ability to run applications on the Blockchain, came the tokenized digital assets. Lastly, the ETH Blockchain gave rise to Decentralized Organizations (DAO) which are decentralized corporations running entirely on smart contracts.
The Blockchain evolution did not end with Bitcoin and Ethereum. In recent years, a significant number of projects have cropped from Blockchain technology’s capabilities. Such projects not only offer amazing new capabilities but have also sought to address the shortcomings of Bitcoin and Ethereum. Such projects include the following
-NEO – This is the very first open-source, decentralized Blockchain platform launched in China
-IOTA – IoT application that strived to provide zero transaction fees and addresses scalability
-Monero Zcash and Dash Blockchains – solves security and scalability issues
-In 2015, the Linux foundation unveiled the hyper-ledger whose function was to enhance the Blockchain development
-EOS.IO – new Blockchain protocol for the development of decentralized applications
Blockchain technology continues to evolve as depicted by the increased number of cryptocurrencies as well as companies that leverage the technology to enhance efficiency. Today, it is evolving into more mainstream technology and its market is multiplying.
In 2012, the global technology market for Blockchain was 339.5 Million USD and it is projected to be at 2.36 Billion USD by the year 2021. Governments and organizations are investing largely in technology and its applications. The Banking and cybersecurity sectors have probably felt the greatest impact.
Blockchain revolution in casino industry
Indeed, Blockchain technology has the potential to completely revolutionize the gambling industry. Incorporating the Blockchain technology into the gambling industry would guarantee much-needed transparency. As you would happen to know, the technology ensures permanent, verified records that cannot be altered.
Today, online gambling contributes up to 25% of the gross gambling income.
Gambling is migrating into the online sphere. Most people prefer to gamble using their laptops and phones from the comfort of their homes. This also helps save the money that would have otherwise been spent on drinks while gambling in a casino. By gambling online, you only spend on making bets.
Thanks to the penetration of the internet, the gambling industry is growing like never before. Anyone can play casino games using the simplest smartphones. Currently, the gambling industry is growing like never before, thanks to the increased penetration of the Internet. Now anyone can play casino games, using the simplest smartphone.
Gambling is a global activity that makes profit worth Billions, and with the incorporation of Blockchain into the industry these profits are bound to multiply. After much speculation about Blockchain coming to save the day, finally, some progress is being made. Projects are underway to create a Blockchain technology that specifically targets the gambling industry.
As you would expect, trust has remained to be a major issue in the gambling industry, especially within the online gambling sites. Most people have questioned
-The fairness in the calculation of odds,
-The privacy of the gamblers’ data
-The safety of their money.
-Most casinos lack randomness
-False advertising by casinos and gambling sites (misleading information)
-Spamming of players by casinos
-Geographical restrictions of payment
Another major issue that has existed in the traditional gambling scenario is that gambling companies have often provided different odds to the true odds. Then the difference between the true odds and the odds offered becomes the company’s edge.
Explore gambling Freedom
Blockchain not only eliminates intermediaries but also greater privacy through anonymity. Ever since the expansion of the gambling industry into the Worldwide Web, it has grown exponentially and made a great profit too.
Gamblers will be able to place bets with the confidence that their details are protected and also odds and results for each bet are generated fairly. Ethereum-based smart contracts can be signed between gamblers and gambling companies eliminating any doubts and mistrust between them. By eliminating intermediaries, the payment will much easier and faster. Gamblers are given equal odds of winning against the house.
Blockchain will also eliminate delays or fees charged during gambling transactions. To increase the gamblers’ confidence, a random number fairness check will be included. All games will be verifiable on the Ethereum Blockchain.
Blockchain eliminates the issue of lack of payment with much ease since it is decentralized no one can interfere between the player and the prize pool. Also, most developers publish their codes thus everybody can verify a Blockchain casino code and verify it. Not to mention spamming players is going to be impossible because people will no longer use their emails for registration, only a Blockchain address.
People have argued that by gambling online, you save some money yet miss out on all the fun. This is why developers are coming up with applications such as the Blockchain casino which has the same feel like a real casino thus ensuring that you don’t miss on all the fun.
Examples of decentralized casino projects
-888TRON – is run on the TRON smart contract and it has over 2,000 games
-CasinoFair – Ethereum-Blockchain-based project
-EarnBet – based on EOS Blockchain
By now, it has become rather clear that merging the Blockchain technology with the gambling and casino industry is a step in the right direction. Casino developers will still make profits by charging a small fee on each bet. The users will enjoy transparency, and who knows maybe the players will increase in number.
Needless to say, the traditional casinos won’t disappear completely being that they already have a reputation. However, the technology will get rid of the bad actors thus improving the players’ experience. I believe that Blockchain will deliver just what the gambling industry has needed for so long.